REACH (Telegram) 89 - What are your views on the Economic Strategy Review to strengthen Singapore’s economic competitiveness and resilience?
(SK)
05 Aug 2025 (10am - 7pm)
REACH (Telegram)
REACH Singapore, [5/8/2025 9:57 am]
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REACH Singapore, [5/8/2025 9:59 am]
📢 Topic 📢
Singapore will carry out a fresh review of its economic strategy amid structural shifts from geopolitical realignments and technological disruptions to significant tariff-related uncertainties.
Announcing the Economic Strategy Review (ESR) on August 4 (Monday), Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said the review will chart an economic blueprint to keep Singapore globally competitive in the long term, and secure good opportunities for businesses and workers.
The ESR is part of the work of the Singapore Economic Resilience Taskforce (SERT), formed in April 2025 to deal with the impact of tariffs imposed by the United States. The taskforce comprises three work streams - looking at assessing how businesses are being affected and sharing information on what schemes are available, short-term support, as well as long-term strategies to transform businesses and workers. The new economic strategy review will replace the third work stream on long-term planning with committees formed to develop longer-term plans in five areas.
💬 What are your views on the Economic Strategy Review to strengthen Singapore’s economic competitiveness and resilience?
📌 Five Key Areas of Focus
The ESR will be led by five committees which report to the task force, focusing on five areas: The first committee will focus on strengthening Singapore’s global competitiveness. Its remit includes improving the country's value proposition to international investors, building a strong base of globally active Singapore firms and securing its status as a hub for goods, capital, people, data and energy.
The second committee will explore ways to leverage technology and innovation to drive broad-based economic growth. These include catalysing opportunities through technologies such as artificial intelligence and accelerating AI adoption across the economy.
A third committee will focus on strengthening Singapore’s startup and entrepreneurship ecosystem.
The fourth committee will focus on equipping workers with relevant skills.
The fifth committee will address the impact of restructuring. It will propose ways to support business transformation, help affected workers transition into better roles, and strengthen system-wide enablers and safety nets to aid re-employment.
📌 Strengthening Singapore’s Global Competitiveness
This announcement comes days after US President Donald Trump announced a slew of updated tariffs. “The rules-based global trading system that Singapore has depended on for its growth and development is under pressure,” said Mr Gan, referring to the impact of the latest US tariffs, including a baseline 10 per cent tariff on Singapore.
These tariffs will “raise the aggregate US tariff rates from above 2 per cent at the start of the year to about 15 per cent or higher”, he noted. Negotiations between the US and major countries such as China and India are still ongoing, creating significant uncertainties for global supply chains.
Singapore will engage the US to seek practical trade arrangements and continue working with businesses to adapt to these evolving conditions.
“While these are challenges, there are also opportunities and possibilities. That’s why it is important for us to take a fresh look at our strategy,” said Mr Gan.
📌 Building on Strong Foundation to Address New Challenges and Opportunities
When asked how the ESR differs from previous economic reviews such as the 2016 Committee on the Future Economy and the 2020 Emerging Stronger Taskforce, Mr Gan emphasised that the challenges today are very different. “With the global environment facing rapid changes and uncertainties, it’s important for us to take a comprehensive review and not rush into a conclusion of what we should do in the longer term,” he said.
Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow reinforced that Singapore is “definitely not abandoning existing core strategies” but will build on its strong foundations to stay competitive.
REACH Singapore, [5/8/2025 9:59 am]
Over the next few months, the Government will engage businesses, workers and other stakeholders for feedback and ideas, with the five committees providing an update by early next year and publishing a final report by mid-2026.
Each committee will be co-chaired by two political officeholders and include members from the private sector, unions, and other stakeholders. Among them,
Mr Jeffrey Siow will lead the Global Competitiveness Committee, while Minister of State for Digital Development and Information and Education Jasmin Lau will co-chair the Technology and Innovation Committee.
“This is a very critical review. You have the benefit of both old and new, the young and older, more experienced and the fresh political officeholders contributing towards the ideas and discussion. This composition is probably the most effective,” said Mr Gan.
🔗 [CNA] https://www.channelnewsasia.com/business/economic-strategy-review-gan-kim-yong-5275466
🔗 [ST] https://str.sg/AgJ6
----
Adam, [5/8/2025 10:05 am]
Instead of asking what is singapore's place in an uncertain world, why dont we talk about what are Singaporeans' place in this world
Adam, [5/8/2025 10:06 am]
Singapore will survive without local born singaporeans. Look at the economy, we can simply attract more foreigners to work for singapore corp and leave if its bad. but us locals have nowhere else to go to
Joomua Tng, [5/8/2025 10:07 am]
Singaporean and Singapore has no place in the world. They appear friendly, because of Singapore's reserves.
Joomua Tng, [5/8/2025 10:18 am]
Singapore will not survive without local Singaporean, both born and new citizens.
