Mr Speaker, Sir, Singapore has come a long way. More opportunities and challenges lie ahead. To meet the challenges, we must upgrade our skills, technical know-how and the strength of our companies. To do this, we must continue to maintain a conducive fiscal environment for businesses to innovate and thrive. Our tax regime must support the next phase of economic development. In particular, as we gear towards knowledge based activities, attracting and retaining talent will be instrumental in sustaining our economic prosperity.

The Asian and regional economies are growing strongly. We in Singapore can sustain high growth by engaging our economy with the region. In the coming years, international competition will become more intense. Uncertainties will abound. We must be nimble and responsive to external changes while pursuing steadfastly our long term goals and aspirations. If we persevere in upgrading our human resource and domestic technical capabilities and at the same time capitalize on the opportunities abroad, I am confident we will continue to progress and excel in the future.

Mr Speaker, Sir, I beg to move.