<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>ECONOMY
</TR><!-- headline one : start --><TR>[COLOR=_______]Wanted: Fresh rethink and creative answers[/COLOR]
</TR><!-- headline one : end --><TR>They 'hold key to new strategies to ensure competitiveness' </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia, Senior Political Correspondent
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President Nathan opening the second session of the 11th Parliament yesterday. In his Address, the President mapped out the Government's priorities for overcoming the economic crisis and emerging stronger in a different world. 'If all of us in the public and private sectors put our minds together, I am confident we will develop new ideas to help Singapore transform, advance and prosper in its next phase,' said Mr Nathan. -- PHOTO: LIANHE ZAOBAO
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE'S problems will not disappear once the economy recovers and starts growing, President S R Nathan noted last night as he spoke of the need for new strategies to help take the country forward.
'Once we start growing again, we will face increasing constraints of our limited land and labour,' he said.
Singapore must make what he described as well-judged trade-offs 'to optimise our potential'.
'We must also consider new factors, such as reducing energy consumption and carbon dioxide emissions to achieve sustainable development and stay ahead as an Asian city with a high quality of life.'
He made these remarks in his opening Address of the second session of Parliament, when he mapped out the Government's priorities for overcoming the economic crisis and emerging stronger in a 'different world'.
His speech came four weeks after Parliament was prorogued for the Government to take stock of the economic situation, which has changed drastically since its first session in November 2006.
The economy, however, is on the right track, said the President. Still, Singapore needs to adopt new strategies and refine policies to ensure it remains competitive in a new and uncertain world.
He identified specifically these areas: review specific strategies to grow different sectors; develop new markets to invest in; and build new capabilities in emerging sectors.
All these, he said, required 'fresh rethinking, and creative answers'.
Mr Nathan also assured Singaporeans that the country is 'better equipped and prepared than most countries' to tackle the financial fallout.
'Sustaining economic growth will always be a high priority,' he said, listing the approach for promoting growth.
It includes fostering a pro-business environment, relying on free markets, trade and entrepreneurs to create wealth for individuals and the country.
'This is how Singapore has consistently developed year after year and, over time, totally transformed our economy and our people's lives,' he said.
It has made headway, for example, in research and development (R&D), by not only doing 'high-quality scientific work' but also by attracting investments in such sectors as pharmaceuticals, solar energy and new media.
'Many of these investments are world-class projects where a single plant in Singapore produces a large share of world output,' he noted.
As a reflection of the impact of globalisation, he added that Singapore companies are also taking advantage of markets abroad.
While the basic growth approach remains 'sound', he said there is a need to refine economic strategies to keep pace with the economic environment. 'We will have to develop new markets, adapt to changing trends and master new capabilities in manufacturing, services and other emerging industries.'
In outlining ways to enhance the country's economic competitiveness, he also gave Singaporeans a list of questions to consider:
'How can we capitalise on new markets and emerging industries for growth and diversification? How can we build and anchor value in Singapore for the long term?
How can we deploy resources to maximum effect? And how can we create good, high-value jobs for Singaporeans?'
He did not provide the answers, but government ministries will release their plans over this week. MPs will also debate the President's Address when Parliament sits next week, from Monday.
'If all of us in the public and private sectors put our minds together, I am confident we will develop new ideas to help Singapore transform, advance and prosper in its next phase,' he said.
Last night, some MPs and analysts gave their views on the address.
Holland-Bukit Timah GRC MP Liang Eng Hwa, deputy chairman of the Government Parliamentary Committee for Finance and Trade & Industry, said one area that can be improved is what he called 'corporate rootedness', to anchor companies here.
Noting that Singapore has to select the right multinational companies (MNCs) to set up their bases here, he said: 'We don't want MNCs who come, and then when things are down, they decide to shift out. Of course the best way to have corporate rootedness is by developing our own local corporations. Chances are, they will stay even in bad times... and hold the economy together.'
