Singapore will adjust its economic strategies in order to move up the value chain, said Deputy Prime Minister Teo Chee Hean at the Economic Development Board (EDB) Scholarship Award Ceremony on July 20.

Speaking at the ceremony, he underscored the country’s central location in the region has opened “an ocean of opportunities” which must be seized to move up the value chain.

The Deputy Prime Minister said the economy needs to rely less on unskilled foreign labour and focus more on raising productivity and offering Singaporeans the chance to sharpen their skills.

The government will support consumer-oriented firms to create new products and services to meet increasing regional demands and expand their business, he added.

He noted that the formation of the ASEAN Economic Community (AEC) by the end of this year will generate a competitive market of 600 million people for Singapore and regional entrepreneurs.

The EDB scholarship is awarded to pre-university students who display initiative, talent and creativity in contributing to local economic development.-VNA