S’pore, US deepen economic ties, launch AI talent grooming scheme

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In May, Trade and Industry Minister Gan Kim Yong had said that Singapore was exploring the possibility of a talent exchange programme with the US in fields such as AI.

Over the next few years, US firms have a pipeline of investments in Singapore’s digital economy, relating to AI and other digital technologies, that will “easily exceed” $50 billion, Mrs Teo said, describing this as a “very strong stamp of approval”.

She added that US companies had also partnered local firms to raise the AI capabilities of more than 130,000 workers here through schemes such as TechSkills Accelerator, Singapore’s national tech upskilling initiative.

Mrs Teo said Singapore is continuing to invest in the fundamentals, with investments in submarine cables and data centres likely to generate more than $20 billion in investments, with plans also under way to expand existing AI centres of excellence as well as set up new ones.

Technology spending in Singapore hit $22 billion in 2023, with the US being the top foreign investor.

Held at The Treasury, the roundtable was attended by government officials from both countries and representatives from both US and Singapore companies, including Google and Grab.

The US is deeply invested in its bilateral relationship with Singapore, said Ms Raimondo, adding that American businesses desire to do more in the Republic.

AI is the “defining technology of our generation”, she said, pointing to its potential applications in a wide array of areas ranging from clean energy to education. Specifically, the US is keen to work with Singapore in advancing the technology in partnership with innovators in the private sector.

Ms Raimondo is on a three-day official visit to Singapore to attend the Indo-Pacific Economic Framework for Prosperity ministerial meetings and Clean Energy Investor Forum.