Without core Singaporean who are capable and willing to uphold Singapore. Singapore will not survive.
Our success is not only about good leaders. It includes the population to be one with the government elected.
道，天，地，将, 法
the principles of sun tzu art of survival still holds through and tested through history over and over again.
............
For how long can Singapore survive and progress...no one knows..
....
at least gives the government some support and encouragement . that they are doing good in leading Singapore's survival and progress.
.......
Adam, [5/8/2025 10:19 am]
So its up to citizens to support the govt and singapore. We, especially local born men contribute a lot, yet what stake do we have in the economy we are protecting
Adam, [5/8/2025 10:20 am]
Headlines keep popping of economy growing, in spite of uncertain env.
Adam, [5/8/2025 10:20 am]
Did your salary grow to scale?
Adam, [5/8/2025 10:20 am]
Did your investment portfolio grow?
Adam, [5/8/2025 10:21 am]
Ask this of an average singaporean
Adam, [5/8/2025 10:21 am]
Did they feel the growth as much as the wealthy?
Adam, [5/8/2025 10:21 am]
So what are we defending?
Adam, [5/8/2025 10:21 am]
If you serve ns, is the pay worth?
Joomua Tng, [5/8/2025 10:22 am]
free trade agreements will still hold true for Singapore.
while America is focusing non tariffs.
we must continue to reach out to more countries on FTA.
Adam, [5/8/2025 10:22 am]
If you dont own a hdb, is there hope?
Adam, [5/8/2025 10:24 am]
Does singaporeans even need to be competitive in a global env. What if we just make women serve ns so healthcare is cheaper. Mind you, one reason ambulance and fire engines is free is because we have cheap nsf to serve. Our streets safe for cheap because police nsf too
Adam, [5/8/2025 10:24 am]
We can simply make cost of living lower by making the pool of cheap labor bigger.
Adam, [5/8/2025 10:25 am]
Cheap labour. More globally competitive. More business will come
Adam, [5/8/2025 10:25 am]
Capitalism wins
Adam, [5/8/2025 10:28 am]
>reach out for more countries
Be careful what you wish for. US is big and erratic and might not appreciate losing their grasp on us. If we lean to china who knows what they will do. they have sanctions like with north korea or iran, and no choice but must play ball. Our banks will collapse if cut off from US networks.
Joomua Tng, [5/8/2025 10:29 am]
you thinking of individual or as a whole?
or a balance of both.
................
we are a country that is not supposed to be.
yet we were lucky to survive and progress.
..........
if thinking there is nothing to defend...then where in the world is worth defending? Pakistan politically islamic country? China that is politically communism?
America that currently tearing apart by infiltrated jihadists, individualism, the politically religious that cannot keep their tainted grasp out of politic?
Russia? also another extreme country.
U.K? politically correct and corrupted leaders
where you want to run to?
Joomua Tng, [5/8/2025 10:29 am]
free trade agreement.
not political alliances
know the difference
Adam, [5/8/2025 10:34 am]
Im saying. Whoever is in power, think carefully of economic policy. Does a strong economy really trickle down to local born singaporeans? If every other country puts their country first but singapore is going for a less individualistic strategy, will that make our country ripe for exploitation?
Adam, [5/8/2025 10:37 am]
Even among locals, people are looking for themselves and looking for holes to exploit the system. No more kampung spirit. Peoplr rush on trains without giving way or queuing because too crowded. If we play nice cannot go work in time. If our country keep in this track maybe we will stop having toilet paper in public toilet because it will get stolen like in china
Joomua Tng, [5/8/2025 10:38 am]
All the more reason to uphold what is right.
Adam, [5/8/2025 10:38 am]
We cant have a social contract that only a minority of residents sign
Adam, [5/8/2025 10:39 am]
At least locally. We have laws to enforce and police hopefully enforce them instead of closing eye
Adam, [5/8/2025 10:39 am]
Especially white collar crime and corruption
Adam, [5/8/2025 10:40 am]
How can we 'uphold what is right' in the international stage
Adam, [5/8/2025 10:40 am]
Are we gonna be the world police and nag at people
Joomua Tng, [5/8/2025 10:40 am]
"We can judge our progress by the courage of our questions and the depth of our answers, our willingness to embrace what is true rather than what feels good."
Carl Sagan
.....
we make our world significant by the courage of our questions and the depth of our answers
Carl Sagan, Cosmos
Joomua Tng, [5/8/2025 10:41 am]
no ...our gov not nagging..they are doing
Adam, [5/8/2025 10:42 am]
What they are doing is making singapore more economically competitive through making it friendly for businesses
Adam, [5/8/2025 10:42 am]
Enforcing of laws that that upholds the business friendly environment
Adam, [5/8/2025 10:43 am]
But what about the locals?
Adam, [5/8/2025 10:43 am]
Is business friendly helping us?
