“Developing a competitive and sustainable economy with good jobs for all” is among the themes of the Singapore Budget 2024. Here are some initiatives tech leaders hope to hear during the speech next Friday (Feb 16), which they believe will help retain Singapore’s competitiveness.
Phoebe Poon, vice president, Product Management, Aicadium
With "Artificial Intelligence (AI) as a Driving Force for the Economy and Society" as a central theme of 2024’s World Economic Forum Annual Meeting, the discussions on AI’s potential, including new employment dynamics and skillsets to regulations and governance and mitigating risks, have reached a new level of prominence. We are now at the inflection point where AI will become indispensable tools for governments and organisations to address urgent challenges of the future.
The expected transformation of 23% of global jobs due to rapid industry change necessitates further investment in human capital, and Singapore's goal to triple its human AI workforce is an example of initiatives that will foster an equitable world that benefits from AI.
Ahead of Budget 2024, we hope for a heightened focus on empowering younger generations with greater AI literacy, ensuring their careers can take off amidst an evolving technology landscape.
Warren Hayashi, president of Asia Pacific, Adyen
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In 2024 digital transformation is only going to continue with new technologies, like AI, emerging amid rapidly changing consumer behaviour and expectations. We see that happening in the way we shop, transact and make payments. This rapid technological change creates huge opportunities for businesses, for example, to use data more effectively to really understand their customers and give them better experiences, but it also risks leaving those behind who don’t upskill and embrace technology.
The World Economic Forum’s Future of Growth report looked at how to unlock inclusive growth through innovation. While it is incumbent on technology providers like us to provide useful, actionable tools and insights that make it easier for our customers to unlock the potential benefits of technology, we would welcome initiatives to upskill businesses, particularly small and medium-sized businesses, to understand how they can leverage technology to grow and thrive in the new economy.
Olaf Pietschner, CEO of Asia Pacific, Capgemini
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Despite a drop in Singapore's business optimism this year, many local businesses are increasing investments towards AI and Generative AI (90%), talent (68%) and sustainability (58%), to derive long-term business value.
Capgemini believes strong government support in technology adoption and governance will help businesses thrive amidst uncertainty and accelerate Singapore’s dual transition towards a sustainable and digital economy:
- Expanded grant programmes for AI and climate tech, so businesses can upskill the workforce to leverage AI’s potential and reduce the “green premium” to facilitate mainstream climate tech adoption and reduce emissions.
- A formalised AI governance framework that builds trust and transparency around AI and Generative AI, by prioritising responsible usage and ensuring the technology complements human ingenuity, not replace it.
By fostering an environment where technology strengthens and complements our workforce, we will build a resilient and future-ready Singapore.
Andrew Lim, managing director for Asean, Kyndryl
As the Singapore government prepares to release its 2024 budget, we see a good opportunity to provide support on at least two key objectives: cybersecurity training for the workforce and sustainability.
Our progress as a leading digital economy in the years to come will depend on the seeds we sow today. Partnerships among the government, organisations and academia to bolster cyber education efforts will be imperative in strengthening cyber resilience for the future. By instilling a culture of cybersecurity awareness and healthy scepticism (underpinned by meaningful training), organisations can empower employees to better manage cyberattacks.
Following years of extreme weather events, we’ve come to a point where governments, companies and communities must collaborate to reduce our carbon emissions, harmonise reporting standards and scale climate solutions on a global scale. Governments also have the opportunity to advance sustainability by investing in green infrastructures and technology that enable organisations to accurately and transparently record and report their environmental data.
Wai Kit Cheah, senior director of Apac Products and Practices, Lumen Technologies
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The rapid adoption of new technologies like the cloud and AI inevitably drove demand for computing requirements, contradicting our environmental priorities. But many businesses are still grappling with legacy systems and struggling to join the digital transformation journey.
We hope that Budget 2024 will support small and medium businesses to afford skills or services to modernise their applications and infrastructure, empowering them with future-ready capabilities needed to thrive in a digital-first landscape, laying the foundation for resilient growth and sustained competitiveness globally.
Support should also encompass raising awareness of cybersecurity risks. Many businesses prioritise speed over framework in their digitalisation journey, potentially leading to gaps in their security posture. With increasingly sophisticated cyberattacks and an evolving threat landscape, staying ahead of cybercriminals is a strategic imperative. Success will depend on the ability of businesses to simplify and secure their digital infrastructure with adequate security controls to ensure cyber risks are minimised.
Christanto Suryadarma, Sales vice president for Southeast Asia (SEA), South Korea and Channel APJeC, Zebra Technologies
To ensure economic growth amidst the gloomy forecasts in 2024, it is necessary for enterprises in Singapore to continue to innovate through automation and digitalisation to achieve greater productivity and efficiency. In today’s working environment, the speed and accuracy of every movement matter. New technologies, from the foundational mobile computer to advanced tech like AI or the cloud, must be integrated into current business processes and workflows to optimise their full potential to achieve enhanced production, accuracy and efficiency.
Technological investment is also a form of investing in our talents. Having the right talent is key to maintaining resiliency and emerging from the economic downturn stronger, especially with today’s tight labour market. And meeting the needs of the younger tech-savvy workforce is a priority for many enterprises. Introducing the right technologies will help augment, optimise, mobilise and even retain workers, regardless of industry.
