2. Speeches
Speech by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at SWITCH 2025 Opening Ceremony
29 October 2025
Excellencies,
Distinguished guests,
Ladies and gentlemen
Introduction
1. Good morning. Thank you for inviting me to join you at SWITCH 2025.
2. This year’s edition is especially meaningful.
a. As we mark the 10th anniversary of SWITCH alongside Singapore’s 60th year of independence, it is worth reflecting on how this event mirrors Singapore’s own innovation journey.
b. Like Singapore’s transformation from a small trading port to a global metropolis, SWITCH has grown from a local startup event in 2016 into a global platform connecting more than 20,000 innovators, founders, investors and partners from around the world.
Singapore’s Innovation Journey
3. Singapore’s innovation story has always been one of ambition, perseverance, and partnership.
a. Over the past three decades, we have built strong research foundations, grown a vibrant innovation ecosystem, and forged deep global linkages.
b. Singapore now ranks 4th in the Global Startup Ecosystem Index – up from 16th just five years ago. Singapore is also among the top five most innovative economies[1] worldwide for the third consecutive year.
c. These achievements are the result of long-term investment and collaboration – across our universities, research institutes, companies, and public agencies.
Positioning Singapore in a Changing World
4. However, we cannot take our success for granted. We are entering a new era marked by rapid technological change, environmental urgency, and shifting geopolitical dynamics.
a. The open, rules-based order that fueled decades of growth is giving way to new patterns of competition and contestation, as countries seek greater control over critical technologies and supply chains.
b. In this increasingly fragmented world, innovation and enterprise will continue to rely on trust, connectivity and collaboration – qualities that have long defined Singapore’s role in the world.
5. We want Singapore to be a trusted homeground for global innovators and enterprises –
a. A place that offers stability amidst uncertainty;
b. A hub that connects Asia’s growth markets with the rest of the world; and
c. A platform where ideas, talent and capital converge to address global challenges.
6. To strengthen this position, we will continue to invest in science and technology, accelerate the translation of research into enterprise, and forge partnerships that take ideas from Singapore to the world.
Driving the Next Frontier: Deep Tech
7. A key focus is on Deep Tech, where breakthroughs in science and engineering can transform entire industries and address some of our most pressing challenges.
8. First, quantum. Quantum technologies will redefine the future of communications, computing and sensing.
a. Recently, QAI Ventures, a quantum-focused venture builder based in Switzerland, ran a global hackathon across Singapore, Geneva and Calgary, with the Singapore edition focusing on financial sector use cases.
i. QAI has decided to establish their Asia-Pacific hub in Singapore, and I look forward to seeing more quantum development activities from their venture studio here in time to come.
b. We are also beginning to see practical applications from quantum technologies.
i. JAPFA, one of Asia's largest agri-food companies, is using quantum algorithms from local startup AngelQ to optimise their farming operations.
ii. This is a promising start, and I hope the first of many examples of how quantum is moving from the lab into the real world.
c. The National Quantum Office serves as an effective platform to bring together academia, industry and government to advance quantum capabilities.
i. Later this week, Singapore and Sweden will sign an agreement to deepen collaboration in R&D and talent development.
ii. Such partnerships enable us to broaden our networks, so that researchers and enterprises in Singapore can benefit from the knowhow of world-class industry partners and talent.
9. Second, climate tech. Climate technologies are not only essential for sustainability; they are also becoming a major driver of new growth opportunities. Countries that can deploy and export climate solutions will lead the green economy of the future.
a. Singapore aims to play that role for the region.
b. The Breakthrough Energy Fellows Southeast Asia Programme, a partnership between Breakthrough Energy, Enterprise Singapore and Temasek, supports startups which are developing technologies tailored to Southeast Asia’s needs – from precision-fermentation lipids and biofuels, to cooling paint and advanced recycling.
i. Out of the two cohorts of startups so far, six are based in Singapore, showing how local innovators are already helping to shape the region’s low-carbon transition.
c. We are also working with Wavemaker Impact, a climate-tech venture builder that has created 15 startups in three years.
i. All of them have secured investments, and the next phase will focus on helping these firms achieve product-market fit faster, so their innovations can scale and deliver impact sooner.
d. Together, these efforts are turning urgent climate challenges into viable business opportunities, while facilitating our region’s low-carbon transition.