Adam, [5/8/2025 10:44 am]
When laws enforced are we having unequal power balance?
Adam, [5/8/2025 10:44 am]
Example, layoffs happen. What rights do local sgeans have?
Adam, [5/8/2025 10:46 am]
So how about this. In uncertain economic conditions. What will gov do with respect to sgeans getting laid off, sgeans unable to find job, sgeans competing against intl candidates
Adam, [5/8/2025 10:46 am]
Or is this not even in their radar. All they think about is how to make sure their investment portfolio go up
Joomua Tng, [5/8/2025 10:48 am]
you too pessimistic.
i have enough replying.
......
I don't have to listen nor attend to pessimistic view...it will not solve anything by being pessimistic.
.....
Singapore, we, have a problem, we solve it
either from top down. or bottom up.
to wait for either is not problem solving.
Adam, [5/8/2025 10:49 am]
Are you optimistic about the way the world is heading?
REACH Singapore, [5/8/2025 11:02 am]
[ Poll : I am confident that the Government, through tripartite collaboration, will develop strategies to strengthen Singapore's businesses and workforce for the future. ]
- Strongly Agree
- Agree
- Neutral
- Disagree
- Strongly Disagree
365, [5/8/2025 11:08 am]
It's going to be a tough ride, with US being the biggest wild card right now. All the more I see a reason to decouple over time. I would like to see a strategy that can make Singapore less dependent on any one specific country economically.
I recognize that Singapore cannot be totally economically independent, it's just not feasible with our size. And it is also courting death if we were to be aggressive and try to decouple with the US right away.
Ideally, we should work towards a direction whereby our dependence is being spread across multiple countries, holding strong relations with many of them, and if any one of them backs out, we have the ability to say 'fine, we'll just work with all the other countries we have ties with'.
Today it is US, who knows, maybe 5 years down it's China, then ASEAN as a whole, or maybe Japan. All these are unforeseeable factors, thus it's important that our reliance is not majorly dependent on any single country or region.
We may never have the power to make demands, but at least we must try to strive for the power to say no.
365, [5/8/2025 11:10 am]
ASEAN as a whole has a large population, and inherently, a large economic opportunity. It really could do some evolving from the current status. Even though the countries within may have their disagreements, but collectively, we could be a major force/region globally if things work out well.
Hanny, [5/8/2025 11:27 am]
ESR is very important. The world is moving into uncharted territory. I believe the government knows what it’s doing.
The problem is gov needs to make people understand what is happening in this world. It is beyond one president that is grabbing the headlines.
Nobody likes suffering.
Gov needs to walk the streets to unite the people.
G, [5/8/2025 11:33 am]
Disappointing that he went to the US for meeting but didn't even manage to meet who he wanted to meet
G, [5/8/2025 11:35 am]
Was it a simple case of scheduling conflict (which reflects badly on the staffers) or something more, like the US see us no up (which is more concerning)?
Nicholas, [5/8/2025 11:35 am]
Timely to get the best minds together to do this, I really hope a top quality strategy or strategies will emerge so that we can all chip in meaningfully to help Singapore progress. We are all in this together.
LCL (Danny 心), [5/8/2025 12:06 pm]
1. Notice that our reciprocal tariffs is 10% - the lowest in the world.
A good job for DPM Gan and his team.
2. Despite the lowest tariffs there are still challenges ahead - notably pharmaceutical and semiconductor specific sectors that Trump say will address later.
3. Also the overall effective tariff is 2% in US, but now could be 15% or more - as the global supply chain go into many countries in which the tariffs are much higher before the final goods landed in US.
This will dampen the consumption demand in US - which in turn will reduce our manufacturing activities in Singapore - impacting our business revenue as well as job creation.
LCL (Danny 心), [5/8/2025 12:13 pm]
4. But despite the tremendous challenges ahead of us, there are opportunities presented.
5. Because all the countries in the world are subjected to similar treatment by Trump, in fact other countries suffer worst than us with much higher reciprocal tariff, there is impetus for every Countries to reconfigure their supply chain.
6. These provide opportunities to us, and we should seize this opportunity to insert ourselves into the reconfigured supply chain.
7. Many business, investors and funds are looking into more reliable, stable, flourishing business opportunities hub to relocate into.
Singapore is one of the rare few and we can present ourselves to these opportunities.
7a. Remember the world GDP is US$110 trillion.
US only is a US$30 trillion economy.
They're still US $80 trillion world economy to tap minus US.
So for Singapore to sustain a US$600 billion annually for a 6 million population should not be too big a problem.
We need to reconfigure supply chain by collaboration with other countries - add up the figures numerically as we go along with our business partners and try to hit the target US$600 billion GDP.
I think it can be done - with our Economy Resiliency taskforce staff by our capable Ministers with all hands on deck.
