Succession notice will inspire business confidence
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IF THERE is one thing that all businesses like, apart from profit, it would be certainty. It is arguably a key reason why Singapore has continued to attract investors over the decades as one of the region’s foremost hubs of commerce – by offering stability, predictability and consistency where these matter, whether it’s rule of law or politics.
Prime Minister Lee Hsien Loong’s announcement on Sunday (Nov 5) about his planned handover of the reins should also be seen in that light, as much as it is, in and of itself, undoubtedly a matter of great interest to all Singaporeans. By giving the nation a one-year heads-up on when he intends to pass the baton to his successor, PM Lee is not only helping Deputy Prime Minister Lawrence Wong and the 4G team, and Singaporeans, to ease into the transition, but he is also serving notice about Singapore’s political succession and continuity – a move that is likely to further inspire business confidence in the city-state.
That is not to say, however, that the transition will be an easy one; DPM Wong certainly has his work cut out for him, given the increasingly complex political landscape and multifarious challenges confronting Singapore, domestically and on the external front. Wong too is deeply cognisant of the challenges, and has spared no effort to remind Singaporeans of the importance of unity in a world that is more dangerous than ever. Growing global geopolitical tensions have spurred anxiety over national security, while the need to de-risk has weakened free trade and renewed protectionist tendencies. Furthermore, attitudes and sentiments about these global developments have led to polarising views, which could well create fissures even among Singaporeans.
It is against this backdrop that Wong and his 4G team set out on a 16-month citizen engagement exercise to build a vision of Singaporeans’ “shared future”. The final 180-page report that marks the end of the Forward Singapore exercise spells out seven key policy shifts that the government will take, offering strong clues on how the future leadership could take shape. These shifts reflect the zeitgeist of the current climate while building on the work of the 3G government, ensuring political continuity.
However, the work needed to translate some of these shifts into actual policy is likely to be difficult and will require buy-in from all segments of Singapore society.
For a highly meritocractic society that has traditionally valued and lauded academic diligence and excellence, a key thrust of the policy shifts relates to looking beyond grades and embracing more diverse definitions of success, as well as reducing income inequality.
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It is an aspiration that resonates with many Singaporeans, one that would hopefully remove the ultra-competitive edge and pernicious effects of the rat race – but it’s also a goal that has surfaced for years now, with slow progress. To be sure, this is hardly an issue that is unique to Singapore, but spurring meaningful changes to people’s mindsets and subsequently their actions is not going to happen overnight. Nonetheless, Singaporeans may find comfort in knowing that the 4G team is making a statement of commitment to foster greater fairness and inclusivity and, not least, that the PM-designate has declared that he’s ready for his “next assignment”.
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