Singapore = East + West plus

Country will rely on its unique qualities in new approach to grow the economy

The Straits Times, April 20, 2007
By Lynn Lee



SINGAPORE intends to take a new approach to how it grows the economy and cements its place in the world.

It needs to do more than rely on a strategy of embracing foreign investments and technology from West and East, offering an educated workforce and political stability, among other things.

This approach has worked so well that other countries are now following it - and have the added advantage of lower cost, Defence Minister Teo Chee Hean noted yesterday.

'Competition is intensifying. What this means is that Singapore cannot simply stay with the 'East plus West' formula,' he said at the ninth meeting of the Economic Development Board's International Advisory Council.

'Singapore must offer 'East plus West' plus.'

The council, which Mr Teo chairs, comprises 17 top corporate chiefs from the United States, Europe and Asia.

Thirteen are now here for discussions on Singapore's growth strategies, including how it can best ride the boom taking place in Asia.

The 'plus' that Mr Teo referred to are qualities unique to Singapore.

These include the trust others have in Singapore's ability to get things done; its knowledge base; its global network of transport and people links; and the high standard of living it offers to those who make their homes here.

'To put it in simpler terms, trust is why people come to us; knowledge will be why they work with us; connected is why people team up with us. And life will be why they stay with us,' Mr Teo said.

Singapore will bank on these attributes, and use them to export its expertise to the world - and draw the world's talent and investments here.

This is already being done in some areas, for example, in the moves to become hubs for education and health care.

The approach has been dubbed World.Singapore, said Mr Teo.

With World.Singapore, the Government is, in effect, re-orientating itself to ensure a steady stream of growth-generating ideas.

Nineteen civil service teams have already been set up for this purpose.

Civil Service head Peter Ho said civil servants can no longer remain mere 'problem solvers'. They need to be 'opportunity seekers'.

'Their job is not just to regulate, minimise problems and protect the public interest; they also have a duty to identify new opportunities and seek out new areas of growth for Singapore,' he said in an interview.

One team, for instance, is looking at how to build on Singapore's efforts to export the public sector's know-how and capabilities.

Other teams are looking at creating a unique living space here, and wooing international organisations.

As Mr Teo saw it, how Singapore defines itself when moving forward will not be on the basis of economic advantage but on 'intangibles'.

These include respect for intellectual property, IT competency, high education standards and a diversity of cultures, for instance - qualities that already define Singapore to the world.

'These are things we'll have to compete on in the future, things which are difficult for other countries to replicate in a short span of time,' said Mr Teo.

At the same time, these intangibles would also need to be delivered to Singaporeans. This would be in the form of better education and a nicer living environment.

Council member John M. Allan, chief executive of DHL Logistics, was keen to hear views and to contribute ideas to this new growth strategy.

'One of Singapore's strengths is its ability to re-examine its formula and tweak it and improve it,' he noted.

'Its other strength has always been the ability to turn ideas into action.'