LCL (Danny 心), [5/8/2025 12:16 pm]
8. The economic resiliency taskforce comprising younger Ministers co-leading the taskforce with experience Ministers leading the taskforce - is a good combination - fresh perspective combine with safe pair of hands.
LCL (Danny 心), [5/8/2025 12:22 pm]
Next I wish to provide further input to the committee that are looking into new energy.
Specifically nuclear energy.
There is a new development in nuclear energy that is not only safe but produce no radioactive waste (briefly mentioned by one REACH participant, Hanny).
But new development has show big potential.
Hence I wish to elaborate for the energy track committee to take into consideration because it will help to :-
1. Grow a new field in the energy sector.
2. Create good high value, high salary jobs for nuclear engineers, electrical engineers, energy engineers.
3. Develop new industrial sectors that will contribute to our GDP in this challenging times - that could amount to multiple billions of dollars.
LCL (Danny 心), [5/8/2025 12:28 pm]
1. Basically, a type of SMR (Small Module Reactor) - the MSR (Molten Salt Reactor) can produce 1.2GW of electricity - much higher yield than SMR using uranium oxide pellets (the size of 10 cents to 20 cents coin - but still generate minute radioactive waste) that can produce up to 300MW of electricity.
2. For MSR, it uses thorium as fuel - mineral that are commonly found in water, rock and soil, and large thorium deposit are found in Earth crust.
Thorium are relatively harmless and by itself will not trigger nuclear chain reaction.
That is, thorium are non-fissile but fertile.
By itself thorium is unable to trigger nuclear fission chain reaction. But being fertile, thorium can be converted into uranium-233 and produce nulcear fission in a molten salt reactor to produce heat and electricity.
Many countries have large deposit of thorium as compare to uranium that are radioactive with limited supply.
3. We can cheaply import thorium as fuel for the MSR and thorium need to undergo reactor to produce Uranium-233 to undergo nuclear fission that will produce heat, steam that turn turbine to generate electricity.
4. As molten salt will be used to dissolve the thorium TH-70 and the resultant uranium-233, into liquid form to act as fuel, it does not produce radioactive waste, and the liquid fuel will act to transfer heat continuously in the reactor to produce electricity.
5. Hence there is no need to handle radioactive waste.
LCL (Danny 心), [5/8/2025 12:37 pm]
6. Malaysia has successfully produce thorium based nuclear energy in the lab, and they say they are ready to go nuclear energy.
7. Philippines and Indonesia are also say they are ready to go nuclear energy.
8. Singapore is behind the curve and have just started a nuclear research institute in NUS.
9. As we need 13 GW of electricity nationwide, we have imported about 6 GW and need 7.3GW more, we only need to build 7 MSRs in Jurong Island.
10. And we can create hundred to thousand of very high pay jobs for our Singaporeans.
LCL (Danny 心), [5/8/2025 12:42 pm]
11. Another good thing, we like our water supply (desalination, newater, reservoirs) can be self sufficient in energy - even if overseas cut our imported energy supply, we can be self sufficient.
12. Imagine if our energy are cut, we have no electricity if we don't have our own energy plants.
Means that without electricity, we cannot treat newater, desalination water, reservoir water and even imported water.
We could die of thirst, not to mention no electricity to cook food, boil water, surf internet, do banking, Aircon, light, work in office, manufacturing plants etc.
Our basic survival is at risk not to mention economy cannot run.
LCL (Danny 心), [5/8/2025 12:42 pm]
"Malaysia moving closer to adopting nuclear energy, says minister"
https://www.straitstimes.com/asia/se-asia/malaysia-moving-closer-to-adopting-nuclear-energy-says-minister#:~:text=Malaysia%20moving%20closer%20to%20adopting%20nuclear%20energy%2C%20says%20minister
LCL (Danny 心), [5/8/2025 12:56 pm]
1. Another issue worth taking notes, jobs for fresh graduates are slowly picking up.
2. In a previous topic I raised anxiety about fresh graduates unable to find jobs, all my fresh graduates nephews and nieces have found jobs except one (who have not actively looking but will start soon).
3. So geopolitical challenges and AI challenges are not that frightening as initially fear.
Adam, [5/8/2025 12:58 pm]
Do we have stats for the jobs? Hopefully our young grads arent becoming grab drivers
LCL (Danny 心), [5/8/2025 1:01 pm]
I don't have the stats.
But my nephew and niece are not grab drivers.
They are working in their respective profession.
Engineers, lawyer, doctor, hospitality, civil servants, PhD scholar, Government scholar, bankers, auditors.
But no offence to grab drivers, they earn alot with grabs and have free time on their own.
In fact grab drivers are very decent jobs.
Adam, [5/8/2025 1:02 pm]
Yeah both of us have anecdotal evidence. I know a uni educated grab driver
Adam, [5/8/2025 1:03 pm]
The thing is nowadays, a degree isnt the promise of an iron rice bowl like old times
Adam, [5/8/2025 1:04 pm]
Our young is stressed out chasing multiple internships to secure the limited jobs out there.
