S’pore will remain open to global investment, talent: PM Lee
Singapore's fundamental economic policy of welcoming global talent and investment will remain the same despite the landmark General Election in May, said Prime Minister Lee Hsien Loong.
Speaking to over 900 corporate bigwigs at the Economic Development Board's (EDB) 50th anniversary dinner on Monday, PM Lee pointed out that despite the changes in society and local politics, Singapore needs "to remain connected to the world to survive."
He added that therefore Singapore will continue to be "an international hub open to global investments and talent" and that "we will maintain sound economic policies that promote growth and improve people's lives".
His statements come amidst questions by investors on whether the government will be changing direction after the May 7 election in which the ruling People's Action Party (PAP) won only 60.1 percent of the votes, its lowest share since independence.
The Workers' Party also captured a Group Representation Constituency (GRC), the first time an opposition party had done so.
In his speech, PM Lee said that the government will maintain sound economic policies which promote growth and improve lives, and, for its part, ensure a "long-term and rational perspective".
While he thinks potential investors will be "assured" to hear this, the Prime Minister cautioned that words alone are not sufficient and that investors will be keeping a close eye on "what we actually do".
"If over time they find that we have become not as welcoming as before, or our business environment becomes less favourable... then of course there will be consequences for Singapore," he said.
As a result, they will either shift or expand their business operations elsewhere, he said, stressing that, to avoid this outcome, the country must continue to show that it understands what is at stake.
PM Lee said the key to achieving this was Singaporeans' support for consistent and rational policies which create jobs and prosperity.
He added that this support, together with the ability of the government agencies to work towards the same goal, was what made the EDB and Singapore so successful in the last 50 years.
Decisive political leadership as well as Singaporeans' constant upgrading of their skills and education contributed to the virtuous circle, he said.
"Other countries have formed their own EDBs," he said, "but it's not so easy to replicate the entire Singapore eco-system behind EDB."
