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At a time when protectionist sentiment is increasing globally, Singapore must remain open to the world to attract investment and create good jobs for Singaporeans, said Trade and Industry Minister Chan Chun Sing.
One factor that has influenced the expansion of multinational companies here is the network of free trade agreements (FTAs) that Singapore has with major trading partners.
These FTAs help create good jobs for Singaporeans, Chan said, citing how resident workers employed as professionals, managers, executives and technicians (PMETs) increased from 1.12 million in 2014 to 1.3 million last year. During this period, the proportion of PMET among employed residents increased from 53% to 58%.
His comments, in an interview with The Sunday Times and Lianhe Zaobao on Friday, come as sentiments against foreigners and FTAs are turning sour as the recession deepens. Some critics of the FTAs have said that the pacts favor foreigners.
He said the anxiety Singaporeans feel about work is understandable.
Citizens continue to have the highest priority for employment, Chan stressed, adding that the real problem is not the number of foreigners, but a weak economy that worries everyone.
The government will help “by doing everything possible” to attract investment and create good jobs, he said.
He added that while short-term measures include financial support for companies, training programs and job matching, there is a longer-term challenge: helping Singaporeans succeed in a hyper-competitive post-Covid-19 world.
“The issue of foreigners must be seen in this context,” he said.
In the interview, Mr. Chan explained three aspects of Singapore’s position that foreign labor complements a core of citizens.
First, there must be fairness and zero tolerance for discrimination of any kind, and tough measures have been taken against companies with hiring bias.
FAIR PLAYING FIELD
I don’t think Singaporeans are afraid to compete. I have full confidence in his ability to compete. All they ask is a fair playing field and strengthening local development efforts. We will make sure to do this.
MR CHAN CHUN CANT
Two, diversity matters, and companies should avoid hiring from a single home country.
Third, localization (the transfer of skills to develop a local talent stream) is key, and many Singaporeans have benefited from and taken on leadership roles in multinationals.
At a time when some countries are reassessing the benefits of FTAs, this is not the time to take a wrecking ball with the pacts Singapore has signed, Chan said.
The web of free trade agreements is greater than the sum of its parts, because no investor in Singapore plans to serve only one external market, he said. Therefore, the more LAC Singapore has, the more competitive it will be in attracting investment and creating jobs.
This is especially critical since Singapore is a city-state without a natural interior, he added. “We have to create what we call a man-made competitive advantage … this applies to all of our FTAs.”
He acknowledged that it is difficult for many Singaporeans to understand that their companies directly or indirectly serve these markets. But, he said, “individually, bilaterally, each and every one of the FTAs adds to the network effect.”
Of Singapore’s 25 FTAs, the Comprehensive Economic Cooperation Agreement (Mint) has often been a target for critics who say it opened the floodgates for Indian nationals to enter Singapore.
Chan noted that Ceca does not grant Indian nationals unconditional access to Singapore or immigration privileges. Like all other foreigners, they must meet Singapore’s current job approval criteria, among others.
“We must never give up our rights to enforce our own rules, especially when it comes to immigration and citizenship,” he said.
And while the concentration of certain nationalities in high-growth sectors, such as information and communications technology and professional and financial services, is determined by the choice of sectors Singapore wants to grow, Chan said, a mass is required. criticism of qualified people and hence a certain number of foreigners.
But Singaporeans are being trained and given a fair playing field to compete for, he added.
He noted that as global supply chains reorganize and companies rethink their global footprint, Singapore must aim to gain not only high-value-added activities, but also critical parts throughout the value chain.
“Making money and creating good jobs is not enough; all of that is still necessary, but not enough. We need critical pieces that others cannot easily overlook.”
Reassuring Singaporeans about their place in the sun, Chan said: “I don’t think Singaporeans are afraid to compete. I have full confidence in their ability to compete.”
“All they are asking for is a fair playing field and strengthening local development efforts. We will make sure we do this, and this is what we will do for the next generation.”
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