At the G-20 Summit in Rio de Janeiro, Brazilian President Luiz Inacio Lula da Silva launched a global initiative to combat hunger and poverty, with support from over 80 countries, including Singapore. Prime Minister Lawrence Wong shared insights on how sustainable economic growth through open trade and investments can effectively reduce poverty during discussions on 18 November 2024.
The Importance of Trade and Jobs
PM Wong emphasised that job creation is crucial for alleviating poverty, providing a pathway to dignity, stability, and self-reliance. He underscored the necessity of reforming and bolstering the World Trade Organisation to facilitate this growth.
Addressing Violence and Instability
- Stopping conflicts and wars is essential for tackling hunger and poverty.
- Providing assistance to conflict zones where the need is most pressing is a priority.
- Singapore has shown its commitment through rounds of humanitarian aid for Gaza.
Investing in Human Capital
While economic growth and job creation are vital, PM Wong asserted that equipping citizens with the right skills is equally important. He called for ongoing investment in human capital, including:
- Technical and vocational education
- Skills training programs for adult workers
He stressed the need for a robust infrastructure dedicated to lifelong learning and skills enhancement, highlighting that it’s how Singapore has maintained an unemployment rate under three per cent.
Global Collaboration
PM Wong expressed Singapore’s readiness to share its experiences and support initiatives like the World Bank’s High-Level Advisory Council on Jobs, focusing on Africa and the Global South. This Council is jointly chaired by Minister Tharman Shanmugaratnam, underlining Singapore’s commitment to fostering global economic stability.