By S Ramesh | Posted: 20
November 2010 1133 hrs
SINGAPORE: Singapore's remarkable economic growth
this year, forecast at 13-15 percent, is likely to be a one-off
event, says Trade and Industry Minister Lim Hng Kiang.
A more sustainable GDP growth for the long term is 3 to 5 percent,
said Mr Lim at a graduation ceremony at the Ong Teng Cheong Labour
Leadership Institute on Saturday.
The minister stressed that a 3%-5% growth would still be a
challenge, considering the maturity of the Singapore economy, the
continuous uncertain global economic outlook and intense
competition for investment and jobs.
Hence it is important that Singapore continues to build up its
competitiveness, resilience and capability, added Mr Lim.
In this regard, Mr Lim explained that developing the nation's human
capital and raising productivity levels will be key to maintain
global competitiveness and achieve sustainable economic
growth.
And the government remains committed towards investing heavily in
the continuing education of workers.
Mr Lim said: "Likewise, considerable resources have been set aside
to drive productivity. Equally important is the mindset and
attitude of our workers.
"We must continuously upgrade ourselves and encourage companies to
embrace innovation and continuous productivity improvement. A
highly capable, disciplined and productive workforce, coupled with
competitive companies, will give us an important edge over our
competitors."
Mr Lim added that the labour movement plays a big role in this
effort by championing both workforce upgrading and productivity in
Singapore companies.
Meanwhile, the Ong Teng Cheong Labour Leadership Institute has
plans to play its full role to keep developing leaders in the
NTUC.
Finance Minister and Chairman of its Board of Governors, Tharman
Shanmugaratnam, said the institute will serve as the secretariat
for the new NTUC Leadership Committee comprising key union
leaders.
It will facilitate sharing of best practices in attracting,
retaining and developing union leaders.
The institute also intends to tap on the experiences of some of its
veteran unionists.
To achieve this, it is setting up an Institute Fellowship
Scheme.
Mr Tharman said the fellowship scheme will recognize up to 10
outstanding union leaders identified by the NTUC each year and the
fellows will be involved in sharing their experience, chairing
dialogues, briefing visiting groups, mentoring younger leaders and
promoting tripartism.
They will also be at the forefront of helping the labour movement
secure a healthy pipeline of capable and committed leaders.
Two veteran unionists - Victor Pang and Thomas Thomas - have been
named as the inaugural fellows under the scheme.
- CNA/ir
