Southeast Asia's education future envisioned as an exemplary model after SkillsFuture
In the face of a world undergoing profound change, business leaders and policymakers are urging Southeast Asian nations to adapt and collaborate to seize new global opportunities.
At "The Future Forum 2025: The Great Transformation" in Thailand, Singapore's National Research Foundation chairman, Heng Swee Keat, former deputy prime minister, emphasized the need for transformation, echoing the sentiments of Thai Deputy Prime Minister and Finance Minister, Mr. Heng.
The world is being shaped by four structural forces: deglobalisation, decarbonisation, digitalisation, and demographic shifts. To navigate this changing landscape, leaders must have the courage to implement structural reforms, rather than opting for policies that create long-term debt burdens.
Mr. Heng urged Asean members to focus on collaboration instead of competition. He suggested that Southeast Asian nations could use Singapore's transformation into a global economic powerhouse as a roadmap for navigating global uncertainty. By combining their strengths and investing in their people, Asean countries can build a stronger, more resilient economy that delivers sustainable growth for generations to come.
Singapore's most valuable resource is its people, according to Mr. Heng. The country's SkillsFuture programme, which aims to embed a culture of lifelong learning, is a model for other nations. Every Singaporean aged 25 and above is offered an initial S$500 training credit, and additional funding is provided for those over 40. More than 500,000 workers, around 20% of the workforce, participate each year in Singapore's SkillsFuture programme, with most career switchers securing new jobs with higher wages.
The forum discussions underscored the need for Thailand and Singapore to strengthen bilateral ties as a springboard for broader Asean integration and connectivity with key partners such as China, India, and Japan.
In the financial sector, over 90% of banking transactions in Thailand are now conducted via mobile platforms, underscoring the need for the sector to leverage technology and engage customers more effectively. Mr. Heng used the example of the PromptPay-PayNow digital payment link as a successful initiative for collaboration among Asean countries.
Mr. Heng also called for deeper capital market integration among Asean countries, including cross-listing of stocks and greater two-way investment. Singapore's high trade-to-GDP ratio, three times its economy, makes such diversification vital, as per Mr Heng.
Foreign direct investment has played a critical role in lifting millions out of poverty over the past 50 years. However, the world faces slower global trade, climate change, rising debt, and the temptation of short-term populism. It is crucial for nations to navigate these challenges with foresight and resolve.
The name of the state supreme administrator who organized "The Future Forum 2025: The Great Transformation" in Thailand is not found in the provided search results. Despite this, the forum's message of transformation, collaboration, and adaptation resonates strongly in the current global context.
Singapore, with its aggressive trade strategy, signing 28 free trade agreements (FTAs) covering more than 90% of its exports and 85% of services, serves as a testament to the power of collaboration and adaptation in the face of global challenges.
In conclusion, the future belongs to those who can adapt and collaborate. The transformative changes sweeping the world offer opportunities for growth and progress, but they also present challenges that require courage, foresight, and resolve. Southeast Asian nations, led by the examples of Singapore and Thailand, are well-positioned to navigate these changes and build a brighter, more sustainable future.
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