Adam, [5/8/2025 1:05 pm]
To survive in the new singapore economy, is it realistic to have a traditional single income household to build a family upon, without financial aid from rich parents
Adam, [5/8/2025 1:06 pm]
Or is our future workforce fated to focus on career, building a secure income before thinking of starting a family. And even with a family, both parents will work and leave childraising to a maid
Adam, [5/8/2025 1:07 pm]
We can be business friendly, make strong economy. At what cost
LCL (Danny 心), [5/8/2025 1:07 pm]
I agree that the current batch of fresh graduates will have to look harder to get jobs because of double whammy:-
1. AI disruptor
2. Geopolitical challenges
Adam, [5/8/2025 1:08 pm]
Yeah we keep getting whammy after whammy. So what the govt doing?
Adam, [5/8/2025 1:08 pm]
Monitor
Adam, [5/8/2025 1:09 pm]
Give cdc voucher
Adam, [5/8/2025 1:09 pm]
AI and all these whammies moves fast. The govt needs to react fast as well
Adam, [5/8/2025 1:10 pm]
Why are we always reactive instead of proactive. Reactive in build flat. Reactive in Mrt maintenance.
Adam, [5/8/2025 1:11 pm]
No wonder we a step behind in reacting to this uncertain climate
Adam, [5/8/2025 1:13 pm]
This is no longer the lky era of building singapore. Feels like we seeing cracks
RY, [5/8/2025 2:10 pm]
I concur
Ginie/Komal ZENDORA J, [5/8/2025 2:16 pm]
We pay so much for our hdb, in the end does not belong to us. In other countries their home belong to them. Here new generation feel all they do is work, there is not work life balance compared to other countries. Here even on off days, bosses want u to do this that.
Ginie/Komal ZENDORA J, [5/8/2025 2:17 pm]
Gov need to listen to is people, what r they unhappy about. Housing, jobs, rents r sky high
Ginie/Komal ZENDORA J, [5/8/2025 2:22 pm]
Bullying has increased in sg schools. Need to place more cameras in schools.
Ginie/Komal ZENDORA J, [5/8/2025 2:23 pm]
Neighbours bullying, how does the police take action?
RY, [5/8/2025 2:24 pm]
https://youtu.be/8EZIuJllORQ?si=eOmI7w9dFQIxlwjm
RY, [5/8/2025 2:25 pm]
https://youtu.be/tquZeTdbyig?si=5TExJvHVb7yvzYvM
RY, [5/8/2025 2:35 pm]
Recent Dialogue with SG PM Lawrence Wong and Trade Minister Gan - quite a gd analysis
Both spoke and shared SG govt views, and how they plan to lead SG economy amidst US tariff measures and world uncertainties
No country is sparred from Trump stupid tariffs, to get the min 10% compared to other countries, SG govt has already done a gd job - my opinion always
RY, [5/8/2025 2:44 pm]
I appreciate SG Govt efforts in setting up ESR to tackle world economy uncertainties and to help SG biz sametime
And I do have confident in our SG Govt leadership in handling problems
G, [5/8/2025 2:52 pm]
What is a Singaporean?
RY, [5/8/2025 2:53 pm]
If as per LCL explanation, and the latest nuclear tech will not pose any environment issues
Maybe SG govt may also have a gd study to see if SG may have nuclear energy
Bec it is eminent for country to produce own energy supply for survival and also to run the country economy
RY, [5/8/2025 2:54 pm]
Today's topic and discussion ?
G, [5/8/2025 2:57 pm]
Today's topic and discussion ?
RY, [5/8/2025 2:59 pm]
Last topics n discussion that LCL would like to further reiterated
RY, [5/8/2025 3:05 pm]
I believe Reach set up this grp chat is to hear constructive opinions fm SG public
It is okay to have yr own opinions as it is your entitlement, but not nec others have to agree with your views
Other people are free to have their own mindset that maybe different also
Reach may consider adding right participants in grp chat - just my opinion
RY, [5/8/2025 3:07 pm]
Btw, I did NOT bring up the nuclear discusion, but I just like to concur LCL point of view since he reiterated again in today's discussion
Hanny, [5/8/2025 3:15 pm]
I am not worried about how gov prepare sg for the future.
I am worried about how Singaporeans respond to global events. I feel that there are so many negativity in various conversations.
RY, [5/8/2025 3:19 pm]
In any discussions, there is always both positive and negative, and we have to learn to listen/analyse others different point of views
365, [5/8/2025 3:27 pm]
You can lead a horse to water, but you can't make it drink.
There will be those who can only complain with nothing constructive, and yet not wanting to accept whatever help is offered to them for improvement if it's anything less than a handout.
