How to build a stronger business magnet

THIS WEEK'S TOPIC: What will it take for Singapore to continue to pull in strong investments year after year?

Richard Baker Chief Executive Officer GeoSpock

Singapore has excelled in understanding its unique value on the global stage. Expansion of this exceptional value in the digital era will be paramount in attracting investment and new business in the years ahead. Many nations underestimate the importance of ''merchant trade'' and the rich ecosystem that develops from a vibrant trading economy. Singapore's ability to harness the digital-commerce era and fuse that with its deep merchant history offers exciting potential for investors and international businesses alike. The nation has become the ultimate innovation testbed for Industry 4.0 technologies and business models that will shape the next 100 years of global trade.

Victor Mills Chief Executive Singapore International Chamber of Commerce

A change of attitude coupled with better soft skills is what is needed to continue to attract investments. We are in a changed world now, compared to that of 1965 or 2015. Attracting investments is still relevant, but harder to sell with a declining workforce and one with often ambivalent attitudes to foreign talent. Self-entitlement must be replaced with self-reflection. Hard skills must be complemented by the development and practice of soft skills. The quantity of courses replaced with quality. Our over reliance on MNCs must be balanced not by grantentrepreneurs seeking handouts but entrepreneurs who have a business idea and the drive to achieve it.

Yeoh Oon Jin Executive Chairman PwC Singapore

Like discerning diners who prefer restaurants with consistently great reviews and service, Singapore's strong brand and proven track record offers a stable pro-business climate, conducive tax regime, excellent infrastructure, ready pool of talent and global and regional connectivity, which go a long way in attracting FDIs and MNCs. Coupling this with its compactness and manageable scale make Singapore a fertile ground to experiment with new products and services, conducive for innovative businesses to use it as a launchpad for the region and world. The cherry will come in the form of Singapore's continued quest for economic vibrancy through industry transformation and co-creation throughout the entire ecosystem, which will further attract FDIs along the entire value chain in growth sectors through constant re-invention and transformation.

Lawrence Loh Director, Centre for Governance, Institutions and Organisations NUS Business School

In times of extreme uncertainty, no less than that brought forth by the ongoing pandemic, there is a flight to good governance. Investors look for this governance at the national and corporate levels, and will make their decisions accordingly. While it is important to have the hard factors like infrastructures and resources, ultimately the soft factors like leadership will undergird the investment location choices. Certainty and consistency in policy are key - the worst agony for investors would be rules that keep changing incessantly and incoherently. Continuing good governance provides that critical assurance of confidence - indeed it is the brand that pulls in the strong investments.

Tony Cripps Chief Executive Officer HSBC Singapore

Singapore's status as an international investment hub has been founded on delivering the trifecta of economic openness, ease of business and investment and stable and transparent institutions. Amid growing protectionism, Singapore must lean even further into this ethos to sustain inbound flow. But even this may not be enough. Instead, Singapore needs to be at the forefront of rising global trends including South-east Asia's status as a supply chain and consumer epicentre, increasing climate and sustainability-linked risks to countries, companies and communities and the shifting movement of wealth. As investment chases these trends, Singapore's expertise, connectivity and strong willingness to engage in multilateral trade and investment agreements place it in prime position to take a regional leadership role.

John Bittleston Founder and Chair Terrific Mentors International Pte Ltd

Singapore needs to demonstrate that it has the up-to-date level of acceptable discipline and regulation in its financial markets and institutions. Broadly, that is true today, I think. But Singapore also needs to show fleetness in handling investments, especially those for new ventures. With financial transactions leaving Hong Kong, and Tokyo making extra effort to capture that trade, Singapore must demonstrate that its stock exchange and other financial institutions are capable of handling the business quickly and pragmatically. ''Orderly but enthusiastically and energetically'' must be the mark of Singapore as a financial centre.

Max Loh EY Singapore and Brunei Managing Partner Ernst & Young LLP

Short-term considerations may influence the quantum, trajectory and breadth of investments, but long-term sustainable returns are what ultimately matters to investors. Singapore's enduring strengths in its leadership qualities, trusted reputation, superior hub connectivity and infrastructure, talent pool and stable financial and legal systems will continue to differentiate it as a choice investment location. Competition for international investments will remain intense, and we should look at not just what Singapore has managed to attract but also what it did not lose out on, considering the overall investment climate and volumes. To win, Singapore will need to be nimble in seizing the sought-after investments that drive higher economic value, while continually sharpening the distinctiveness of its prevailing strengths, and relentlessly driving innovation and sophistication of its workforce capabilities.

Jeffery Tan Group General Counsel & Chief Sustainability Officer Jardine Cycle & Carriage

Investors require certain critical factors that Singapore will have to continue focusing on: From having world-class infrastructure to technology capabilities that provide leading edge services, these are just the ''base stakes'' that keep us on investors' shortlists. To land the investments, we will need to have a high-quality talent pool that is tech-savvy, mentally agile, with a passion for continual learning, innovation and a responsiveness to the ever-disrupting new business norms. It is a spirit that may be hard to encapsulate in words but is easily recognisable in Singaporeans. It is the Majulah (Onward) spirit!

Uno Motohiko President Fujitsu Asia

Singapore's credentials as Asia's technology capital remains strong, with innovation and invention embedded in its business culture, and the recent conclusion of the Digital Economy Partnership Agreement. As we grapple with global economic uncertainties, the confidence and trust in offering advanced IT infrastructures, IP protection and a highly-skilled talent pool to enterprises will continue to set Singapore apart as a preferred place for business, especially in the area of ICT. With our Asia headquarters based here, Fujitsu has found Singapore's environment conducive for technology incubation, development and adoption as we grow our competencies in digital transformation. Such conditions enable us to co-create ICT services and drive new value across Asia.