Standard Chartered Bank economist Alvin Liew said: 'Diversifying in too many areas may be a stretch to the economy.' He suggested reviewing Singapore's continued reliance on the beleaguered manufacturing sector and focusing more on the growing service sector - for example tourism. [email protected]
</TR><!-- headline one : start --><TR>[COLOR=_______]Wanted: Fresh rethink and creative answers[/COLOR]
</TR><!-- headline one : end --><TR>They 'hold key to new strategies to ensure competitiveness' </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia, Senior Political Correspondent
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
President Nathan opening the second session of the 11th Parliament yesterday. In his Address, the President mapped out the Government's priorities for overcoming the economic crisis and emerging stronger in a different world. 'If all of us in the public and private sectors put our minds together, I am confident we will develop new ideas to help Singapore transform, advance and prosper in its next phase,' said Mr Nathan. -- PHOTO: LIANHE ZAOBAO
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE'S problems will not disappear once the economy recovers and starts growing, President S R Nathan noted last night as he spoke of the need for new strategies to help take the country forward.
'Once we start growing again, we will face increasing constraints of our limited land and labour,' he said.
Singapore must make what he described as well-judged trade-offs 'to optimise our potential'.
'We must also consider new factors, such as reducing energy consumption and carbon dioxide emissions to achieve sustainable development and stay ahead as an Asian city with a high quality of life.'
He made these remarks in his opening Address of the second session of Parliament, when he mapped out the Government's priorities for overcoming the economic crisis and emerging stronger in a 'different world'.
His speech came four weeks after Parliament was prorogued for the Government to take stock of the economic situation, which has changed drastically since its first session in November 2006.
The economy, however, is on the right track, said the President. Still, Singapore needs to adopt new strategies and refine policies to ensure it remains competitive in a new and uncertain world.
He identified specifically these areas: review specific strategies to grow different sectors; develop new markets to invest in; and build new capabilities in emerging sectors.
All these, he said, required 'fresh rethinking, and creative answers'.
Mr Nathan also assured Singaporeans that the country is 'better equipped and prepared than most countries' to tackle the financial fallout.
'Sustaining economic growth will always be a high priority,' he said, listing the approach for promoting growth.
It includes fostering a pro-business environment, relying on free markets, trade and entrepreneurs to create wealth for individuals and the country.
'This is how Singapore has consistently developed year after year and, over time, totally transformed our economy and our people's lives,' he said.
It has made headway, for example, in research and development (R&D), by not only doing 'high-quality scientific work' but also by attracting investments in such sectors as pharmaceuticals, solar energy and new media.
'Many of these investments are world-class projects where a single plant in Singapore produces a large share of world output,' he noted.
As a reflection of the impact of globalisation, he added that Singapore companies are also taking advantage of markets abroad.
While the basic growth approach remains 'sound', he said there is a need to refine economic strategies to keep pace with the economic environment. 'We will have to develop new markets, adapt to changing trends and master new capabilities in manufacturing, services and other emerging industries.'
In outlining ways to enhance the country's economic competitiveness, he also gave Singaporeans a list of questions to consider:
'How can we capitalise on new markets and emerging industries for growth and diversification? How can we build and anchor value in Singapore for the long term?
How can we deploy resources to maximum effect? And how can we create good, high-value jobs for Singaporeans?'
He did not provide the answers, but government ministries will release their plans over this week. MPs will also debate the President's Address when Parliament sits next week, from Monday.
'If all of us in the public and private sectors put our minds together, I am confident we will develop new ideas to help Singapore transform, advance and prosper in its next phase,' he said.
Last night, some MPs and analysts gave their views on the address.
Holland-Bukit Timah GRC MP Liang Eng Hwa, deputy chairman of the Government Parliamentary Committee for Finance and Trade & Industry, said one area that can be improved is what he called 'corporate rootedness', to anchor companies here.
Noting that Singapore has to select the right multinational companies (MNCs) to set up their bases here, he said: 'We don't want MNCs who come, and then when things are down, they decide to shift out. Of course the best way to have corporate rootedness is by developing our own local corporations. Chances are, they will stay even in bad times... and hold the economy together.'
Standard Chartered Bank economist Alvin Liew said: 'Diversifying in too many areas may be a stretch to the economy.' He suggested reviewing Singapore's continued reliance on the beleaguered manufacturing sector and focusing more on the growing service sector - for example tourism. [email protected]