RY, [5/8/2025 3:44 pm]
That is a gd analogy
REACH Singapore, [5/8/2025 4:04 pm]
📢 Topic 📢
LCL (Danny 心), [5/8/2025 4:05 pm]
Yes.
We need to churn out energy on our own.
Cannot totally rely on import.
Just like our newater, desalination plants and reservoirs.
RY, [5/8/2025 4:07 pm]
In both Dialogues, our Ministers did mention about RCEP and CPTPP and SG is also member for both
RCEP includes China, whereas CPTPP purposely excludes China (eventhough china wish to join but unable .....due to unexplicit reasons)
It is essential that we have to further strengthen/enhance/broaden the members countries in both groups
ASEAN is also working to sign up more free trade deals with others countries
The Ministers also mentioned besides USA, there are still others untapped markets eg latin america/africa/central asia/middle east and etc
Hence, SG/ASEAN may consider to reach out to those untapped markets also
Russia/Iran/Cuba/NorthKorea maybe difficult due to sanctions ....
Ultimately, the world economy is not just US/China/EU/ASEAN/Asia/G7/G20 and etc
The world global chains have established since WW2, it is not so easily "defeated" by Usa TACO, whom wants to change the world trading ...
I am also relieved to know that the world billionaires Elon finally realise his "mistakes" to support TACO previously ....
RY, [5/8/2025 4:07 pm]
I concur also
LCL (Danny 心), [5/8/2025 4:12 pm]
Also one of the committee in the economic resiliency taskforce lead the new energy thrust in today's topic.
The nuclear energy is to provide suggestions for the committee to break into the new industrial sector - specifically new energy to put Singapore into a energy sufficiency position.
Previously the SMR with uranium oxide pellets is still not as good because it still will produce radioactive waste though very minute - but still need disposal.
MSR produce no radioactive waste - and yet thrust Singapore into energy self sufficiency.
A breakthrough - thanks to Hanny input.
Also Malaysia just announce a breakthrough in their research in thorium based MSR.
365, [5/8/2025 4:12 pm]
I agree to this sentiment, and it actually ties in nicely to today's topic. Removing reliance gives us the ability to say 'no' to coercion, in this case the energy side.
I however don't have the knowledge or understanding of nuclear to give further inputs. I only remember one of my ns mates who studied chemical engineering say that the fear of nuclear energy is overblown.
LCL (Danny 心), [5/8/2025 4:14 pm]
Yes.
In the case of MSR, fear of nuclear energy radioactive waste is overblown.
But nuclear fission - traditional nuclear reactor that use uranium is indeed radioactive that will harm our health.
MSR won't.
RY, [5/8/2025 4:17 pm]
Yep, I am also dont have any engineering background
In fact, I also learn a lot fm other people sharing in this Reach discussion, whom participants have the nec background
Tks Reach for including me as the participants in Reach Grp Chat, and participants sharing always
Jun Ming, [5/8/2025 4:20 pm]
For diploma holders graduated in science field it is hard for them to get a job without going to uni
Jun Ming, [5/8/2025 4:21 pm]
For eg. Bio tech and environmental science those field are very general and hard to get a job
LCL (Danny 心), [5/8/2025 4:22 pm]
I think some companies do pitch specifically for diploma holders eg. Aerospace, banks, engineering firms etc.
But many diploma holders want to upgrade to University degrees - which is understandable.
Jun Ming, [5/8/2025 4:24 pm]
For engineering it's easy but for science it's hard to get in
Jun Ming, [5/8/2025 4:25 pm]
Job market it's very difficult in different industry
LCL (Danny 心), [5/8/2025 4:25 pm]
I not sure, because I don't come across science graduates.
Jun Ming, [5/8/2025 4:25 pm]
So don't look at overall but those specific industry
Dr. Goh, [5/8/2025 4:41 pm]
Studied nuclear engineering related modules before. Traditional reactors for fission are not suitable for singapore. For thorium based ones note that china is still doing research in the desert where any incident creates almost no impact. Does singapore have such a space to play with? Bear in mind all it takes is 1 major incident, game over for all. Safety standards in Singapore are also not high enough to even handle simpler technologies.
LCL (Danny 心), [5/8/2025 4:43 pm]
"China’s first compact nuclear reactor now powers 500,000+ homes"
https://glassalmanac.com/chinas-first-compact-nuclear-reactor-now-powers-500000-homes/#:~:text=China%E2%80%99s%20first%20compact%20nuclear%20reactor%20now%20powers%20500%2C000%2B%20homes
LCL (Danny 心), [5/8/2025 4:48 pm]
I believe the lab and sandbox research on thorium based MSR will take place in NUS research institute.
If not safe it won't be in NUS campus.
Malaysia also conducted their thorium based research in their lab.
