S'pore has reason to be quietly confident despite downturn, says PM LeeBy Hoe Yeen Nie, Channel NewsAsia Posted: 30 April 2009 1839 hrs
SINGAPORE: Even as the world financial crisis deepens, Prime Minister Lee Hsien Loong said Singapore has reason to be quietly confident. In his May Day message on Thursday, Mr Lee said the country must use this crisis to prepare for a different and more competitive world.
Over the years, Singapore has prospered by servicing Asia and the world, and in this time of global uncertainty, the country must stay open to the world by embracing competition, instead of shying away from it. The prime minister said the downturn is an opportunity for Singapore to attract the best talents from around the world and to upgrade knowledge and skills of its workforce. Mr Lee also sounded a note of optimism about Singapore's economic strengths. He said its banking system is sound, wages are flexible and many jobs are still available. Besides employment opportunities in upcoming projects within the tourism industry, Singapore's economic agencies are also continuing to bring in foreign businesses, while helping Singapore companies to sniff out new opportunities overseas. "In Singapore, our response to the crisis has been rational and constructive. Unions, employers and government are working together to find practical solutions to explain to Singaporeans what is happening and what we must do to see through the downturn," said Mr Lee.
He called on employers to cut costs to save jobs and to see retrenchment only as a last resort. At the same time, Mr Lee added that workers, too, can play their part by managing expectations.
They should upgrade their skills to help ensure a more productive and competitive labour force to better deal with economic recovery when it comes.
- CNA/so
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