Vadim Berman Chief Executive Officer Tisane Labs

Periods of economic turmoil are also opportunities for growth, if the fundamentals are sound. Not only does Singapore have sound fundamentals, it is also in an advantageous position of being on good terms with all the big geopolitical rivals. This may solidify and take further Singapore's position as the most important regional and global financial hub.

So while in terms of direct investments the momentum may slow down, new and expanded regional offices are likely to make up for that. However, nothing should be taken for granted. The situation changes very rapidly, and so it is important not to be too careless with the newly obtained investments.

Takehiko Ryu Managing Director Panasonic Asia Pacific Pte Ltd

Amid rising protectionism all across the globe, Singapore, as a global business and trading hub, needs to work at maintaining deep trade links with countries around the world to provide strong access to regional and global markets. By keeping the country ahead of the latest macroeconomic trends, ensuring continued investment in a strong technology, startup and R&D ecosystem and providing new platforms for businesses to develop and commercialise new solutions, this will create a conducive business environment for multinationals to continue investing in the country.

Donald Kanak Chairman, EU-ASEAN Business Council and Chairman, Eastspring Investments

As a financial and trading hub for South-east Asia, Singapore is well placed to continue to attract more investment in a post-pandemic world. With world-renowned business-friendly policies, best-in-class digital infrastructure and a strong focus on talent, Singapore will continue to draw investments. As a base for regional headquarters and launch pad for innovation hubs, Singapore's transparent and stable business environment will ensure it is a long-term attractive destination for world-class companies. Key for Singapore is to maintain its efforts in moving Asean forward with its economic integration initiative, which will improve competitiveness and attractiveness for the whole region, and in turn bring further opportunities to Singapore.

Terry Smagh Senior VP & GM, Asia-Pacific & Japan BlackLine

Investor confidence remains Singapore's strength despite the ongoing unprecedented disruption. Central to sustaining this credibility as we move forward is the need for organisations and businesses to uphold transparency and continuously build trust even in uncertain times. Business leaders, CFOs and professionals in the finance and accounting sector will need to play the role of ''frontliners'' in driving this agenda, through innovative thinking and leading the adoption of new, emerging technologies that ensure operational resilience and align processes across a distributed workforce. With tools such as automation and cloud-based platforms, Singapore businesses can become more agile in the face of transformation opportunities with the ability to scale and leverage data easily - thereby making the country and its economy one of the most exciting places to be for any investor.

Ronak Shah Chief Executive Officer QBE Insurance (Singapore) Pte Ltd

The fact that Singapore managed to exceed projections for foreign investment this year amid the still-evolving pandemic really quantifies the trust global corporations have in the ''Singapore Brand''. While Singapore's constant state of readiness and preparedness - exemplified by its handling of Covid-19 - enhances its proposition as a safe investment destination, more can be done to improve its reputation as a safe harbour. Talent diversity, next-generation connectivity, market access and security are all factors that must progress incessantly for Singapore to stay ahead of future challenges and augment its reputation as one of the world's top business hubs. Not forgetting, the strength of Singapore's social fabric is also a critical factor of its overall success as a world class economy. After all, it is its people that make the nation.

Dileep Nair Independent Director Thakral Corporation Limited

Attracting investments remains an important pillar of our economic policy, bringing new technology, boosting exports and providing good jobs. Lacking natural resources, a domestic market and plentiful labour, we introduced early on tax incentives. Since then, we have created a pro-business environment with excellent transportation and telecoms links, sophisticated financial infrastructure and multiple export-friendly free trade arrangements. Most important is the level of good governance here, through institutions such as the civil service and the judiciary, giving rise to an ethos of trust and probity. Going forward, these attributes must be burnished to maintain our competitive edge in attracting investments. Additionally, with a focus on R&D investments for value creation, we need to enhance our intellectual property regime. Also, despite populist calls to do otherwise, we must keep ourselves open to qualified foreign talent to supplement our limited workforce.

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

Singapore's strong fundamentals have provided the stability, security and confidence for international businesses to invest for the long term. Our trusted international reputation, good governance, sound institutions, excellent infrastructures, strong tripartite relationships, skilled workforce and a united people have served us well. The increasingly volatile and uncertain geopolitical and social environment, growing nationalistic/protectionist sentiments and rapid technological advances make it imperative for us to constantly adapt and strengthen our fundamental offerings and capabilities.

No doubt, Singapore has to continue to transform, evolve its policies and legislations, enhance its investment attractiveness and connectivity infrastructure to advance further without forgetting the need to take precautionary measures against threats like pandemics, terrorism and cyber attacks. Thus, maintaining an open economy with extensive depth, reach and connections with robust agility to adapt to evolving economic needs will help to attract and sustain strong investments into Singapore.

Jim Cavanaugh Vice-President APJ AppDynamics (a Cisco company)

Singapore is the digital hub for South-east Asia so commitment and collaboration between the public and private sector in digitalisation efforts will be critical to remain attractive to investors.

Many organisations have recognised the necessity of going digital. In our latest Agents of Transformation report, we found that 76 per cent of businesses in Singapore accelerated IT project implementations during the Covid-19 pandemic, taking merely weeks instead of months or years. The government too has shown a strong commitment towards digital transformation. In addition to various Smart Nation initiatives, a ministerial committee has been established to oversee and coordinate digitalisation efforts, no doubt boosting the future creation of jobs and enhancing skill sets.

