- Joined
- Oct 30, 2014
- Messages
- 36,768
- Points
- 113
SINGAPORE — Even though Singapore is “under stress” now, it cannot afford to turn inwards and must show confidence that Singapore can hold its own in the world, Prime Minister Lee Hsien Loong said on Wednesday (Sept 2).
This is especially important at a time when some companies have expressed interest in investing in Singapore during this time of the pandemic-triggered economic shock.
Offering a sneak peek, Mr Lee told Parliament that a pharmaceutical firm is planning to build a facility to manufacture vaccines here.
Another company specialising in pandemic risk insurance wants to set up operations in Singapore. Major financial institutions want to expand their operations as well.
Several Fortune 500 companies are also considering moving their regional headquarters to Singapore because of political uncertainties elsewhere, Mr Lee said on the third day of the debate on the President’s Address.
Read also: Govt not ideologically against any proposal to fortify social safety nets but it mustn’t create new problems: PM Lee
However, he warned that these investments could be scuppered if Singapore gave the impression that it no longer welcomes foreigners.
Despite the depressed economic climate, investors are turning to Singapore for a “safe harbour”.
This is because other countries are undergoing stress and political instability, and investors with regional projects are looking to relocate.
Read also: Govt will be ‘open-minded and listen to different voices’ with greater opposition presence in Parliament: PM Lee
“Investors starting new projects are also anxiously scanning the globe, searching for the right place where they can safely make a commitment now,” Mr Lee said.
“Companies are seeking a safe harbour, where the politics is stable, there is rule of law, the people are hardworking and united, and where the country will come through the pandemic safely and have a bright future.”
In this regard, Singapore remains one of the few “trusted countries”, with companies such as South Korean carmaker Hyundai Motor announcing plans to set up facilities here for research and development and to develop technologies, including electric cars.
Read also: PM Lee says Govt must learn from errors of Covid-19 response but right decisions not always possible ‘in fog of war’
Mr Lee said that the projects that could flow into Singapore would create good new jobs for Singaporeans.
“But for them to come here, they must feel welcome and be allowed to bring in the talent they need,” he added.
At present, he noted that Singapore does not have the full complement of specialist engineers and other expertise for these types of work yet.
Read also: Salary criteria for Employment Passes and S Passes will be raised: MOM
Regional and global headquarters of companies naturally run international teams. Even as they employ Singaporeans, they cannot be staffed by Singaporeans alone, he said.
“Once these companies establish themselves here, more Singaporeans will be able to take advantage of the opportunities they create, pick up the skills and knowledge and rise up the ranks.”
STAYING OPEN TO FOREIGNERS, PROTECTING JOBS
Read also: Concerns about competition for jobs from foreigners dominate first day of parliamentary debate on President’s Address
Ultimately, Mr Lee said that even as Singapore adjusts its work pass policies to limit the influx of foreigners, Singaporeans must be careful not to give the impression that it no longer welcomes foreigners.
“Such a reputation would do us great harm. And we have to watch this, because we are being watched,” Mr Lee said, referring to a recent report in the Financial Times newspaper that said Singapore’s mood was turning inwards.
Mr Lee acknowledged that some companies could have an over-concentration of employees of the same foreign nationality that, if unchecked, could cause resentment among Singaporeans.
The Government, for its part, works with firms to relook their hiring practices and ensure a diverse workforce.
However, this issue can easily be played up, Mr Lee said. He cited the example of a viral photo of DBS bank’s chief executive officer Piyush Gupta posing with Indian employees at an India-based office.
The caption asked viewers to look for Singaporean and Chinese employees in the photo and misled Singaporeans into thinking that the office was based in Singapore.
“The person who put up the post surely knew this, yet he irresponsibly misuses the wefie to insinuate that DBS in Singapore was not being fair to Singaporeans.”
Mr Lee gave the assurance that the Government would always be on the side of Singaporeans and creates jobs for foreigners only if it benefits Singaporeans.
“Ultimately, our aim is to grow the economy, create good jobs for Singaporeans and raise our standards of living. Foreign workers and work pass holders help us to achieve this,” he said.
Urging the public to remain welcoming to foreigners, Mr Lee reminded Singaporeans that it was the country's “history and ethos” as an open port and immigration nation to be open to the world.
“We will adjust our policies to safeguard Singaporean jobs, but let us show confidence that Singaporeans can hold our own in the world.”
Read more at https://www.todayonline.com/singapo...gapore-cannot-afford-turn-inwards-says-pm-lee
