Outlined five strategies in his speech yesterday to give an idea of the issues that an Economic Strategies Committee will study.
1 SEIZING GROWTH OPPORTUNITIES
Singapore could make its mark by pursuing more niche business opportunities, such as making aerospace components, in developed nations,
'It's very high technology, precision, needs absolute reliability, quality assurance and cost is less of a consideration,' said Mr Lee, adding that aerospace companies would find Singapore a good place to establish themselves in Asia.
Who invest? Where are the Market?
The emerging economies, which are still expanding, are another bright spot in the global crisis. Singapore has a number of projects in the Gulf, which is still investing in infrastructure. Given its growing track record, it can aim for more. It could also exploit its strengths in urban planning and development, which are in demand in fast-growing Asian cities. He cited two latest projects in China: the Singapore-Nanjing Eco High-Tech Island and the Suzhou-Nantong High Tech Park.
It is not Singapore and not benefit poor Singaporean.
Closer to home, it could maximise 'win-win cooperation' with its neighbours. The Iskandar Malaysia economic corridor project in Johor is an example.
Malaysia never enjoy Singaporean working there.
2 STRENGTHENING CORPORATE CAPABILITIES
Having wooed top global firms such as Shell and Motorola here, Singapore is eyeing the next tier - those 'after the Fortune 500' companies.
They may be smaller than the international corporate giants, but are large by Singapore standards. These companies want to expand in Asia, but are unfamiliar with the region.:( Who are they?
Mr Lee said Singapore has been courting Germany's small and medium-sized enterprises sector for many years, with some success. Also here are European firms like Berg Propulsion, a Swedish manufacturer of marine propellers and thrusters. Asian multinational companies are another target, he said, citing Focus Media, China's leading provider of advertising platforms, whose global headquarters is based here. :oIo: Hopefully Poor Singaporean benefit from that.
The Government will also study how to help Singapore firms go global, a concern raised by many MPs. But Mr Lee said there is no simple answer.
'I don't believe this can be done simply by the Government pouring money in, or, one of the favourite quick proposals, setting up Temasek II,' he said, referring to calls for a set-up like Singapore investment company Temasek Holdings. The critical factor is not the availability of money, but an entire 'enterprise ecosystem' that can attract talent and develop entrepreneurship.
3 GROWING HUMAN AND KNOWLEDGE CAPITAL
Singapore must develop the capabilities of its people, said Mr Lee. 'Our future lies in being a leading global city for talent and our own talent as well as top talent from around the world.' But Singapore has to be a first-class location for talent to want to come and take root here. It means encouraging Singaporeans to welcome and help them integrate into society.
'We have to say, ? Foreigners, come'. Singaporeans first, but we are going to make this place prosper with all the help we can get, and then we will have a bright future,' Mr Lee explained.
Employed one Singaporean equal to 3 to 8 Foreigners. Singaporean in the lose side
Also on the cards: a review of the five-year-old billion-dollar research and development programme, which is making progress and yielding results.
4 CREATING HIGH-VALUE JOBS FOR SINGAPOREANS
Growth must translate to good jobs and higher wages for Singaporeans across the board, he said.
The strategy is to attract industries that will need skilled workers and pay them well. Companies must also upgrade workers, and Singaporeans must acquire skills that are in demand through education and by upgrading.
A fourth university by 2011 and the proposed Singapore Institute of Applied Technology will give this step a boost.
5 MAXIMISING RESOURCES
Singapore's land constraints call for creative solutions: Going underground is expensive 'but some of it can make economic sense', he said. Another way is to build upwards. Height limits for buildings due to air traffic could be eased with better air navigation and air traffic control.
Singapore has to find ways to reduce dependence on its one million foreign workers and grow its economy without indefinitely increasing their numbers.
A third limit is energy, which will become more expensive. Singapore must study how it can encourage energy conservation,
diversify energy sources and reduce dependency on piped natural gas from nearby sources.
It must be prepared to play its part too in any global deal on climate change.
