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SINGAPORE – Foreign chambers of business in Singapore are concerned that the recent rise in anti-foreign sentiment and scrutiny over the role of foreign labor could negatively affect future investments by the global business community.
Representatives of 16 foreign chambers, including the American Chamber of Commerce in Singapore and the International Chamber of Commerce of Singapore, expressed these concerns to the Minister of Commerce and Industry, Chan Chun Sing, on Thursday (October 1) during a dialogue hosted by the Singapore Business Federation (SBF). ).
They noted that it is Singapore’s stable and predictable business environment, as well as connectivity and openness, that has encouraged many of its members to establish their regional headquarters and operations here.
But the recent surge in anti-foreign sentiment could give the “wrong impression” to the international business community that Singapore was closing itself off to foreign investment and global talent.
Foreign chambers highlighted to Mr. Chan during the dialogue that Singapore continues to need global talent to supplement the local workforce so that it can meet the needs of the changing economy.
Chan wrote in a Facebook post on Friday that he assured them that Singapore remains committed to being open and connected to the world.
“This will never change,” he said. “We recognize the role that international companies and workers have played in the growth of the Singapore economy and we intend to continue to ensure that we provide a business-friendly environment in which they can operate.”
But, he added, Singaporeans are increasingly anxious for their future in these unprecedented times.
“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,” the minister said.
“In this regard, I was very encouraged by the assurance from international chambers of commerce that their members were deeply committed to developing their workforce in Singapore and would continue to adhere to fair hiring practices.”
SBF CEO Ho Meng Kit said in a statement that the issue of foreign talent is central to Singapore’s development and that the country has been able to earn a living because it is open and relevant to the world.
“Is there a change of orientation? We do not believe that Singapore is becoming isolationist as some economies have become. It is good to hear from Minister Chan that this is not the case,” he added.
He also urged foreign chambers, which gave “many examples of their members’ efforts to develop the core of Singapore”, to publicize their efforts and engage the community.
“All of this will help square the debate on how our foreign companies are here to add to the economy and not to detract from it,” Ho said.
CALL FOR BUSINESS TRIPS TO RESUME
During the dialogue on Thursday, foreign chambers also urged the government to promote the opening of borders with more countries, so that business trips can resume.
They also called for the Business Travel Pilot Pass to be extended to more companies and employees, and for the Government to move from a stay-at-home notification (SHN) regime to a trial regime with a shorter SHN for business travelers. .
Chan said the government understood the need for business travel and will continue to push for the borders to be opened in a safe manner, balanced with health and safety concerns.
But to do so, mutual consensus between countries is necessary to establish bilateral travel agreements, and sharing information between governments about their local Covid-19 situations would better facilitate the resumption of travel, Chan said.
Foreign chambers also said they support further relaxation of safe management measures to support business recovery and awaited details on the reopening of phase three.
They also expressed appreciation for Singapore’s handling of the Covid-19 situation and the support that has been provided to businesses, SBF said.
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