Minister for Education and Minister-in-charge of Social Services Integration Desmond Lee will leave the Singapore Economic Resilience Taskforce (SERT), while Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the eight-member body.
In addition, the newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng will replace Lim Ming Yan as SBF’s representative, according to a joint release by the Ministry of Trade and Industry, SBF, National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF).
The changes, effective May 27, follow Prime Minister and Minister for Finance Lawrence Wong’s new Cabinet line-up, which he unveiled on May 21.
Lee was previously Minister for National Development, but he has retained his title as Minister-in-charge of Social Services Integration in the Ministry of Social and Family Development.
Siow, a first-time Member of Parliament, was the former second permanent secretary at the Manpower Ministry and the Ministry of Trade and Industry.
SBF reappointed Teo Siong Seng as its chairman on May 20. He previously held the role from 2014 to 2020. Teo is executive chairman of homegrown carrier Pacific International Lines.
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The other members of SERT, chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, are:
- Minister for Digital Development and Information Josephine Teo
- Minister for Manpower and Minister-in-charge of Energy and Science & Technology Tan See Leng
- Minister for National Development Chee Hong Tat
- NTUC Secretary-General Ng Chee Meng
- SNEF President Tan Hee Teck
Gan says: “We have adjusted SERT’s composition following the recent Cabinet and SBF council appointments. SERT’s mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade.”
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SERT and its members were unveiled in an April 16 media briefing, a week after Wong announced he would set up a taskforce to help Singaporean businesses and workers navigate the uncertainties arising from tariffs announced by US President Donald Trump.
The taskforce is divided across three key workstreams.
The first workstream of “sensemaking and communication” is co-led by Teo and Lim. This workstream will be responsible for regular three-way communication between government, businesses and workers on the latest developments. The workstream will also keep the public and businesses informed of the Taskforce's work.
The second workstream on “addressing immediate challenges” is co-led by Ng, SNEF's Tan and Minister Tan. It will build on the work of the first workstream to identify pain points and immediate challenges faced by businesses and workers, and review and enhance support measures as needed.
According to the May 27 announcement, Siow will replace Lee in co-chairing the third workstream on “longer-term strategies and responses” with Chee, supported by partners across the taskforce and other government agencies.
This workstream will develop strategies to transform businesses and workers to seize opportunities and strengthen resilience in the new economic landscape.
This includes longer-term efforts to promote partnerships with like-minded countries and organisations; strengthen and build resilience in our status as a global hub in air, sea, trade and finance; work with businesses to enter and grow in new markets and diversify their supply chains; ensure our continued attractiveness to local and international investors, founders and talent; and accelerate the transformation of our enterprises and workforce to overcome land and labour constraints through productivity and innovation.
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In response to The Edge Singapore’s queries then, Minister Tan said the taskforce will prioritise engagement with sectors that are involved in “outward-facing exports”, such as manufacturing — “particularly for exports to the US” — the finance and insurance sector, wholesale trade, transport and logistics.
“We are paying close attention to the sectors [that] are going to be most-immediately affected by the ongoing developments, while at the same time anticipating some other ‘spillaway effects’ on the rest of the economy,” said Tan in prepared remarks.
For workers, Tan anticipates that business uncertainty will cause employers to “hold back” their expansion or investment plans, and consequently, they will reduce hiring. “This could affect our fresh graduates, in particular, who may face greater difficulties in securing their first job. Mature workers are also vulnerable, should companies decide to downsize their operations amidst the uncertainties.”
Tan said his workstream will pay “special attention” to the needs of these groups of workers.