So long as Singapore continues to hone its digital edge and maintain agility without growing complacent, investor confidence in the country will not be shaken.

Thomas Holenia President Henkel Singapore

Singapore's open economy, pro-business stance, political stability, inclusive society, excellent infrastructure and international talent pool are the foundation of its success. Along with the ongoing initiatives to upskill the nation to be future-ready and advance its sustainability agenda, all these factors together will remain crucial to winning the trust and confidence of international investors, businesses, organisations and communities. For Henkel, Singapore serves as a key centre of excellence for our global supply chain, as well as adhesive and beauty care businesses in the region. We are heartened by the Singapore government's handling of the Covid-19 crisis and steadfastness to staying open and globally connected. This has given us great confidence to strengthen our presence in the country.

Cherian Varghese Regional MD, ASEAN & SAGE Oracle

Three things will be key for Singapore as it looks ahead to not only survive but thrive in the new economy. The first is collaboration. Now, more than ever, governments and the private sector need to work hand in hand to support the livelihoods of employees. The second is developing a resilient economy where businesses are given the support to boost their capabilities to operate in the ''new normal''. And the third is having policies and the infrastructure to support organisations in becoming adaptable businesses where they can quickly respond to the environment and market dynamics. These three factors combined will help both the Singapore economy and businesses ride the waves of challenges that lie ahead for the country.

Derek Wang General Manager Alibaba Cloud in Singapore

Singapore has always been able to punch above its weight in the global arena because of its strong talent pool and supportive environment for businesses. It is also now a recognised hub for R&D, supported by a rigorous IP protection framework. These ingredients of success are the very reasons why we decided to base our international headquarters, set up our first joint research institute outside of China and pursue patents aggressively in Singapore. They are also the very same ingredients for Singapore to stay successful especially in the post-pandemic phase. Cultivating the conditions ripe for innovation will give investors and businesses even more confidence, and we will continue working with partners here to grow the right talents, businesses and solutions for the digital era, and keep Singapore as an attractive destination for investments in the long term.

Edmund Lee Managing Director Singapore TMF Group

Despite the long road to economic recovery, Singapore still maintains its reputation as one of the most attractive and easiest places to do business in Asia.

To retain its position as a global Asia node and a leading hub for businesses and enterprises in the region, Singapore should continue to push for close ties and cooperation with major trading partners. This includes expanding the scope of current FTAs to include more issues of interest to businesses such as e-commerce and intellectual property rights, and ratify new agreements such as the Regional Comprehensive Economic Partnership which includes all 10 Asean member states and important producers such as Australia, China and South Korea. These will help to make Singapore a more attractive base for investments to serve the region.

Chris Brankin Chief Executive Officer TD Ameritrade Singapore

Singapore's appeal as an investment destination of choice among long-term investors is premised upon the openness and the market-oriented nature of its economy. Its adherence to these strong fundamentals ensures that the city-state can continue to attract quality investments and secure its position as a global financial centre. As a major trading hub in the region, it is important for the Monetary Authority of Singapore to continue to work with market participants to build up Singapore's e-trading infrastructure, allowing firms to continue to expand and diversify investors' access to international capital markets. Additionally, as the online migration of the economy accelerates, so must our commitment to fintech innovation through app-based and web-based trading platforms. Furthermore, it is important to dedicate capital to developing specialists in targeted fields across the financial sector to ensure a strong talent pool. Coupled with its government's foresight to invest in cutting-edge technology, Singapore is well-positioned to ride out market uncertainties and foster investor confidence over the long term.

Long Jek Aun Partner, Singapore Office Head Simmons & Simmons JWS

What are often cited would be political stability, rule of law, a conducive legal, tax and regulatory environment, the ease of doing business and connectivity, among others. That said, what will become ever more critical in a post-pandemic and much changed (as well as much more competitive) world is our single most precious asset - our people. Engaged, ambitious, adaptable, hardworking, creative, resourceful, resilient and inspired people will be our ''secret sauce''. Pulling together and pressing forward - with carefully and profoundly analysed, deliberated and formulated plans - will bear good fruit for Singapore.

Utsav Garg Managing Partner, South-east Asia AT Kearney Pte Ltd

In Kearney's recent FDI Confidence report, Singapore is the only South-east Asian country in the top 25 (ranked 12th) with significant growth in investments in 2019. With significant commitments already locked in for 2020 despite the Covid-19 crisis, this ranking is set to improve further.

Singapore's ability to attract investments remains strong due to five key factors: simplified tax regime, regulatory transparency, technological/innovation capabilities, quality of logistics/trade infrastructure and ease of capital flows. To take full advantage of the changing geo-political landscape, Singapore will continue its focus on higher localisation of strategic manufacturing, best-in-class immigration policies to attract skilled talent and investments in automation and digitalisation to increase productivity.

Toby Koh Group MD Ademco Security Group

The secret sauce of how Singapore continues to attract foreign investments has remained unchanged through the years. Stable and predictable government, a skilled workforce with good work ethic, great infrastructure, good living environment, stable competitive economy with deep reserves, world-class education system, forward thinking community and more. But a growing ingredient has to be the belief that Singapore will be able to continue managing relations with the United States and China. In fact, I surmise that drawing even more Chinese and American investments into Singapore will serve as a key national defence strategy. If we manage to do so, investments from other countries will follow suit.

One caution though, let us not forget to scale up our local businesses. Foreigners will come and go, but Singaporeans will not leave our island home.

