Singapore prime minister: 'we won't lose to China, India'
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Singapore prime minister: 'we won't lose to China, India'
By Kim Deok-hyun
BUSAN, Nov. 17 (Yonhap) -- Singapore's Prime Minister Lee Hsien Loong on Thursday brushed off concerns that his city state's economy may be dwarfed by the growing economic power of China and India.
Along with services, the manufacturing sector has been one of the two main engines propelling Singapore's growth so far. But many economists say the Singaporean economy's reliance on manufacturing may leave it vulnerable to competition particularly from China and India, which are poised as the world's manufacturing hubs armed with cheaper labor.
"We won't lose to China and India," Lee told his audience after making a keynote speech at a business gathering on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum here.
"Though China is huge and there is enormous competition, it is now our biggest trading partner," Lee said.
India's economy is also growing but the Singaporean economy is actually benefiting from India's growth, he said.
To avoid direct competition with China and India in manufacturing, Singapore is moving to bolster its finance and other service sectors with the aim of creating a knowledge-based economy, Lee said.
To achieve the goal, Singapore plans to invest 3 percent of its gross domestic product into research and development, he said.
"As these two economies grow, we can also grow," said Lee who took over from Goh Chok Tong who stepped down in August 2004.
Lee is the son of Singapore's founding father Lee Kuan Yew, who has still kept an influential role in the city-state's cabinet.
Singapore's economy registered high growth in 2004 on the back of a recovery from SARS-afflicted 2003, according to the APEC's 2005 Economic Outlook released here.
However, as it rebounded from a low base, there had already been early indications towards the end of 2004 of an expected moderation in 2005, the report said.
The Singaporean economy is expected to grow between 3.5 percent and 4.5 percent in 2005, it said.
However, there are a number of factors that will influence the extent of moderation in 2005, the report said.
Concerns over external demand from key trading partners, the pace of recovery of the global electronics cycle, and higher oil prices are expected to have a negative impact on the Singaporean economy, it pointed out.
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http://english.yna.co.kr/Engnews/20051117/440100000020051117174650E3.html -
ha ha ha
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You disagree with Comrade Lee?Originally posted by Cindyfeh:ha ha ha -
another election ai lai liao good news report..
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PAP has done a great job with the economy.
cheers -
Comrade?Originally posted by meleagent:You disagree with Comrade Lee?
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cheers what? What to cheers about? So good to cheers meh.....?Originally posted by Salman:PAP has done a great job with the economy.
cheers
LHL pay you millions of dollars to cheers meh..?
Why not change the word cheers to chio.......
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Did Chee Sonn Juan pay you millions to chio?
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who wont lose?
only the top 20% of this country!!! -
Do not think Chee Soon Juan has that much cash. But i'm sure your PAPpy masters has dough to spareOriginally posted by Salman:Did Chee Sonn Juan pay you millions to chio? -
Chee has lots of money to travel all over the world & hire counsels don't he?
He must have duped you. -
if he has, you think MIW wont know?
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it may be true that Mr Chee gets to travel all over the world but ones things for sure, he didn't get his dough from public office. I can't say that for lee con yuew though. Holidaying in Dubai now huh? Must have forgotten to bring his running dog
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So where did Chee get his money from?
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Dear mr salman,Originally posted by Salman:So where did Chee get his money from?
We thank you for your feedback on your comments.
We will take a look at your opinions when we are free.
Thank you once again
Best regards,
Cindyfeh
Assistant to the Director of Communication
Reply Template 1234 -
Cindy,
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To avoid direct competition with China and India in manufacturing, Singapore is moving to bolster its finance and other service sectors with the aim of creating a knowledge-based economy, Lee said.
I do agree with that approach...I think that is the logical thing do but the question is whether can do it? We will be competing with London and Hong Kong for financial services and with South Korea in R&D. Is our population skilled enough and yet cheap enough to compete with Londoners and the Koreans. Each batch of students at Oxford and Cambridge is being actively recruited by top financial companies...do we have people of similar calibre? I presume our solution is to recruit foreign talent....and that will not help the jobless NUS Arts graduate.
