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SINGAPORE – Singapore will remain open to top international talent as it seeks to maintain its status as the preferred economic hub amid the changes triggered by Covid-19, Trade and Industry Minister Chan Chun Sing said on Tuesday (September 8).
“We aspire to be the critical node in the value chains, production chains and supply chains of global companies, where we add value, serving not only as a place to trade,” he said during a webinar organized by Standard Chartered Bank titled Singapore – The global hub and gateway to Asean.
One way is “to attract international talent in a calibrated way, as (the Republic) has always done,” Chan said in his opening speech.
He acknowledged that companies were concerned about the recent scrutiny of foreign talent and assured firms that the tightening of foreign worker policies by the Republic is not “a sign that we are rejecting the best international talent.”
“Our foreign worker policy will increasingly be geared towards quality rather than quantity,” he added.
Chan said: “This scrutiny is not unique to Singapore. All countries facing an economic slowdown and a recession will have elements that challenge the balance between locals and foreigners in the labor market.”
“Let me be clear: we want the best and the brightest in the world to be with the Singapore team, to increase our skills and capabilities, competing on our side rather than against us and ultimately to benefit Singaporeans, not to replace or damage them, “he added.
But “we take discriminatory hiring practices seriously,” Chan said, adding that companies, regardless of size or nationality, must play their part in building Singapore’s workforce and give Singaporeans a fair chance. in the same job opportunity as a foreigner. .
Keeping its ports, both sea and air, open to the world, investing in their digital and physical connectivity, and pursuing its efforts to transform its economy are other ways Singapore will use to maintain its status as a global hub.
Chan said the Republic has been progressively and safely opened up on the travel front to allow for more business and leisure travel experiences.
Singapore will also continue to invest in the construction of its fifth airport terminal, the Tuas megaport and regional developments such as the Sungei Kadut Eco-District and the Greater Southern Waterfront, Chan said.
The Republic will also forge stronger alliances with the world through free trade agreements, digital economy agreements, and network alliances, among other measures, to access regional and global opportunities.
Another approach is to develop capabilities “that are difficult to replace, to allow Singapore to adapt and become more competitive in a Covid-19 world” through industry transformation maps and SkillsFuture, Chan said. Transformation roadmaps have been developed to foster technology innovation among companies under a $ 4.5 billion program, while SkillsFuture is a national movement to change the way people view skills, jobs, and learning.
He noted that Covid-19 has accelerated companies’ reviews of their organizational process and technology has redefined what it means to be a hub in the global economy.
This has raised questions such as the need to relocate employees around the world when workers can log in online from anywhere to work, he said.
Some companies have chosen to respond with a single global headquarters, accompanied by several smaller specialized nodes, while others have relocated their supply chains closer to the demand markets for the products, he added.
Chan said: “The digital nature of work during Covid-19 has removed geographic and physical boundaries, and made a stronger case for digitizing and virtualizing business models.
“We are likely to see further reorganization of global supply and value chains.”
Chan added that investors have so far chosen to invest in the Republic because Singapore has a stable government, a clear rule of law, and a rich and diverse ecosystem of innovation, talent and digital connectivity.
These characteristics help companies to be successful, no matter where they are or their size, and the Republic will continue to build on such strengths amid Covid-19, Chan said.
“We don’t take (our current hub status) for granted. We know the competition is tough. If we don’t adapt to the changing nature of the way businesses operate, we will easily be bypassed,” Chan said.
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