PM Wong's government is using a record Budget 2026 (S$154.7bn) to drive a nationwide AI transition, help firms go overseas and ease living costs. On 1 October the trade ministry was reorganised as the Ministry of Energy, Trade and Industry, and October diplomacy has centred on AI and external partnerships, including a visit by Germany's chancellor and a frontier AI safety summit.
What a Korean company can do now
Government · leader
President Tharman Shanmugaratnam; Prime Minister Lawrence Wong (also Finance Minister)
Key national agenda
- Nationwide AI transformation led by the PM-chaired National AI Council
- Stronger support for firms' internationalisation and financing
- Competitiveness in semiconductors, aerospace and biomedical sectors, with energy policy integrated into the new Ministry of Energy, Trade and Industry
- Worker reskilling and wage growth through SkillsFuture
- Cost-of-living relief and support for families and retirees
- Climate-ready housing and infrastructure
Government programmes
Budget 2026S$154.7bn
Announced 12 Feb 2026; total spending S$154.7bn (about 18.4% of GDP), projected FY2026 surplus of S$8.5bn
National AI Council
Chaired by the PM; oversees enterprise AI adoption, AI literacy for students and AI skills training for workers
Household support packageS$500 vouchers per household
S$500 CDC vouchers per household (paid January 2027), S$500 LifeSG credits per child aged 12 and below, among others
CPF retirement top-upsUp to S$1,500 per person
Up to S$1,500 for members aged 50+ below the Basic Retirement Sum; new CPF investment options
Tighter foreign workforce criteria
Higher qualifying salaries for EP/S Pass holders and higher levies in some sectors
Korea–Singapore green & digital shipping corridor and digital cooperation MOU
Following the Nov 2025 upgrade to a Strategic Partnership: joint AI projects, a green and digital shipping corridor and joint support for ASEAN digital transformation
Business opportunities
AI workflow automation packages for SMEs (accounting, customer service, document processing) via local resellers
🔒 Why-now and buyers — analysis member ₩19,800/mo
Practical generative-AI training courses for workers
🔒 Why-now and buyers — analysis member ₩19,800/mo
Open this week
Korea market-entry and partner-matching advisory for Singapore firms
The 2025 Strategic Partnership and digital cooperation MOU are expanding bilateral business ties.
Enterprise Singapore-supported firms, local startups
AI model risk assessment and governance review consulting
🔒 Why-now and buyers — analysis member ₩19,800/mo
Free members get a human-reviewed summary by email for up to 3 countries a month (sent within 24h). BUILD members get them all.
Tenders
- ITQ: supply and installation of face & card access readers and touchless exit buttons for 15 special rooms (YTSS) · MOE school (YTSS) · Deadline 2026-11-06
Korean support schemes
- KOTRA Singapore trade office · KOTRA — Offers buyer matching, branch-office incubation (robotics, food, consumer goods, machinery, etc.), market research and investment support.
- Export Voucher programme · MSS/KOSME and MOTIE/KOTRA — Vouchers cover market research, certification and marketing services, lowering the cost of entering Singapore.
- Korea–Singapore Strategic Partnership and digital cooperation MOU · Governments of Korea and Singapore — Covers joint AI projects and a joint ASEAN digital transformation project funded by the Singapore Cooperation Programme and the ASEAN-Korea Cooperation Fund.
Official notices
Prime Minister's Office Singapore
- 2026-10-28 PM Wong speaks by video at the Frontier AI Safety Summit co-hosted by Norway and Finland
- 2026-10-27 Visit of German Chancellor Merz; joint press conference
- 2026-10-01 Ministry of Trade and Industry reorganised as the Ministry of Energy, Trade and Industry
- 2026-10-09–10 PM Wong's official visit to Brunei
Disaster · conflict · epidemic
Stable 2026-11-07
—
—
—