To achieve the goal, Singapore plans to invest 3 percent of its gross domestic product into research and development, he said.
And again all that will not solve our immediate problem with the many uncles and aunties with O levels and below, in their late 40s and early 50s, having been retrenched from production lines. What do we do with them? Can we persuade them to work in Batam or in China as supervisors in production lines, where their old jobs have been re-located? PM Lee's statement is an admission that with their current skills, we cannot do much for them in Singapore...
The government's plans might work for Singapore, but I still do not see how they will work for the majority of Singaporeans... -
i guess we have to keep upgrading... or Singapore will be left behind. and Yes.. the jobless arts students are a problemOriginally posted by oxford mushroom:I do agree with that approach...I think that is the logical thing do but the question is whether can do it? We will be competing with London and Hong Kong for financial services and with South Korea in R&D. Is our population skilled enough and yet cheap enough to compete with Londoners and the Koreans. Each batch of students at Oxford and Cambridge is being actively recruited by top financial companies...do we have people of similar calibre? I presume our solution is to recruit foreign talent....and that will not help the jobless NUS Arts graduate.
this is the most salient issue. the older population... it's gonna be real tricky to see how they solve thisOriginally posted by oxford mushroom:And again all that will not solve our immediate problem with the many uncles and aunties with O levels and below, in their late 40s and early 50s, having been retrenched from production lines. What do we do with them? Can we persuade them to work in Batam or in China as supervisors in production lines, where their old jobs have been re-located? PM Lee's statement is an admission that with their current skills, we cannot do much for them in Singapore...
The government's plans might work for Singapore, but I still do not see how they will work for the majority of Singaporeans... -
The senior citizens are too late to learn to be part of the KBE.
They can still work in the service sector if they don't mind.
The long term solution for Singaporeans is to have a mindset change so that we can adapt to the KBE.
The KBE model that the govt wants to adopt is that of New York and London. These are high cost cities with no manufacturing. -
The jobless Arts graduate are jobless because this nation has a little academic /geopolitical research and analysis sector, not to mention a critical mass od media and journalism firms.And many are not willing to break and move abroad to work.Originally posted by oxford mushroom:I do agree with that approach...I think that is the logical thing do but the question is whether can do it? We will be competing with London and Hong Kong for financial services and with South Korea in R&D. Is our population skilled enough and yet cheap enough to compete with Londoners and the Koreans. Each batch of students at Oxford and Cambridge is being actively recruited by top financial companies...do we have people of similar calibre? I presume our solution is to recruit foreign talent....and that will not help the jobless NUS Arts graduate.
And again all that will not solve our immediate problem with the many uncles and aunties with O levels and below, in their late 40s and early 50s, having been retrenched from production lines. What do we do with them? Can we persuade them to work in Batam or in China as supervisors in production lines, where their old jobs have been re-located? PM Lee's statement is an admission that with their current skills, we cannot do much for them in Singapore...
The government's plans might work for Singapore, but I still do not see how they will work for the majority of Singaporeans... -
We do not have a high standard journalistic culture.Originally posted by LazerLordz:The jobless Arts graduate are jobless because this nation has a little academic /geopolitical research and analysis sector, not to mention a critical mass od media and journalism firms.And many are not willing to break and move abroad to work.
We need to import foreign talent to kick start a push towards higher standards. -
Originally posted by Lazylordz:i'm a loser
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First sentence, you know who to blame.Go ahead.Originally posted by Salman:We do not have a high standard journalistic culture.
We need to import foreign talent to kick start a push towards higher standards. -
Yes indeed, its largely the govt. Its also the culture to be less bold in writing even for non political writings.
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i'm just wondering. what do u all want the government to say?
that S'pore is doom? we have no hope against China? our economy is gonna crash? I don't think so right?
even if we are not as competitive, we can't just outrightly say it. imagine the panic it will cause. So we'll just have to grit our teeth and keep on trying