Technology will continue to support the growth of Singapore’s economy and create job opportunities despite the ongoing massive tech job cuts around the world, reports The Straits Times citing Minister for Communications and Information Josephine Teo. Singapore will also continue to invest in Singaporeans by reskilling and upskilling them for career opportunities in tech, Teo said, citing opportunities in the development of the green economy. Other sectors ramping up their hiring of tech talent include banking, logistics and accommodation.

Teo was also allaying fears that tech opportunities may be dwindling following recent announcements that Microsoft and Amazon had started cutting a total of 28,000 jobs across the globe, citing slowing sales and a possible recession. Google’s parent company Alphabet, Facebook owner Meta and Twitter have also announced layoffs, which may impact their Singapore presence.