Investors, foreign leaders can still expect coherence and stability despite succession setback: Chan Chun Sing

FOREIGN investors can continue to expect "coherence and continuity" from Singapore policymakers, Minister for Trade and Industry Chan Chun Sing said on Thursday, in the wake of Deputy Prime Minister and Finance Minister Heng Swee Keat's withdrawal from the line of political succession.

"Notwithstanding the latest developments, the team, the system, the plans, the processes, the policies are all still in place to provide that continuity and stability," he told a press conference at the Istana, while adding that Singapore will continue its efforts to be a "safe harbour" for investors.

He named clear succession planning and policy coherence and consistency as "the hallmarks of our system", and said that the team chose to be upfront with "our people", investors and foreign counterparts to "minimise any unwarranted speculation" about Singapore's circumstances.

Hopes of continued investor confidence could be attributed to how Singapore's processes and plans are developed collectively, Mr Chan added, in reply to a question on how the leadership shake-up will affect foreign investment here as well as Singapore's foreign relations.

Prime Minister Lee Hsien Loong similarly stressed that the national leadership team remains unchanged, with his foreign counterparts still "dealing with the same people".

"That's what matters to them if you take the two, three, four-year point of view - which, in diplomacy, is quite a long time," Mr Lee remarked, adding that "the quality of leadership which our political system and political process produces" would be the litmus test in the long run.

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Instead of whether there is a "relief" in place for the position of premier, foreign watchers would pay more attention to "what are the outcomes, in terms of persons in charge, quality and the direction for the country", Mr Lee suggested. "And that is what we must make sure we can maintain and keep stable, while working through the succession process."

Mr Lee has agreed to stay on as Prime Minister until the People's Action Party's 4G team picks a new leader among them, although no firm deadline for that decision was provided. A new Finance Minister will be named in two weeks when a Cabinet reshuffle is expected to take place.