Workers' Party (WP) members of parliament Kenneth Tiong and Jamus Lim introduced a motion in Singapore’s parliament on Tuesday (August 4) calling for an "economy of the future" that works for all Singaporeans. The motion, which will be debated over several days, outlines the opposition party's vision for an economic framework centered on inclusivity, fairness, and opportunities for entrepreneurs, workers, and local businesses. The proposal comes amid ongoing discussions about the direction of Singapore’s economic strategy, particularly in light of the recently published Economic Strategy Review (ESR) report. The motion, titled "An Economy of the Future for All Singaporeans," emphasizes the need for a more equitable distribution of economic gains. It argues that the current economic model, which relies heavily on foreign multinational corporations (MNCs), has created imbalances that disadvantage local businesses and younger Singaporeans. According to the WP, the motion seeks to highlight the voices of those who feel the economy is no longer serving them adequately, such as young Singaporeans struggling to establish themselves and small local businesses facing increasing difficulties. Tiong, representing the Aljunied GRC, described the motion as a "meaningful statement" of the party’s belief in an economic structure that prioritizes Singaporeans. He framed the motion as answering the question: "How does an ordinary Singaporean get a lasting share of our country's success?" The motion aims to challenge the prevailing economic narrative and propose an alternative path forward that addresses perceived gaps in the government’s approach. Lim, representing the Sengkang GRC, emphasized that the motion complements the government’s ESR but presents a distinct perspective. He argued that while the ESR provides valuable insights, it lacks specific metrics and actionable steps to ensure that the economic vision translates into tangible outcomes. The WP’s motion, therefore, serves as both a response to and an addition to the ESR, offering a more detailed roadmap for achieving economic equity and inclusion. The debate over the motion lasted nearly nine hours, with 24 MPs participating, including four political officeholders and nine WP MPs. During the discussion, Minister for Trade and Industry (Energy and Industry) Tan See Leng acknowledged the importance of fostering both local and global enterprises. He highlighted the need for a balanced approach that supports small and medium-sized enterprises (SMEs) while recognizing the contributions of MNCs. Tan stressed that the government’s role is to create an environment conducive to innovation and growth, ensuring that every individual has a fair chance to contribute to and benefit from the economy. Transport Minister Jeffrey Siow joined the debate, emphasizing that both MNCs and SMEs are crucial to Singapore’s economic health. He refuted the notion that the two types of enterprises are in conflict, arguing instead that they reinforce each other. Siow pointed out that the government has already committed significant resources to supporting SMEs, with nearly $2 billion allocated annually in direct grants. However, he acknowledged that not all of these funds are fully utilized and pledged continued support for SMEs as they seek to expand internationally. Despite the extensive debate and the shared recognition of the importance of SMEs and local enterprises, the WP ultimately voted against the amended version of the motion. The amendments, proposed by PAP MP Edward Chia, sought to align the motion more closely with the ESR and acknowledge the role of global enterprises in Singapore’s future. While the amended motion was passed, the WP’s 12 MPs recorded their dissent, indicating their disagreement with the changes made to the original text. The motion highlights broader concerns about the sustainability of Singapore’s current economic model and the need for a more inclusive approach that ensures all segments of society benefit from economic growth. As the debate concludes, the focus remains on implementing policies that support both local and international enterprises, ensuring that Singapore’s economy continues to thrive while addressing the needs of its diverse population.
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