By Wong Siew Ying | Posted:
27 January 2012 1814 hrs
DAVOS, Switzerland: Singapore Prime Minister Lee
Hsien Loong has said that the Singapore Budget, which will be
announced in three weeks' time, will emphasise on sustaining the
country's long-term competitiveness.
Speaking to reporters at the end of a 24-hour working trip in
Davos, Switzerland, Mr Lee said the Budget will be about how
Singapore responds to and deals with the transition from rapid
growth in the past, to slower expansion now.
Slowing growth and rising business costs are among the major
challenges companies face this year.
But it appears unlikely the upcoming Budget will provide any quick
fixes.
Mr Lee said: "(The emphasis) should be (on) sustaining our
long-term competitiveness, how to build on that, how to make sure
that we can make this navigate this change of course, from quite
rapid expansion in the last 10 years, to a much slower expansion,
but much more qualitative transformation in terms of skills we
have, in terms of the capabilities we build up, in terms of
productivity which we are going to have to deliver and improve
productivity year by year, and therefore, to be able to improve
incomes of Singaporeans."
PM Lee was in Davos at the invitation of Mexico's President, Felipe
Calderon, to attend a G20 dinner meeting, where he presented his
observations about the debt problems in Europe and how Asia could
contribute to a global solution.
In Davos, there is a lot of talk among European leaders about a
crisis in confidence. But Mr Lee said the issue for Singapore is
really about how the country can remain nimble and responsive to
changing external environment, in order to keep jobs and make sure
companies are viable.
He said: "As the economy goes down, we make adjustments, as the
economy picks up, we withdraw the stimuli. Part of the confidence
comes from the long-term consistency which we have, that you are
able to offer investors a competitive environment and investors
know if something happens and they need help, which is legitimate,
we will be there to help them."
During his visit, Mr Lee also met business leaders from German
electronics firm Siemens and Japan's Takeda Pharmaceutical, both of
which have operations in Singapore.
Mr Lee said Yasuchika Hasegawa, CEO of Takeda Pharmaceutical, has
heaped praises on Singapore as one of the best places to do
business for drug firms.
Mr Lee added that this vote of confidence is powerful.
- CNA
