SINGAPORE: As Singapore celebrates its 50th birthday, the
journey ahead looks set to get harder, making the economic
transition that the Government has embarked on critical for the
Republic, said Manpower Minister Lim Swee Say on Tuesday (Aug
4).
Speaking at his ministry’s National Day Observance Ceremony held
at the Lifelong Learning Institute, Mr Lim reiterated that
Singapore - as an economy with a small and limited domestic market
- will be affected more than other nations, with greater volatility
and growing uncertainty in the global economy.
“As we progress up the global economic ladder, we will have to
compete more and more with countries and cities that are bigger,
stronger and hungrier than us for good investments and good jobs,”
he said. “That is why the economic transition we are going through
is so important.”
To stay ahead of the curve, the Republic has to step up its
productivity so as to reduce reliance on manpower, with a stronger
Singaporean core and better quality of foreign manpower, added Mr
Lim.
While acknowledging that the Republic is in a better position
than most other countries, Mr Lim cautioned: “The more we have
today, the more we stand to lose tomorrow if we are not good enough
and fast enough.”
Pointing out that the role of tripartism is an important one as
Singapore readies itself for the future, he called upon partners at
the national and sectoral levels to work in tandem to ensure that
Singapore tripartisim will remain the nation’s biggest asset.
-TODAY/xk