10. We are also investing in the emerging field of Embodied AI, where robots and intelligent systems can sense, learn and act in dynamic, real-world environments.
a. Advances in Embodied AI could significantly change the way industries operate, by augmenting human capability and allowing companies to overcome labour and productivity constraints.
b. For Singapore, this is strategically important.
i. Many of our key sectors, such as logistics, advanced manufacturing, healthcare, and even services, are being reshaped by AI and robotics.
ii. We are working with industry leaders such as PSA to explore how Embodied AI can transform their operations and augment their workforce.
iii. In doing so, we also hope to develop Singapore into a global testbed for the safe and scalable deployment of next-generation robotics.
11. But success in deep tech requires more than technology alone – founders need time, mentorship, and access to resources to navigate the long journey from lab to market.
a. To help our founders gain entrepreneurial skills, the National Research Foundation will launch the Activate Global Fellows – Singapore programme.
b. This fellowship programme is a partnership between Enterprise Singapore, NTU and Activate, a U.S.-based non-profit that nurtures scientists into founders. It also marks Activate’s first partnership outside the U.S.
c. The programme will help researchers gain hands-on experience in building companies, such as fundraising, training and product development. They will also benefit from access to Activate’s global network.
12. Collectively, these efforts will strengthen Singapore’s position as a global deep tech hub — one that attracts world-class talent and investors, while nurturing homegrown founders to scale globally.
The Global Homeground from Singapore
13. Beyond growing our deep tech capabilities, we are also connecting our innovators to the world.
14. For our entrepreneurs and founders, Singapore’s true value lies not just in what we build here, but in how we serve as their global springboard, a trusted base from which to grow into regional and global markets.
15. The Global Innovation Alliance (GIA) has been instrumental in this effort.
a. Since its inception in 2019, the GIA has expanded to over 50 markets today, and helped more than 700 startups access new markets, with more than 240 securing commercial traction or funding overseas.
b. As the global landscape becomes more complex and competitive, we will tailor our support to help startups at different stages of growth.
i. Early-stage startups will receive guidance to test and refine their products, while more mature firms will gain access to strategic networks to reach out to customers and investors.
c. To achieve this, the GIA will deepen partnerships with corporates, accelerators, and investors.
d. I am pleased to announce the first corporate partnership between the GIA and ST Engineering Ventures.
i. Under this partnership, both parties have pledged up to $3 million to fund proof-of-concepts as well as pilots with start-ups.
e. Through the GIA, we will also provide support to start-ups for world-class market access programmes, such as MassChallenge, Nextcorps Luminate and SOSV. This includes areas such as funding, mentorship and facilitation.
f. Through these initiatives, we will strengthen Singapore’s standing as a global launchpad and homeground, where startups can test, validate, and scale with confidence.
Home to a Thriving Ecosystem
16. A thriving local ecosystem is the foundation for any global ambition. We will continue to build strong linkages between corporates, universities, venture builders and investors here, creating a dense network of opportunities for startups to grow.
17. Today, I am pleased to announce a new three-way partnership between Microsoft, BLOCK71 and EnterpriseSG to scale 150 AI startups over six cohorts across three years.
a. Through the "AI Accelerate" programme, these startups will receive support in product-market fit, technical development and market access, leveraging on Microsoft’s global network.
18. We are also expanding open-innovation platforms to match real industry needs with start-up ingenuity.
a. The Sustainability Open Innovation Challenge (SOIC) is a good example.
b. Now in its seventh edition, the SOIC has attracted over $2.9 million in commitments from global firms such as ST Telemedia Global Data Centres, EDP Renewables, Vopak and Philips.
i. This year’s challenge introduces a new offshore wind track, identifying technologies that reduce maintenance costs for offshore wind projects — a market expected to grow to 350 gigawatts by 2035.
ii. Such initiatives help our startups to participate directly in the global clean energy value chain.
Conclusion
19. Singapore’s next phase of growth will be defined by how we innovate, connect, and collaborate.
a. We will continue to invest in science and technology, strengthen our research talent, and bridge research with enterprise.
b. At the same time, we will keep Singapore a place where entrepreneurs can access capital, global markets, and partnerships to grow.
20. As the world becomes more uncertain and volatile, we must stay agile, grounded and forward-looking, working closely with businesses, researchers and global partners to turn challenges into opportunities.
21. Together, we can build an ecosystem where innovation thrives, businesses scale, and breakthroughs from Singapore make a meaningful impact across the world.
22. I wish everyone a fruitful and inspiring SWITCH 2025 — may it spark the ideas and partnerships that define our shared future. Thank you.
[1] Ranking by Global Innovation Index