Wenhui Yang General Manager UnionPay International South-east Asia

A strong regulatory framework, vibrant technology sector, skilled technology-savvy workforce and deep trade links with countries in Asia and around the world will be key for Singapore to pull in investments as a regional and global business hub. In the post-pandemic world, companies will seek to spur growth through rapid digital transformation and innovation. With a ready pool of technology and finance companies for us to partner with, coupled with a skilled pool of workers with strong technology and multi-lingual capabilities, this will give us the confidence to further expand our footprint in Singapore, to deliver cutting-edge payment solutions to the region and the rest of the world.

Mark Looi Director - Head of South-east Asia ACI Worldwide

With one of Singapore's many strengths being its strategic location within South-east Asia, a key factor will be ensuring that regional trade activity remains healthy. And that means that cross-border transactions - at both the consumer and business level - will need to be made as smoothly as possible.

Cross-border flows is a key driver of the payments initiatives we have seen across the region, including Singapore's Nets and PayNow payment schemes. Another driver is the increasing popularity of digital payments. To ensure continued investment growth, we will need to see both central infrastructures and private financial institutions work towards developing a pan-regional payments network, and the adoption of global transaction standards such as ISO 20022.

Jayajyoti Sengupta Head of Asia-Pacific, Japan, India and Middle East Cognizant

With the pandemic spurring businesses worldwide to accelerate digital transformation, technology innovation and modernisation have become strategic priorities. For businesses, staying relevant and competitive in the face of continuous change is about tapping into ecosystems that help them build and nurture the deep and diverse competencies required to thrive and drive innovation in the digital era. One of Singapore's strengths is such an ecosystem. In order to continue to be an attractive hub for talent and investments, Singapore must further sharpen its focus on a more structured collaboration between industry, academia and government for capacity building and competitive differentiation in emerging areas of technology, design and data science.

Gan Ta Loong Managing Director Barco, South-east Asia

Singapore has cemented itself as the region's financial, investment and entrepot hub. As the world's economy changes and pivots, Singapore needs to look at more value-driven enterprises and skills to remain competitive and to continue to attract investments.

In the post-pandemic era, the country needs to innovate, introduce next-generation technology to deal with the new normal of safe distancing, remote working, virtual collaboration and learning and development.

Investments in collaborative and immersive technologies must augment concepts that embrace a more agile workforce for whom every space is a workspace, while ensuring their safety. These include remote collaboration, hybrid learning and virtual and augmented reality.

Staying ahead and leading in imagining and realising these visions is paramount to Singapore's future success. By showcasing its spirit of innovation, I am confident with sustained investment in training, upskilling and creating jobs for the next generation workforce, Singapore will remain an attractive hub for continued investments.

Tony Lombardo Chief Executive Officer, Asia Chairman, Lendlease Global Commercial Trust Management Pte Ltd

Singapore's stellar reputation as a safe investment destination with a transparent and efficient regulatory framework, world-class infrastructure and a highly skilled workforce has been a key draw for many global investors.

In order to maintain a strong pipeline of investments, it is imperative that Singapore continues to be at the forefront of new technologies and innovation. There is an opportunity for government to collaborate with the private sector to lay the foundations for an Industry 4.0 transformation, pushing the technological frontiers for systems to improve productivity. In the construction industry, this could include partnerships with global leaders for construction digital design, engineering, procurement and inter-operable systems for systemic change.

As part of a whole systems approach, the training of talent to support the growth of industries must also be stepped up. Together, these measures ensure that Singapore has in place a robust and future-ready ecosystem that encourages investors to stay for the long-term.

Helen Ng Chief Executive Officer Lock+Store

For Singapore to remain the investment destination of choice, we have to build on our reputation of being the gateway to Asean and maintain our business-friendly policies such as our attractive tax regime. Investors are attracted to our financial and political stability, robust intellectual property protection regime and highly skilled and multilingual workforce. We should not let down our guard and continue to strive to remain competitive.

Eugene Fitzgerald CEO and Director SMART, MIT's Research Enterprise in Singapore

First, Singapore ranked number one in the 2020 Index of Economic Freedom. Staying at the top of the list allows capital to flow to Singapore, as other countries allow other forces to affect their economy. Second, leading-edge innovation in deep technology such as semiconductors is necessary to create the nexus of intellectual capital to attract investment pledges such as from semiconductor companies Micron and STMicroelectronics. Over the last decade, SMART, MIT's research enterprise in Singapore, has developed leading-edge semiconductor technology the world is now following, and SMART is commercialising such technology in Singapore. Technology and innovation leadership in long-term growth areas will lay the foundation for long-term investment in Singapore.

Ronnie Lee General Manager Lenovo Singapore

Singapore's foresightedness and spirit of innovation is key to building investors' trust, making it attractive for strong investments. As a country dedicated to the Smart Nation initiative, coupled with skilled human capital, resilience, stability and decisive action in times of crisis, Singapore must continue to spearhead its tech readiness and digital transformation efforts to remain attractive to investors in a more competitive post- Covid-19 world. Singapore's efforts to enable smarter technology in business and the community mirrors Lenovo's journey and we remain committed to the country as it navigates itself to lead the Smart Nation initiative for the region.

Eng Thiam Choon Chief Executive Officer Tiger Brokers Singapore

Singapore's location as a gateway to Asia's growth, competitiveness as a manufacturing hub, and the nation's push for innovation and digitalisation make us one of the most attractive places for investments in the world. In this uncertain economic climate, trust and stability are equally important factors and are vital to make Singapore stand out of the crowd. We have seen a continued investing trend in Singapore-listed companies on our platform by regional retail investors, despite Covid-19's impact on the economy. We believe that the continuous strengthening of the republic's positioning will allow Singapore to achieve continued economic success and growth.

