It is high time for Singapore to “change gears” toward generating new growth, particularly when economic powerhouses such as the United States, China and European nations are recovering from the COVID-19 pandemic’s effects, said Prime Minister Lee Hsien Loong.
Delivering his English speech at the National Day Rally on Sunday (29 Aug), PM Lee said that sustaining the nation should no longer be about drawing down on its reserves to keep it “on life support”.
Instead, Singapore must strive to preserve its status as a business hub by reopening in a safe way.
Many multinational corporations (MNCs), said PM Lee, set up their regional bases in Singapore. Often, their employees would be required to travel to visit operations in other countries.
Thus, if Singapore’s borders remain closed for too long, MNCs “will find us less useful”, he said.
“Singaporean businesses also will suffer, and our economy will be permanently damaged,” PM Lee added.
Foreign investment is also crucial in propelling the growth of the nation’s economy and securing good jobs for Singaporeans, he said.
Even during the COVID-19 pandemic, the Economic and Development Board has persuaded major firms to establish their regional bases in the Republic.
“Pfizer, which manufactures one of the COVID-19 vaccines, has been in Singapore for long time … BioNTech, its partner in the making of the vaccine, will also be setting up shop here,” said PM Lee.
This will also entail the setting up of a manufacturing facility that will support global supply of mRNA-based vaccines and therapeutics.
Video-conferencing company Zoom has opened in Singapore its first research and development centre in Southeast Asia, PM Lee noted.
“Without Zoom, we wouldn’t be holding today’s National Day Rally,” he said.
Homegrown companies such as gaming chair manufacturer SecretLab and digital marketplace app Carousell have also made their mark on a global level, said PM Lee.
“Enterprise Singapore is supporting more entrepreneurs to follow in their footsteps, go out into the world, seize new opportunities and grow their businesses,” he said.
Ultimately, however, “it is their own resolve and resourcefulness which will secure their success”, said PM Lee.
With the global economy picking up, the Ministry of Trade and Industry is more confident that Singapore will also do well.
The Republic’s growth forecast has been raised to 6 per cent to 7 per cent. It was previously 4 per cent to 6 per cent.
PM Lee noted that while the number of COVID-19 cases have increased in the past week, the number of severe cases as a result of the virus has remained stable.
“It is important to maintain this, so that we can continue to ease up, especially to reconnect Singapore with the rest of the world,” he said.
