Mr Speaker, Sir

5.1 We cannot predict how the international security situation will evolve, nor do we know for sure when the global and regional economy will regain its health. But we can and will use our resources and strengths to give ourselves the best chances to succeed, whatever the circumstances.

5.2 In this spirit, the Government accepts the ERC recommendations to revitalise the economy in the immediate future and sustain growth over the longer term. Vigorously implemented, over a decade these strategies will make Singapore a leading global city, a hub of talent, enterprise and innovation, and one of the best places in Asia to live and work. We will be host to both global MNCs and emerging business networks linking up China, India and Southeast Asia. Our broad economic base will have services complementing manufacturing industries, start-ups operating alongside established companies, and Singaporean companies reinforcing MNCs. These diversified activities will provide a wide range of rewarding jobs for Singaporeans, either as knowledge workers, skilled technicians, or semi-skilled workers.

5.3 Change will not be effortless. There is no safe harbour where our ship can shelter to rebuild and refit, before heading out to sea. In a rapidly unfolding situation, all work must be done onboard ship while we are sailing and battling the elements. The Government will act to bring about and facilitate these structural shifts, but success ultimately depends on the resourcefulness and resilience of Singaporeans.

5.4 We must shake free of our old mindsets, and adjust our positions to better face a changed world order out of which new opportunities will arise. Some of us may not find this easy to do. But everyone who makes the effort will find a place in the new Singapore economy. And all will get focused assistance from the Government and support from employers and unions. Through our joint efforts, our economy will bounce back.

5.5 At the end of the day, the purpose of restructuring is more than finding new growth sectors and creating new jobs. It means forging a bond between all Singaporeans, in a spirit of joint endeavour, to secure our common future. In an uncertain and volatile world, we have to overcome new challenges and set fresh goals for ourselves. We have to grow as a united people, to create a better tomorrow for ourselves and our children, regardless of race, language or religion. And we must bring to this task tough minds and warm hearts.

5.6 Mr Speaker, Sir, I beg to move.