S'pore avows to become 'first-world' economy
S'pore avows to become 'first-world' economy
SINGAPORE (AFP): Prime Minister Goh Chok Tong said Sunday the
government wanted to transform Singapore into a "first-world
economy" and a "world-class home" to remain competitive in the
next millennium.
Speaking to government and community leaders at a parade to
mark Singapore's 34th year of independence, he said local
companies would be nurtured to world-class level via strategic
alliances with key players.
The transition would be made through a first-rate education
system, higher degrees of innovation and entrepreneurship, and
attracting more multi-national companies.
"Our new mission is to build a first-world economy and a
world-class home," Goh told the Singapore leaders in a speech
lasting more than two hours.
Singapore marked its independence from Malaysia on August 9.
"To be a first-world economy, Singapore companies must have
products which can sell in the world market. We have to compete
against the best in the world," he said.
"We have to nurture our own talent. We have also to bring in
world-class companies and the best people from outside. Only then
will we have the capabilities to transform Singapore into a
world-class city."
Goh said he also wanted to turn Singapore into a better place
to live so that top local talents would remain and leading
foreign talent would be attracted to the island state.
"Singapore should be a fun place to live. People laugh at us
for promoting fun so seriously. But having fun is important," he
said.
"If Singapore is a dull, boring place, not only will talent
not want to come here, but even Singaporeans will begin to feel
restless," he said.
Goh said it was no longer good enough for Singapore, whose
economy was leading crisis-hit Asia into recovery, to be the best
in the region.
"We have to look beyond the region, and strive to become one
of the best economies in the world. Our neighbors are breathing
down our necks in many areas we are good at," he said.
"They want to surpass or bypass us," he said, citing Malaysia
and Hong Kong as examples.
Malaysia is building another port at its southern Johore state
bordering Singapore, while Kuala Lumpur and Hong Kong have
similar ambitions as Singapore to be the information technology
hub for the region.
Reviewing the performance of the Singapore economy, Goh said
that although it was recovering from the Asian financial crisis,
cost reduction measures would continue.
He said the government would decide later this year whether
key employer contributions to a state workers' pension fund
should be restored in 2000.
The employer contributions to the Central Provident Fund (CPF)
were cut on January 1S# ?99, from 20 percent to 10 percent of
workers' salaries to help employers cope with the Asian crisis
which erupted in mid-1997.
The CPF cut as well as general wage cuts of five to eight
percent were part of moves to slash business costs by S$10.5
billion (US$6.3 billion) a year.