Drawing FDI still relevant to Singapore but is no longer enough: Ong Ye Kung

Singapore

THE post-colonial strategy of attracting foreign direct investment remains relevant for the Singapore economy but it is not enough in this next phase of nation-building, said Acting Education Minister (Higher Education and Skills) Ong Ye Kung on Monday.

Delivering his maiden speech in Parliament on the first day of the week-long debate on the President's Address, he noted how things would be different for the economy in the next 50 years.

China's ongoing economic transition will have a significant impact on Singapore even as the United States, Europe and Japan continue to be major players and important investors here.

China's economy, the world's second-largest, will be more discerning in allocating capital to more productive uses and this will allow it to move up the value-…