Productivity is a better tool to fight business costs: Hong Tat

Singapore

BUSINESS costs may be a challenge for all companies, but the way to overcome it is not to "artificially suppress market pricing and market forces", said Senior Minister of State for Trade and Industry Chee Hong Tat on Thursday.

"I think the way to compete is not necessarily to go for low margins and low costs, but to look for areas where - despite our higher cost base in terms of land and labour - we are able to compete because we are more productive and able to offer products and services that our customers value," he added.