Straits times:-
"He said local laboratory-scale extraction projects have shown encouraging results in research on thorium – a natural element that can be used to generate nuclear energy – though Malaysia has yet to begin research and development on thorium-based power generation."
Jun Ming, [5/8/2025 4:48 pm]
We need more years to research before getting into commercial operations
Jun Ming, [5/8/2025 4:49 pm]
That's why nus is to research it first
Jun Ming, [5/8/2025 4:49 pm]
In a very very small scale
LCL (Danny 心), [5/8/2025 4:49 pm]
Yes.
It will be.
Lab, sandbox, pilot project before commercial rollout.
Jun Ming, [5/8/2025 4:51 pm]
We cannot like just because someone say we are suitable for nuclear and we straight build one nuclear power plant. I think we need at least 10-20 years of research
LCL (Danny 心), [5/8/2025 4:53 pm]
10 - 20 years too long.
I think 5 years more reasonable.
Jun Ming, [5/8/2025 4:54 pm]
5 year people just barely graduated lol we are creating something from nothing thou
LCL (Danny 心), [5/8/2025 4:55 pm]
China already has a production ready SMR nuclear reactor powering 500,000 homes.
We have about 1.5 millions home. 3 SMRs enough to power all homes.
365, [5/8/2025 4:59 pm]
Regardless of how long it's going to take, at least start the first step in research first.
I'm not saying we 100% should implement it as I don't have any expertise knowledge, but I agree with the sentiments to reduce reliance on external parties.
Even if other countries are doing their own research, we cannot fully rely on their findings:
- will they even share the report
- what is their control factors and risk appetite
- is it applicable to their environment and singapore's equally
If it's going to take us 10 years from now, then so be it. Delay it by 1 year, it's going to take us 11 years from now. Delay it by 5 years, it's going to take us 15 years from now.
Form a team to study the feasibility of such project. If after a thorough research and the findings do not support the decision for nuclear energy, then so be it. Just because it will not be implemented doesn't mean the funds are wasted.
RY, [5/8/2025 5:01 pm]
I concur also
LCL (Danny 心), [5/8/2025 5:03 pm]
Yes.
This is a fair and balanced assessment.
LCL (Danny 心), [5/8/2025 5:22 pm]
By the way, back to the topic of AI replacing jobs.
Big Tech has learned a big lesson for :-
1. Stopping fresh graduates entry level jobs
2. Firing entry level graduates workers
To be replaced by AI - specifically Generative AI completely.
Even with the proliferation use of AI, Generative AI, you will still need entry level fresh graduates or workers to scrutinize line by line, test it thoroughly and amend it.
Else Generative AI hallucinations and prompt hackers will create havoc to the running systems.
It is a costly mistake that many Big Tech and commercial companies discovered - and even more money need to be pump in to rectify the mistakes and costly reputation breakdown.
Let me attach the report.
LCL (Danny 心), [5/8/2025 5:23 pm]
"Coders who use artificial intelligence to help them write software are facing a growing problem, and Amazon is the latest company to fall victim."
Coders without doing proper double checking and validation but just use the programming code generated by AI is a recipe for bugs and failures.
https://www.channelnewsasia.com/commentary/amazon-hack-ai-vibe-coding-security-github-5267071#:~:text=Coders%20who%20use%20artificial%20intelligence%20to%20help%20them%20write%20software%20are%20facing%20a%20growing%20problem%2C%20and%20Amazon%20is%20the%20latest%C2%A0company%20to%20fall%20victim.
G, [5/8/2025 5:25 pm]
Interesting.. So what is "right"? To achieve group think / echo chamber? Is that what REACH is set up for?
https://www.reach.gov.sg/latest-happenings/telegram-chat-group
When you don't agree with another's view or the way views are communicated here, is there a need to go passive-aggressive?
G, [5/8/2025 5:30 pm]
This govt looks like it's still wishing for the "good old days" of globalisation.. This can be seen by their statements.
But the global momentum is opposite from their wishes.
LCL (Danny 心), [5/8/2025 5:45 pm]
This AI topic will especially relevant to the technology and innovation committee that is also looking into AI proliferation.
Hence, I have post previously, AI create new, value added and high salary jobs.
It don't cut or fire fresh graduates or lower level graduates jobs.
Business and corporates must bear that in mind - to learn from the lesson of Big Tech and their corporates.
LCL (Danny 心), [5/8/2025 5:45 pm]
378. I post in REACH (Telegram) LCL (Danny 心), [23/7/2025 6:04 pm]:-
1. Actually the focus of employing AI in business and workers are not to replace jobs.
2. Rather the focus of AI is to improve productivity - ie. Doing more jobs, doing it faster, doing it cheaper and do more with every single workers.
3. By so doing, the company can expand their business bigger and earn higher profit and pay higher salaries to workers proficient with AI.
