The Business Times
business-time-50
SUBSCRIBERS

Staying open is how Singapore can compete, grow and stay relevant

Summarise
google-preferred-sourceAdd BT as a preferred source
    • Let Singapore shine as an example of how a highly skilled local workforce can thrive alongside a complementary foreign workforce, working together to expand the economic potential of the Republic.
    • Let Singapore shine as an example of how a highly skilled local workforce can thrive alongside a complementary foreign workforce, working together to expand the economic potential of the Republic. PHOTO: CMG

    Kok Ping Soon

    Published Mon, Apr 21, 2025 · 07:22 PM

    AS SINGAPORE grapples with a shrinking local workforce and rising business demands, how can we remain open to foreigners while addressing concerns over job security, social integration and infrastructure strain?

    The need for foreign talent to support our economic growth is an undisputed hard truth, made more acute by our declining birth rates and rapidly ageing population.

    In 2014, there were six working-age residents supporting each elderly resident aged 65 and above. By 2024, this fell to 3.5. Including foreign workers raises this support ratio to 5.2, highlighting their essential role in augmenting the local workforce and keeping our economy going.

    Singapore manpowerforeign talent

    TRENDING NOW

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    Electric vehicles and the changed dynamics of mainstream and luxury car segments mean Certificates of Entitlement should not be used to classify cars.

    Is it time to scrap COE categories for cars? 

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    Indonesian President Prabowo Subianto and Russian President Vladimir Putin met at the Kremlin in Moscow on April 13.

    As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More