Moray Armstrong Managing Director CBRE Singapore

From past periods of adversity such as Global Financial Crisis, Sars or even further back to the Asian Financial Crisis, Singapore has always proven that we can rebound quicker and stronger than expected and I believe this period is of no exception. In a challenging global economic environment, Singapore has the competitive advantage of economic and political stability, a mature financial eco-system and transparent legal environment - all of which will enable the republic to continue to attract investment commitments. Real estate investment-wise, Singapore has built a reputation as a stable property market with a strong track record for mid- to long-term capital value growth and preservation. Hence, when the market recovers, I believe strongly that Singapore will still be the first port of call for investors, capital flows and MNCs seeking safe returns in an increasingly volatile market.

Choe Peng Sum Chief Executive Officer Pan Pacific Hotels Group

Singapore's key value proposition is a strong perceived political stability. Its economic resilience and strength has been proven during this crisis. The four relief schemes amounting close to S$100 billion is a signal to investors of the government's commitment to sustain the economy. Perhaps an even more favourable corporate tax rate would enhance the country's attractiveness especially in these times.

Singapore's multi-racial social fabric too has remained strong and stoic in face of this crisis - a strong point to foreign investors. We recognise that certain jobs are not high on the list for locals. We still need foreign skilled workers to fill the gap for certain industries to operate.

Singapore's progressive technology and infrastructure also bodes well for new technology-driven investments such as fintech. With these, I believe Singapore has what it takes to continue to pull in investments.

Jayaprakash Jagateesan Chief Executive Officer RHT Fintech Holdings

To secure Singapore's future as an attractive investment destination, we need to scale up our capabilities in areas of future demand. As digital disruption continues to transform industries, new technologies present significant opportunities and threats. There is an urgent need to support technology transformation for SMEs to futureproof our economy.

The efficiency gains from widespread adoption of technology, availability of local tech talent, a business-friendly tax regime and supportive regulation will help keep Singapore as an attractive destination for investments and a centre of innovation. Singapore's progress in tech-focused sectors like fintech will also be key to unlocking new areas of growth that will attract more investments to Singapore and maintain our competitiveness.

Mario Singh Chief Executive Officer Fullerton Market

The S$13 billion in investment commitments that Singapore has secured in the first four months of 2020 is certainly impressive. There are two factors that will allow Singapore to continue pulling in strong investments.

Firstly, our international reputation. We have scored highly in international rankings, pulling in accolades like the world's most competitive economy and safest city in personal and infrastructure security. Such rankings, coupled with our economic and political stability, make Singapore an attractive destination during times of both economic expansion and global uncertainty.

Secondly, a highly skilled and relevant workforce. Already a top regional hub for trade and finance, Singapore's vision of a Smart Nation puts it front and centre in the current landscape of global digital transformation. A highly skilled and relevant workforce in rising sectors like biotechnology and digital media will continue to draw multi-national companies to set up base in Singapore and tap its labour force.

These two factors are important to continually attract FDI flows and complement Singapore's export-oriented economy.

Bernadette Cho General Manager Entrepreneur First Singapore

Singapore is increasingly recognised as a global hub for deeptech investments and an exciting place to build and grow a company. At Entrepreneur First, we have seen talented individuals re-locate specifically to join our programme, citing Singapore's emerging ecosystem as their primary motivator. To maintain this ''magnet'' effect, we must continue to leverage our unique strengths: value-adding government investments, access to emerging and mature markets and the confidence of doing business locally.

For example, equity matching schemes like the Special Situation Fund for Start-ups (SSFS) continue to nurture viable, high-potential companies. Alongside the rising middle class across South-east Asia, such initiatives have attracted several international Venture Capital funds to enter the region and bolster the funding landscape. Additionally, the strong local governance further cements Singapore's edge as a nexus of deeptech innovation in this hemisphere.

Lee Fook Chiew Chief Executive Officer Institute of Singapore Chartered Accountants

With its well-established reputation as an investor-friendly global financial and business centre, Singapore has retained its top spot as the world's most competitive economy in the latest IMD World Competitiveness Ranking. To continue to attract investments, Singapore should reinforce the strengths it has been recognised for internationally. These include having a highly-skilled and digital-ready workforce, as well as a business environment that emphasises robust financial reporting and stringent corporate governance. Having an attractive corporate tax regime with tax incentives and low tax rates, and maintaining social cohesion and political stability, are also important elements in Singapore's ability to draw investments. Staying on the forefront of digital innovation and driving digital transformation in industries will further reinforce Singapore's position as a forward-looking country that is attractive to investors.

Aarti Ramaswami Deputy Dean ESSEC Business School Asia-Pacific

Technology, infrastructure, government stability, regulatory systems, ease of doing business and supply of diverse and qualified talent continue to ensure that Singapore is an attractive business hub. These pillars have helped the country secure a place among the top recipients of FDI inflows in the world. The government's response to Covid-19, and organisations' agility in adapting to the challenging situation, add to the confidence in Singapore's future stability and resilience. To remain competitive moving forward, there will be an increasing need to be creative and innovative when it comes to technology, with Covid-19 accelerating large-scale adoption of digital tools. Equipping talent and leaders with the right skills to use these tools to understand and address new business challenges will be critical. Educational institutions have an important role to play in nurturing this mindset.