GOH CHIN LIAN
1 SEIZING GROWTH OPPORTUNITIES
Singapore could make its mark by pursuing more niche business opportunities, such as making aerospace components, in developed nations,
'It's very high technology, precision, needs absolute reliability, quality assurance and cost is less of a consideration,' said Mr Lee, adding that aerospace companies would find Singapore a good place to establish themselves in Asia.
Who invest? Where are the Market?The emerging economies, which are still expanding, are another bright spot in the global crisis. Singapore has a number of projects in the Gulf, which is still investing in infrastructure. Given its growing track record, it can aim for more. It could also exploit its strengths in urban planning and development, which are in demand in fast-growing Asian cities. He cited two latest projects in China: the Singapore-Nanjing Eco High-Tech Island and the Suzhou-Nantong High Tech Park.
It is not Singapore and not benefit poor Singaporean.Closer to home, it could maximise 'win-win cooperation' with its neighbours. The Iskandar Malaysia economic corridor project in Johor is an example.
Malaysia never enjoy Singaporean working there. 2 STRENGTHENING CORPORATE CAPABILITIES
Having wooed top global firms such as Shell and Motorola here, Singapore is eyeing the next tier - those 'after the Fortune 500' companies.
They may be smaller than the international corporate giants, but are large by Singapore standards. These companies want to expand in Asia, but are unfamiliar with the region.:( Who are they?
Mr Lee said Singapore has been courting Germany's small and medium-sized enterprises sector for many years, with some success. Also here are European firms like Berg Propulsion, a Swedish manufacturer of marine propellers and thrusters. Asian multinational companies are another target, he said, citing Focus Media, China's leading provider of advertising platforms, whose global headquarters is based here. :oIo: Hopefully Poor Singaporean benefit from that.
The Government will also study how to help Singapore firms go global, a concern raised by many MPs. But Mr Lee said there is no simple answer.
'I don't believe this can be done simply by the Government pouring money in, or, one of the favourite quick proposals, setting up Temasek II,' he said, referring to calls for a set-up like Singapore investment company Temasek Holdings. The critical factor is not the availability of money, but an entire 'enterprise ecosystem' that can attract talent and develop entrepreneurship.
3 GROWING HUMAN AND KNOWLEDGE CAPITAL
Singapore must develop the capabilities of its people, said Mr Lee. 'Our future lies in being a leading global city for talent and our own talent as well as top talent from around the world.' But Singapore has to be a first-class location for talent to want to come and take root here. It means encouraging Singaporeans to welcome and help them integrate into society.
'We have to say, ? Foreigners, come'. Singaporeans first, but we are going to make this place prosper with all the help we can get, and then we will have a bright future,' Mr Lee explained.
Employed one Singaporean equal to 3 to 8 Foreigners. Singaporean in the lose sideAlso on the cards: a review of the five-year-old billion-dollar research and development programme, which is making progress and yielding results.
4 CREATING HIGH-VALUE JOBS FOR SINGAPOREANS
Growth must translate to good jobs and higher wages for Singaporeans across the board, he said.
The strategy is to attract industries that will need skilled workers and pay them well. Companies must also upgrade workers, and Singaporeans must acquire skills that are in demand through education and by upgrading.
A fourth university by 2011 and the proposed Singapore Institute of Applied Technology will give this step a boost.
5 MAXIMISING RESOURCES
Singapore's land constraints call for creative solutions: Going underground is expensive 'but some of it can make economic sense', he said. Another way is to build upwards. Height limits for buildings due to air traffic could be eased with better air navigation and air traffic control.
Singapore has to find ways to reduce dependence on its one million foreign workers and grow its economy without indefinitely increasing their numbers.
A third limit is energy, which will become more expensive. Singapore must study how it can encourage energy conservation,
diversify energy sources and reduce dependency on piped natural gas from nearby sources.
It must be prepared to play its part too in any global deal on climate change.
GOH CHIN LIAN
