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SINGAPORE: Singapore will continue to provide a business-friendly environment for international companies and workers to operate, while ensuring a fair and equitable playing field for Singaporeans, Trade and Industry Minister Chan Chun Sing said in a Facebook post on Friday (Oct 2). .
Mr. Chan made the remarks after a dialogue organized by the Singapore Business Federation (SBF), which he attended with key representatives from 16 foreign commercial chambers on Thursday.
In the dialogue, participants exchanged views on the challenges faced by their members and discussed the prospects for Singapore’s business environment, SBF said in a press release.
Mr. Chan noted that the issue of foreign labor and the role they play in Singapore’s economy has “attracted a lot of attention” in recent months and that it “has not gone unnoticed by our international business community.”
Some community members have been “increasingly concerned that the rhetoric means Singapore is going to take a less open and inclusive approach to foreign investment and labor in the future,” Chan said.
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Responding to these concerns, Mr. Chan assured that Singapore remains committed to being open and connected to the world.
“We recognize the role that international companies and workers have played in the growth of Singapore’s economy and we intend to continue to ensure that we provide a business-friendly environment in which they can operate,” Chan said.
However, Chan also said that anxiety among Singaporeans about their future needs to be addressed given the current circumstances.
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“It is important that we work together to support our Singaporean workers and assure them that we will always provide a fair and equitable playing field,” said Mr. Chan.
In this regard, he welcomed the commitment of international chambers of commerce to develop their workforce in Singapore and to respect fair recruitment practices.
SBF said in its press release that the vast majority of Singapore-based multinational corporations (MNCs) have implemented a systematic transfer of skills and knowledge from foreign employees to Singaporeans over the years.
These efforts will continue as companies seek to boost local workforce training and continue to develop local talent and locate more jobs over time, SBF said.
Chan also encouraged participants to showcase these efforts, SBF said, adding that this would allow more people “to better understand the role that foreign companies and global talent play in the development and growth of our economy and our workforce.”