Saikrishnan Ranganathan CEO & Co-Founder SensorFlow

Singapore's advocacy for free trade, international partnerships and supportive environment for innovation has built a strong foundation that has strengthened investor confidence despite the Covid-19-induced global economic slowdown. Being a Singapore-based company, SensorFlow raised US$8.3 million in additional Series A funding earlier this year as investors trusted our vision and objectives.

We plan to continue with our expansion plans this year by entering different markets, which demonstrates our commitment to growth. Much like ours, other regional economic integration efforts will send a strong signal that Singapore's economic borders are open to ambitious minds, long-term investments and stability in times to come.

Anubhuti Gupta Head of APAC, Rosenberg Equities AXA Investment Managers

Singapore has been a preferred destination for companies looking to tap into Asia's growth thanks to a solid combination of business-friendly policies, stable political environment, excellent infrastructure and a vibrant workforce. We are living in a time of great uncertainty but also great opportunities. It is vital for Singapore to carefully navigate the seismic geopolitical shifts currently underway such as the trade wars, and continue to position itself as a stable, innovative and impartial player on the global stage, not only acting as a gateway to Asia but as a vital link between the West and the East.

We need to continue our push into new economy sectors such as smart technology, big data, Internet economy, biotech, cyber security and digital finance. Our people are our biggest resource and arming them with diverse and relevant skills will be critical. Ultimately, building a sustainable and cohesive society which encourages entrepreneurship while making sure that no one is left behind will help us maintain and enhance our edge as the preferred hub in Asia.

Maren Schweizer Director Schweizer World Pte Ltd

Singapore has stood out in Asia-Pacific for attracting FDIs through sound macroeconomic policies and pro-business initiatives, world-class infrastructure and robust intellectual property and regulatory regime.

Singapore will need to maintain its high trust environment and further strengthen its talent base by upskilling local employees and attracting the best talents from abroad.

Moreover, I believe it is essential to maintain and develop the position as a gateway to growth markets, not just in Asia but beyond, via free trade agreements. As an innovation-driven economy, Singapore will slowly but surely become the Silicon Valley of Asia in the digital age ahead.

Kong Chee Min Chief Executive Officer Centurion Corporation Ltd

To gain investors' trust and attract their investment into Singapore, an essential element will be clear, consistent and stable government policies and regulations. Availability of a pool of skilled and low-skilled manpower would be another essential criterion. Both supporting businesses and the workforce must be receptive to changes, to accept and adapt to new and different opportunities. This has been a Singapore ''brand'' strength and is core to our resilience since the founding days and across past crises, which we believe should be sustained in the face of the current crises and resulting uncertainties.

Reshmi Khurana MD and Head, SEAsia, Business Intelligence & Investigations Kroll

Singapore will continue to be an attractive investment destination over the next few years if it keeps building on its existing strengths of being a well-regulated, stable and open market, which provides global companies with access to top quality talent both from Singapore and the region. One area where Singapore has shown tremendous strides in the last two decades is in diversifying its base of economic activity to include a range of sectors beyond finance and tourism. This includes education, arts, biotech, professional services and several others. Remaining nimble to internal and external socio, economic and political changes drive Singapore's attractiveness as an investment destination going forward.

Abhishek Deshmukh VP of Engineering & MD Singapore Zendesk

Singapore's economy has historically shown incredible resilience, which makes me confident it will bounce back again. The government has consistently instilled market confidence, and made every attempt to balance the economy with the four recent budgets. To remain an attractive market for investment, Singapore needs to double down on what sets it apart - ease of doing business, market stability, as well as ongoing commitment to invest in its people and in infrastructure for the future. These strengths make the nation stand out in the region as an ideal investment hub, and are just some of the reasons many global businesses, like Zendesk, choose Singapore as their regional headquarters.

Benjamin Tan Vice-President Ultimaker Asia-Pacific

As a small nation with no natural resources, Singapore has risen to become one of the leading financial hubs in the world today. This is due to a stable political system with business-friendly policies, a reliable, well-connected infrastructure and a skilled workforce. To ensure we continue to stay at the top of our game, Singapore should level up capabilities in smart manufacturing through the adoption of 3D printing, and build resilience in supply chains to support businesses in pharmaceutical and biotechnology. These companies conduct R&D and produce on a mass commercial scale for export markets. Doing so will enable Singapore to enhance its value as a global connectivity hub and foster long-term investor confidence.

Patrick Lai Chief Operating Officer Carrington RHT Wealth Pte Ltd

To maintain its competitiveness and attract sustainable FDIs, Singapore must continue investing in world-class talent, Smart Nation building and strengthen the ease of doing business for both incumbents and innovative start-ups. There is also a need to preserve and maintain strong trade relations to allow for international companies and investors to consider Singapore as their springboard for expansion into the region.

In our efforts to maintain Singapore's position as a global centre for business, innovation and talent, we must adopt environmental, social and governance (ESG) principles as well as embrace diversity and inclusion as these are at the heart of why investors pick Singapore as their destination.

David Hope Senior Vice-President APJ ForgeRock

Singapore's identity as a globalised trade, finance and tech hub will continue to grow in an increasingly unstable world. Singapore is fortunate that it has all the ingredients to ensure continued investment in its economy - overall strong governance, ease of doing business, the number of multinationals with regional headquarters here, a well-run public health system, and the central and safe location that makes Singapore what it is: a safe and attractive haven for foreign investment. Singapore continues to be an ideal location to attract multinational corporations to invest here to tap into the long-term growth of the Asia-Pacific region. At ForgeRock, we leverage Singapore as our regional Asia-Pacific hub to manage our growing identity and access management solutions business across the region supporting both the public and the private sectors to help their citizens, customers and employees simply and safely access the digital world.

