It will continue to welcome foreign talent and investments
WASHINGTON - Prime Minister Lee Hsien Loong has assured America's captains of industry that Singapore remains pro-business and continues to welcome foreign talent and investments to its shores.
Singapore is unwavering in its goal to grow a dynamic economy, he said, and will promise efficiency, predictability and high standards.
Growth, however, will slow as the country goes for qualitative change in restructuring its maturing economy, he added.
But he told the business leaders: "I want to assure everyone here that Singapore remains open for business.
"We are focused on growing a vibrant economy, to generate opportunities for Singaporeans and to create opportunities for companies to come to Singapore, to prosper in Singapore.
"We continue to welcome talent and investments, while being mindful of our physical and social constraints."
Mr Lee's assurance comes amid concern by foreign investors that Singapore is closing its doors as it continues to tighten the inflow of foreign workers, and Singaporeans' heightened resentment of foreigners, whom they blame for rising property prices and overcrowded public transport.
About 300 top corporate leaders were at the dinner on Tuesday hosted by the US Chamber of Commerce and the US-Asean Business Council.
They represent a wide swathe of industries, ranging from manufacturers like Procter and Gamble to energy giant ExxonMobil, both of whom have significant investments in Singapore.
In his speech, PM Lee, whose four-day visit to the United States ends today, also dwelt on free trade and developments in Asia, especially China.
He called on the US to push harder and more vigorously to increase trade with Asean, even while seeking to create an Asia- Pacific free trade area via the Trans-Pacific Partnership of 11 countries that includes Singapore and Japan.
Besides Asean's market of 600 million people, he noted that China is a top trading partner in almost all countries in South-east Asia.
"In Asia, trade is strategy. A more active trade agenda will benefit the US economically and strategically," Mr Lee said.
Finding new markets and keeping markets open are critical to America's long-term growth and employment, he added.
"The important thing is to have trade on the front burner, make it part of your toolbox, of skills, of tools, of instruments, which can bring about influence and prosperity in the world, and keep the US one of the leading economies in the world," he said.
On Asia, Mr Lee highlighted the key role of China on the world stage, even as it seeks to modernise itself.
As it looks for such models worldwide, it eyes Singapore and "tries to understand how we seek to balance our economic and social goals", said the PM.
"And we explain to them that we are also a work in progress and are feeling our way forward."
He urged the US and China to strengthen their strategic trust in each other.
While their interests in some global and regional issues would diverge, he said he believed there was "enough common ground" for them to accommodate each other's interests.
"The US, as the incumbent superpower which will remain dominant for decades to come, naturally has interests to protect," he said.
But China "wants its rightful place in the sun and will be wary of any perceived attempt to conscribe its freedom of action", he added.
"You have to build mutual confidence, in order to manage this shift in the global balance wisely and prudently."
Closer to home, his hope is for continuity and stability in Indonesia and Malaysia. While Malaysians will head to the polls soon to elect new leaders, Indonesians will do so next year.
Meanwhile, he noted that Asia's rapid development will offer many opportunities to the bold and enterprising.
"Looking at the world from Asia, the future is bright."
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