The BGA Singapore Team, led by Managing Director Nydia Ngiow, wrote an update to clients on Singapore’s 2024 National Day Rally.

Context

  • Singapore’s Prime Minister Lawrence Wong delivered his inaugural National Day Rally August 18. In what is widely regarded as the most important political speech of the year, Wong acknowledged the contributions of his predecessors as he presented what he called a “refreshed Singapore dream” for the nation after nearly 100 days in office, following his swearing in May 15.
  • It is arguable whether a reset took place despite Wong’s announcement of a “major reset of policies” with a corresponding “reset in our (Singaporeans’) attitudes” needed to achieve the country’s new ambitions. The objectives of ensuring the stability, resilience and relevance of Singapore still remained at the core of his speech, although the proposed policy actions may have been shaped by Wong’s more consultative approach.

Significance

  • For his inaugural rally, Wong took great effort to position himself as a “fellow Singaporean” rather than the prime minister. By sharing several personal anecdotes and taking a self-deprecating approach in Malay and Mandarin, Wong’s campaign to make himself and his team more authentic and personable to win over younger voters was in full swing. Reiterating what he mentioned at the budget 2024 delivery, he made clear that Singapore will not pursue economic growth “at all costs.” Wong ensured that people felt like their concerns were being addressed through this rally and that they can trust him and his team to do what was best for the country in trying times — an indication of Wong’s consultative and relatable governing approach going forward.
  • Against the backdrop of a general election that must be held no later than November 2025, Wong’s speech focused on addressing Singaporeans’ concerns with social benefits. He highlighted significant support for families, such as increased paternity and shared parental leave, temporary assistance for those facing involuntary unemployment and enhanced housing assistance for first-time buyers and low-income couples. These address themes are reflected in Wong’s hallmark Forward Singapore initiative, which aims to ensure social mobility. Companies can expect announcements from this rally to guide the development of next year’s budget.

Implications

  • Wong reassured businesses that his government will seek to maintain Singapore’s competitiveness amid a dynamic, evolving and uncertain global landscape with a “prudent and bold” approach, as championed by Singapore’s founding prime minister, the late Lee Kuan Yew. In echoing familiar themes from his predecessors and with no changes to the government’s plans to strengthen the country’s position as an attractive hub for global investments, Wong’s words affirm that the rally was more of a “refresh” than a “reset.”
  • Singapore will continue to streamline regulations and enhance its business-friendly environment to attract global investments and maintain its competitive edge, even as major economies like the United States and China focus on reshoring for critical industries and several Asian economies increasingly adopt localization policies to move up the value chain. The government’s proactive review of rules and processes to reduce bureaucracy and minimize regulatory burdens, led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, could reduce costs and time to market for businesses.

Please refer to the following links for the full transcripts of Wong’s remarks in Malay, Mandarin and English. If you have any questions or comments, please contact BGA Singapore Managing Director Nydia Ngiow.

Best regards,

BGA Singapore Team

A small ginko leaf

Managing Director, Singapore

Nydia brings over a decade of experience working at the forefront of international affairs and international trade issues in the Asia-Pacific, with the majority of her career prior to BGA spent working for the Singapore government. Nydia most recently managed the China Program at the American National Standards Institute (ANSI) in Washington, D.C., where she brought together technical, business and policy leaders to find solutions to issues affecting U.S.-China trading relations to strengthen U.S. market access in China. She provided member organizations with coverage of policy and reform issues, and furthered ANSI’s relationships with counterpart organizations in China. Positioned in ... Read More