Aaron Lee Chief Executive Officer Gabkotech Innovations

Singapore must continue to be seen as one of best and easiest places to do business in the world, and this requires strengthening of its robust economic fundamentals and global talent pool, ensuring political and social stability and a keen foresight on investing in new and high performing sectors to diversify its economy for sustainable growth. While it is imperative to attract and secure foreign investments in the long term, let us not forget our homegrown SMEs are also a key driver of the Singapore economy. Emphasis and programmes should be placed and introduced to encourage SMEs to expand their businesses overseas, such as virtual networking platforms for business matching opportunities, and educational and assistive programmes on harnessing technology and renewable energy sources creatively to drive productivity and growth.

John Ng Chief Executive Officer YTL PowerSeraya

Singapore has consistently been acknowledged as a global business hub, characterised by its good infrastructure, including electricity supply (of which YTL PowerSeraya plays a key role), political stability, efficient financial and regulatory frameworks and skilled workforce. This foundation has served the city-state well, even during uncertain times. Where digitalisation has now been forced to progress at a rapid pace, it is worth noting that the Singapore government has also been strongly supporting businesses to move into new technologies and funding the entrepreneurship space to facilitate first-of-its-kind products and solutions. These initiatives will further cement the nation's attractiveness to investors as we secure our place in a global economy disrupted by competition and uncertainties.

To further strengthen its ability to pull in strong investments, Singapore should consider re-focusing on manufacturing, especially advanced manufacturing. This reinforces our relevance in the global supply chain of critical goods. Moreover an industrial ecosystem ensures not only self-sufficiency, but will also create demand for logistics services, as well as attract future skills in STEM (Science, Technology, Engineering and Mathematics).

Luigi La Tona Chief Operating Officer StorHub Self Storage

As Singapore navigates through the next phase, it is an opportune time to examine what is required for the country to remain competitive on a global scale. While the government has already identified key areas for growth and development, we as a nation need to demonstrate not only that our people are productive and skilled but also that the country is a great place to live, work and grow. This starts at a very basic level with our children, youth and early-stage professionals, helping them develop innovative thinking, extend their lifelong learning and developing a wider range of interests and focus.

To grow Singapore, one needs to re-look space and how space is utilised for the personal, functional, creative and business needs. Being able to integrate and arrive at a happy medium to enable Singaporeans to be more creative will attract investments in the ''next generation'' sectors including e-gaming, entertainment, bio-tech, clean tech and education.

Linus Lim Chief Executive Officer Phillip Capital Management

Singapore Inc has had a good track record in pulling in investments into hardware and infrastructure and across a diverse range of industries that have helped create a broad-based economy.

Investments into Singapore will also come from financial investors and there is a need to build a vibrant capital market to attract companies not only for manufacturing and R&D, but also to raise capital here.

We have many of the ready ingredients - ample pools of capital being managed here, the policy frameworks to deploy capital in an efficient manner but we would also need companies with scale and imagination to be active here. Throughout this Covid-19 crisis we have seen Singapore individual investors' and international interest in stocks grow and continue to seek growth ideas here. More bond listings, stock IPOs, as well as private capital raises would be a welcome sign, and I would like to see global and regional champions launch IPOs in Singapore. This will in turn create more dynamism in the markets.

Joanne Wong VP, Asia-Pacific and Japan LogRhythm

Singapore has done remarkably well in establishing itself as a trusted digital hub. The country will continue to be a magnet for investors who value our culture of innovation and digital infrastructure. However, to maintain this distinct edge, cyber security must remain at the top of our agenda. This is especially crucial at a time when businesses of all sizes are accelerating the pace of their digital transformation journey.

We must therefore ensure that there's a first line of defence for all our digital assets. Firstly, with security automation, we can quickly detect and instantaneously respond to suspicious cyber threats. Next, we need to keep grooming talent and nurture cyber security experts, who will go on to protect one of Singapore's most vital assets, its digital ecosystem.

Kwan Chi Man CEO and Founder Raffles Family Office

In spite of the Covid-19 pandemic which has caused economies worldwide to come to a standstill, Singapore still managed to attract S$13 billionn worth of foreign investments in the first four months of 2020. This reflects the attractiveness of Singapore as an international hub for businesses and investors. The launch of the VCC (Variable Capital Company) Act by ACRA and MAS further propels Singapore as a distinguished destination for investments. At Raffles Family Office, we have seen considerable uptake of VCC since the launch in mid-January which is very encouraging. The VCC structure has been receiving praises for its flexibility and operational efficiencies, and we expect the momentum to continue in the second half of 2020.

Lim Soon Hock Managing Director PLAN-B ICAG

Our Singapore brand equity is like a ''currency of trust'' for investors. While Singapore should continue to deliver our promise to them and to maintain good relations with the international community, especially our immediate neighbours, any prolonged turmoil in the neighbourhood, be it from political instability and/or economic crisis and/or social unrest will devalue this ''currency''. We hope that such an upheaval will not eventuate to allow for international trade of goods and services to continue to be conducted freely through Singapore.

With increasing competition from countries in the region, our little Red Dot cannot afford to let our guard down and need to enhance the value of this ''currency of trust''. Going digital to become a Smart Nation is a clever move, to take our existing excellent infrastructure and ease of doing business into the next super league, which will put the nation in good stead, going into the future.

Global companies setting up shops in Singapore invest in this precious ''currency of trust''.

