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Manufacturing will remain key sector for S'pore despite competition: Trade Minister
By Joanne Chan | Posted: 14 August 2010 2037 hrs
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</TD></TR><TR><TD height=60 vAlign=top> </TD><TD class=update height=80 vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD bgColor=#f6f6f6 width=138>Photos </TD><TD bgColor=#f6f6f6 width=47>2 of 2</TD><TD bgColor=#f6f6f6 width=18><INPUT id=btnPrev disabled onclick=Prev(); value="<< Previous" src="http://www.channelnewsasia.com/images/butt_previous.gif" width=18 height=15 type=image></TD><TD bgColor=#f6f6f6 width=19><INPUT id=bntPlay onclick=Play() value="Play - Stop" src="http://www.channelnewsasia.com/images/butt_stop.gif" width=19 height=15 type=image></TD><TD bgColor=#f6f6f6 width=18><INPUT id=btnNext disabled onclick=Next(); value=" Next >> " src="http://www.channelnewsasia.com/images/butt_next.gif" width=18 height=15 type=image></TD></TR></TBODY></TABLE>
Lim Hng Kiang (C) at a People's Association forum on the economy</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE>
SINGAPORE : Manufacturing will remain an important growth engine for Singapore in years to come, said Trade and Industry Minister Lim Hng Kiang.
And the country has to play on its strengths as it faces external pressures such as cheaper labour costs.
Mr Lim's comments came during a People's Association forum on the economy on Saturday.
Singapore was able to carve a niche for itself in the early years by going against convention and choosing an export-oriented strategy.
But it's getting tougher to "strike out on a different path" as the world is now closely watching one another, said Mr Lim.
So when faced with growing competition, Singapore has to build on strengths that others find difficult to replicate.
"We can compete with China based on trust and quality. For example, I've opened up two very big infant formula factories in Singapore. Nobody would invest in an infant formula factory in China," said Mr Lim.
Mr Lim was part of a four-member panel who engaged 150 youths on the issue of Singapore's economic health in the next 10 years.
The panel also encouraged the young entrepreneurs in the audience to look beyond Singapore for new opportunities, not just in markets such as China and India, but also within the region.
"If you can pick up regional languages - Malay, Vietnamese, Tagolog - I think this is also where you build up your competitive positioning," said the Trade Minister.
The dialogue also touched on helping the low-income in Singapore and nurturing more entrepreneurs. - CNA /ls
Manufacturing will remain key sector for S'pore despite competition: Trade Minister
By Joanne Chan | Posted: 14 August 2010 2037 hrs

<TABLE border=0 cellSpacing=0 cellPadding=0 width=260 align=right><TBODY><TR><TD width=20 align=right> </TD><TD width=240 align=right>


Lim Hng Kiang (C) at a People's Association forum on the economy</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE>
SINGAPORE : Manufacturing will remain an important growth engine for Singapore in years to come, said Trade and Industry Minister Lim Hng Kiang.
And the country has to play on its strengths as it faces external pressures such as cheaper labour costs.
Mr Lim's comments came during a People's Association forum on the economy on Saturday.
Singapore was able to carve a niche for itself in the early years by going against convention and choosing an export-oriented strategy.
But it's getting tougher to "strike out on a different path" as the world is now closely watching one another, said Mr Lim.
So when faced with growing competition, Singapore has to build on strengths that others find difficult to replicate.
"We can compete with China based on trust and quality. For example, I've opened up two very big infant formula factories in Singapore. Nobody would invest in an infant formula factory in China," said Mr Lim.
Mr Lim was part of a four-member panel who engaged 150 youths on the issue of Singapore's economic health in the next 10 years.
The panel also encouraged the young entrepreneurs in the audience to look beyond Singapore for new opportunities, not just in markets such as China and India, but also within the region.
"If you can pick up regional languages - Malay, Vietnamese, Tagolog - I think this is also where you build up your competitive positioning," said the Trade Minister.
The dialogue also touched on helping the low-income in Singapore and nurturing more entrepreneurs. - CNA /ls