Chan Chun Sing suggests "future proofing" Singapore

The minister of Social and Family Development believes implementing the appropriate social values in Singapore would allow the country to compete on an international level.

Minister Chan Chun Sing suggests that the future of Singapore can be shaped by combining economic, social, and geopolitical values. However, it is not clear how such factors can aid in developing the nation which is why the country has to look at various methods that will allow it to future proof its environment for unpredictable challenges in the future like how to leverage on the strong brand of Singapore or how to establish the right social values.

Mr. Chan spoke at the yearly Economic Society of Singapore on August 7th which was attended by economists, academicians, bankers, and policy makers. The main thrust of his speech was not to guess the future, but to suggest what Singapore should put in place. He believes that the relationship between US and China will prove to be one of the biggest geopolitical problems facing Singapore and Asia. If the competition between the two countries heats up in the future, this could have an impact on the future of different countries in the area as well. This is why Mr. Chan believes that if Singapore is not able to establish values and get rid of its strategic weight, then it could be marginalized easily.

Some domestic challenges that Mr. Chan discussed were balancing integration and immigration and provided a number of methods to take care of these problems. He said it is very important for the Singaporeans to remain connected with the world, but they should remain loyal to their nation and contribute to their society. He believes that success can be accomplished with the help of the right social values. It is said that only the fittest country will survive, but being fit is not only limited to the power of the country but it is concerned with the ability to adapt. Mr. Chan believes in future proofing and encourages resilience in both the systems and individuals of Singapore to help the nation navigate itself during the times of an uncertain future.

However, even though Mr. Chan suggests that future proofing should be implemented in the nation, critics do not believe in such a thing. Critics have shared the idea that Singapore has lost its competitiveness in the market because it has become one of the most expensive cities in the world. Some of the manufacturing concerns have started moving out of the country and rise in Singapore Dollar has made our goods and services abroad sorely uncompetitive.