SINGAPORE – Cyber security, connectivity and the responsible use of artificial intelligence (AI) are among key digital priorities that need to be addressed, said Deputy Prime Minister Lawrence Wong on Tuesday.
The digital economy, comprising the information and communications technology sector and digitalisation in other industries, grew to account for 17 per cent of Singapore’s gross domestic product (GDP) in 2022, according to figures by the Infocomm Media Development Authority (IMDA).
The ICT sector alone, comprising software development and online services, grew by 8.6 per cent in 2022, compared to 3.6 per cent for the overall economy, said IMDA.
Mr Wong, who is also Finance Minister, said that across South-east Asia the digital economy is projected to grow fivefold to $1 trillion by 2030, driven by new Internet users and a rising middle class,
The digital economy comprises digital-related jobs across industries, including the information and communications technology sector which is among the fastest-growing sectors along with energy, professional services and logistics.
“There are tremendous opportunities ahead of us, particularly in this part of the world,” he said at the Asia Tech x Singapore 2023 conference, held in Sentosa from Tuesday to Friday.
The conference on global tech issues is attended by tech professionals from all over the world.
But there are challenges ahead, such as different rules on how data is handled across nations, concerns about job security and the ethics of AI usage, said Mr Wong.
“How we manage these problems will define the future of the digital economy today,” he said.
Singapore needs to strive for a digital economy that is trusted, interconnected and inclusive, DPM Wong added.
Establishing this will need the building of hard connectivity infrastructure, such as new subsea cable landings to increase Singapore’s network capacity, which is one of the goals listed in Singapore’s digital connectivity blueprint announced on Monday. The Republic will also upgrade its networks to raise Internet speeds to 10Gbps, laying the foundation for a new generation of apps.
Mr Wong said soft infrastructure like apps that support digital transactions, digital identity and certification, also form the backbone of today’s digital economy. These tools need to work across borders in order to realise the next bound of digital growth.
