How Singapore can prepare for its South-east Asian future: Linda Lim

That Singapore's economic future lies with South-east Asia, is not in doubt, says Dr Linda Lim, a professor and economist at the University of Michigan, in a piece published in the May edition of Maybank Kim Eng's Asean Inside Out bulletin.

How then, might Singapore prepare itself for such a future? ASEANBUSINESS summarises some of the points and recommendations Dr Lim makes:

1. Recognising South-east Asia's potential

2. Recognising Singapore's limits

Singapore is "geographically centered in the region, globally well-connected with an excellent regulatory environment and infrastructure and has the linguistic and cultural competencies to engage both China and the English-speaking West", but does that equip it to serve as an intermediary for international businesses venturing to South-east Asia? Not necessarily, Dr Lim argues, because:

3. Recognising the business challenge of South-east Asia's extreme ethnic, cultural and linguistic diversity

4. Promote learning of the Malay language

She quotes Trade and Industry Minister Chan Chun Sing on this: "Businesses from other parts of the world see Singapore as a staging place to the rest of the region. However, we will be of very little value if we do not understand the language and culture in our own backyard. Only by learning the Malay language will we continue to remain relevant to the region and the world at large."

Teaching Malay again in schools would be useful for:

5. Higher education institutions can ramp up South-east Asian offerings

6. Business community can go beyond trade-and-investment missions

"Singapore entrepreneurs in the region - who may not even be registered businesses in Singapore - can form associations with compatriots in different towns in the region, including secondary and provincial towns beyond the major cities." What purpose might these serve? To share information, contacts, advice, and pool scarce resources such as capital and management.

7. Government's role, apart from education

Dr Lim sums up: "Preparing Singapore for our South-east Asian future will require a long-term, whole-of-society effort. This needs to be rooted not only in economic self-interest, but also a genuine interest in and respect for our neighbours' cultures, which will deliver its own benefits in heightened appreciation, understanding and enjoyment of our diverse but common humanity."