4. In fact I can see companies are willing to employ workers with AI skills.
LCL (Danny 心), [23/7/2025 6:06 pm]
5. In fact, I got 5 approach from headhunters on job offers with very good pay - despite the challenges we are facing globally.
6. So the job market is not as bad as thought provided you got the right skills that employers want.
LCL (Danny 心), [23/7/2025 6:09 pm]
7. So AI don't just cut jobs, they produce high value high salary jobs.
LCL (Danny 心), [23/7/2025 6:22 pm]
1. When computer come on board, it created many jobs.
2. IT jobs, many industrial sectors use computers to beef up their productivity.
3. Put their goods in the web and sell online.
Expanding their business.
4. Payment make online, no need to lug briefcase with cash to pay.
5. Digitalization greatly expand business and our economy grow bigger and bigger.
LCL (Danny 心), [23/7/2025 6:23 pm]
6. Likewise AI will achieve similar productivity and business grow, and create new jobs.
7. Of course obsolete jobs will vanish.
Eg. Typists, typewriter are gone when computer come into play.
----
CNA news 29 Jul 2025 02:02PM (Updated: 29 Jul 2025 03:20PM)
AI’S IMPACT ON JOBS
While adopting AI, however, Singapore will also need to think “equally hard” about doing so in a way that creates jobs for locals, he said.
PM Lawrence Wong then noted that history suggests that jobs will disappear and evolve because of technology, but the newly created jobs are usually better and higher paying.
But there are concerns that AI will be different because it can do so many things that humans can, he added.
“People are worried, people are wondering, and there are good reasons to be concerned,” said Mr Wong.
Singapore has no choice when it comes to adopting technology, but should try to do so in a “meaningful and deliberate manner” that creates jobs.
“It’s up to us,” he said. “And again, we can do it in Singapore because we have the ability as a compact system.”
The government has a good relationship with employers and unions, and can discuss how to redesign jobs and retrain workers.
“Embrace it, adopt it, but always make sure that the technological changes that we harness, the power of technology, benefits workers not replaces them, and always ensures that workers will thrive in this new environment.”
LCL (Danny 心), [5/8/2025 5:46 pm]
Post this thought in previous topic and PM Lawrence Wong concur.
AI creates value added jobs and not cut jobs.
LCL (Danny 心), [5/8/2025 5:54 pm]
Another issue come to mind, understand that through the Genius Act, Trump is introducing Stablecoin into financial market - in which Stablecoin will have to tie with the US Treasury Bonds issue by US Treasury dollar by dollar.
The Stablecoin can be issue by any US corporates, but they back-to-back must subscribe to US Treasury Bonds to back the Stablecoin they issue.
That means:-
1. Payment on trade could be in Stablecoin.
2. It looks like a form of quantitative easing - money printing.
3. It will further increase the debt of US Treasury.
4. Since US Treasury Bonds credit rating drop and many investors are not subscribing to the Treasury Bonds, issuing Stablecoin by US corporates is one way to force traders to again go for US Treasury Bonds with drop credit rating.
LCL (Danny 心), [5/8/2025 5:58 pm]
So I am feeling uncomfortable with this Stablecoin thingy - as it smell of setting another "debt traps" for other countries and investors to fall into it.
Stablecoin doesn't look like it can be controlled through monetary policy - and it can skew and flood the global financial market with "printing money" because corporates can just issue Stablecoin and subscribe to more and more Treasury bonds.
I am not sure what the impact will be.
Need our government to study this development and how it impact our trade, payment system and our financial system.
REACH Singapore, [5/8/2025 6:04 pm]
📢 Topic 📢
LCL (Danny 心), [5/8/2025 6:17 pm]
Another issue I like to address "Globalisation is dying".
Globalisation will not die - because all countries in the world have tasted the prosperity and wealth generated through globalisation.
Even North Korea trade with China and Russia to survive.
Purely relying on domestic market is a fallacy.
Even Big Superpower like China, India and US cannot survive by closing their borders and rely solely on their big domestic market.
China during the early days are in deep poverty, Vietnam also.
The moment China and Vietnam open up to globalisation - their economy flies - and won't go back to closing their borders.
Even Trump who think he can - actually are already facing backlash from their domestic pressure.
So globalisation will not die.
But it will evolves.
On hindsight, I believe one Superpower lead economy will evolve into a multipolar economic blocs global economy.
Singapore just needs to evolve into this.
LCL (Danny 心), [5/8/2025 6:20 pm]
'Tariffs are starting to bite': Latest inflation, jobs data sparks Wall Street concern over US economy.
https://sg.yahoo.com/finance/news/tariffs-are-starting-to-bite-latest-inflation-jobs-data-sparks-wall-street-concern-over-us-economy-130011283.html
REACH Singapore, [5/8/2025 6:47 pm]
Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
REACH Singapore, [5/8/2025 6:59 pm]
Dear Contributors
We will be closing the chat for today.
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
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