1. Madam Speaker, I rise to thank the President and speak in support of the President’s Address. 

2. As the President said, we are embarking on “a new chapter of nation-building”. Last year, we celebrated half a century of economic progress and success. This was the product of decades of hard work by our forefathers. We will need to have the same resilience and enterprising spirit, in order to write the next chapter of our economic miracle together. 

3. However, with changing population demographics, disruptive technologies and new global economic challenges, the previous formula for economic success may no longer be adequate to ensure our economic resilience for the next 50 years. For Singapore to remain competitive, we need to do things differently and a new formula of success may be required. Our businesses need to go beyond adding value and competing on costs, and move on to creating value and competing on innovation. As a significant part of our economy, SMEs play a crucial role in the transformation of our economy. 

4. Madam Speaker, I would like to deliver the first half of my speech in Mandarin and to conclude thereafter in English. ​

​​​