George Lee VP, Asia-Pacific & Japan RSA

Singapore's strategic location, liberal tax rates and Smart Nation status have made the city-state an attractive destination for investments. Its world-class digital infrastructure has fostered an innovative culture and drawn investors to plant their roots with the hope to grow alongside the country's Smart City agenda. However, as Singapore becomes smarter, the benefits brought by digital transformation that attracted investors in the first place can be a double-edged sword that lead to expanded digital risk. It is therefore crucial for the government to lead the way in strengthening the country's cyber security foundation to fully reap the benefits of being a Smart Nation and build confidence among future investors.

Lars Voedisch Managing Director PRecious Communications

To emerge stronger, we need to seize new opportunities by ensuring that key regional economic activities are anchored here, and Singapore continuously enhances its position as a regional and global connectivity hub. For this to happen, we should communicate the benefits of Singapore as the gateway to South-east Asia even more effectively.

Investment decisions are about trust in the opportunity. Therefore brand Singapore needs to continue building confidence in the global investor community. The government's marketing efforts have to ensure that Singapore is seen as the right place at the right time to benefit from the next decades' opportunities in South-east Asia led by digital transformation.

Kannan Chettiar MD and Co-Founder Avvanz

For Singapore to remain enticing to pull in FDIs, we need to be competitive in terms of attractive business loans for foreign companies, financial stability, tax incentives or holidays and pro-company business schemes and legislations. With our reputable safe, legally and politically sound and clean environment, our city with well-developed infrastructure and connectivity has continued to be a magnet for foreign investors. We need to ensure we continue sustaining that. With Covid-19, though our case number is high, if we can show how we manage the situation tightly, we will be still perceived favourably. We need to invest and upskill our workforce in the following areas: digital hub (Big Data, AI, Blockchain, RPA), high-precision engineering, biomedical and life sciences, and financial technologies. After all, we are a knowledge economy and we need to enhance this to pull in the big numbers.

Dora Hoan Chief Executive Officer Best World International Ltd

As a strategic city in Asia, Singapore stood out in attracting foreign investments through its stable political environment, favourable taxation regime, and ease of doing business. To maintain its competitiveness to win investors, Singapore has to carry on with its strengths while managing its weakness.

As both Singapore and Hong Kong are financial centres in Asia with similar characteristics, investors usually find themselves choosing between the two, though Hong Kong's financial industry had the greater buzz during the good times. For now, with the turbulent situation in Hong Kong, Singapore should find out its advantages over Hong Kong and strive to improve the conditions to entrench its position as the preferred investment destination.

But foreign companies tend to lay off staff first during difficult times. Thus, while we attract foreign investment, let us not neglect our local enterprises. After all, internal stability is fundamental to a country's sustainability. Being small and open, Singapore has no natural resources other than its talents. Singapore should continue to be committed to education, and cultivate the best talents. In this way, it should be expected that Singapore can continue to attract strong investments year after year.

Leonard Cheong Managing Director AdNovum Singapore Pte Ltd

With the current global economic headwinds, it is crucial that Singapore consistently maintains its unique position as a global business hub with well-developed infrastructure, political stability and a strong trading environment. Other factors like low corporate taxes and investment incentives might be especially critical for foreign investors to site their headquarters in Singapore post-Covid-19.

Firms have to further develop and deepen new capabilities alongside a highly-skilled workforce that keeps up as robots, automation and AI disrupt more jobs. An innovation-driven economy will ensure that Singapore is constantly at the forefront of technology, adapting quickly to new competitive dynamics in order to create the high-growth economy that will continue to attract investments.

Annie Yap Chief Executive Officer AYP Group

Securing substantial investment pledges amidst turbulent and trying times signals strong investor confidence. Nonetheless, structural transformations are still needed to build resilience and reliability for our economy. Singapore needs to be tenacious in not only keeping its supply chains open but to continuously strengthen and diversify them. Continuity of infrastructure investments is also key, and as digitalisation accelerates, technology should be leveraged on to enhance efficiency and delivery of projects. Set to engineer quick and actionable solutions to major challenges, the Singapore Together Action Networks confers our nation a stature of thought leadership and reliability. Furthermore, our trusted brand has been an enabler for investors to base their projects in Singapore. Such ongoing competitive partnerships that bring about fair and mutually beneficial returns thus benchmarks Singapore as a preferred regional base for investors.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

Singapore's intermediating role in international trade and supply chains is a result of the government's constant overdrive to create and maintain relevance and balance in the multilateral trade framework. We have constraints in our natural resources, land size and even human capital. We can only play the game, survive and win, where these limits are not constraints.

By focusing on emergent and sustainable markets like energy and chemicals, biomedical science, pharmaceuticals, infocomms, electronics, fintech and e-commerce, we can secure our place in the global competition. By positioning Singapore as an effective exchange, hub and facilitator to trades in terms of financing, Singapore can continue to draw investments and transaction activities. As long as Singapore's legal framework, transparency, sense of safety and stability are intact, we will remain the oasis in the world.

Liz Kim General Manager Philip Morris, Singapore

Singapore is already in a strong place. Businesses seek a safe harbour amid a shifting and less predictable geopolitical environment. To keep attracting investments, Singapore can continue to foster a truly agile and innovative environment where regulations keep pace with innovation, and businesses can grow safely and predictably while future-proofing their resources.

Singapore's firm commitment to maintaining an open economy, the rule of law and sanctity of contracts will also shape business considerations, particularly in a deteriorating global economic climate which leads to increasing caution.

Decisive leadership, clear policies and constructive engagement with industry and society should remain priorities to help businesses make long-term plans and commit to organisational growth. These valuable ingredients combined can help ensure sustainable economic and investment growth.