National Day Rally: Preserve hub status, attract investments, support local firms for post-crisis growth

Janice Heng

Published Sun, Aug 29, 2021 · 12:13 PM

HAVING survived its worst economic crisis since independence, Singapore must now change gears for longer-term growth, said Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday evening.

"It's no longer about drawing down reserves to keep ourselves on life support," he said. "It is about generating new growth, new jobs, and prosperity for the future."

First, he said, Singapore must preserve its status as a business hub. Overseas travel is important for multinational corporations (MNCs) that use Singapore as a regional base, as well as for local businessmen.

If borders remain closed for too long, MNCs will find Singapore less useful, Singapore firms will suffer, and the economy "will be permanently damaged", said Mr Lee. "So it is important for us to open up soon, and allow more people to travel in and out of Singapore, in a safe way."

Second, Singapore must remain attractive to investors. Even during the pandemic, the Singapore Economic Development Board managed to secure investments from major companies such as vaccine firm BioNTech and semiconductor manufacturer GlobalFoundries, which will create good jobs for Singaporeans.

Third, local entrepreners must venture abroad, seize opportunities, and grow, with Enterprise Singapore supporting them to do so. Mr Lee said, however, that subsidies and grants only go so far, and it is ultimately up to entrepreneurs themselves to achieve success.

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