mr funny
25-04-07, 14:10
Extradition treaty won't harm Singapore banks, property: MM
By Lee U-Wen, TODAY | Posted: 25 April 2007 1018 hrs
The agreement between Singapore and Indonesia to sign an extradition treaty will not scare wealthy Indonesians away from Singapore, nor will the pact harm the Republic's banking and property sectors.
Making these points yesterday, Minister Mentor Lee Kuan Yew said the treaty — to be signed in Bali on Friday — would, rather, "act as an inhibitor".
"It's laughable. Do you believe that any Indonesian who was likely to be extradited would be here at all? (The treaty) acts as an inhibitor, and does give an extra barrier for any would-be escapee from their system," he said in an interview with Reuters before gracing the opening of its new office at One Raffles Quay.
It was late on Monday when both countries reached an agreement on the treaty and the Defence Cooperation Agreement, after years of discussions.
At a dialogue yesterday with business and financial market leaders, Mr Lee said: "The Indonesians are not babes in the woods, and neither are we. They know that before an Indonesian can come to Singapore, they must go through their customs and immigration. If he doesn't get through with a passport, how can he come to Singapore?"
Meanwhile in Jakarta, Indonesian Foreign Minister Hassan Wirayuda said he was hopeful the treaty would lead to the arrests of a number of officials and business figures accused of corruption during former President Suharto's regime, and who had fled and parked their money in Singapore.
Mr Lee stressed that Singapore's financial sector was "not built up on Indonesian money". He added: "We have, today, handled about $720 billion in funds. They come from not just the immediate region but now from India, the Gulf, some from China, some from Europe. Indonesian money is no more than 2 to 3 per cent of it."
During the lively 50-minute dialogue, Mr Lee touched on a range of issues, but a question on global warming drew a passionate response from him. One participant had sought his views on how Singapore, despite its reputation as a green city, had a significantly high per-capita amount of greenhouse gas emissions.
Putting that view into the proper perspective of Singapore's position as a manufacturing base for many multinational companies with large operations, Mr Lee added: "Global warming is a threat to humanity. We are a small part of it, but we must do our best ... As we move from big industries to smaller ones (like) electronics, pharmaceuticals, services, I think the (emissions) ratio will go down. I'm a big believer that we have to be part of the movement."
With sea levels rising due to global warming, the world had "left it too late", said Mr Lee. "There are times, I feel the human mind ... has not caught up with reality."
The Minister Mentor also touched on the rising number of Singaporeans living, working and studying abroad, currently standing at 150,000. He estimated this figure would double to 300,000 in 10 years.
"Singaporeans don't like to travel, they like the comforts and security of home. But the attractions are now elsewhere. How can you turn away doubling or trebling your net income?" he said.
As the Singapore economy continues to prosper, concerns remain about the high cost of living and doing business here, noted one participant. In response, Mr Lee said many recent reports had painted Singapore as "the place to be", leading to a sudden spike in demand for office space and manpower, among other things.
"This is a temporary phase ... Rents are cyclical. They will come down. We are not Hong Kong, and we know that. We just cannot afford to let (rental rates) become astronomical," he said. - TODAY/ra
By Lee U-Wen, TODAY | Posted: 25 April 2007 1018 hrs
The agreement between Singapore and Indonesia to sign an extradition treaty will not scare wealthy Indonesians away from Singapore, nor will the pact harm the Republic's banking and property sectors.
Making these points yesterday, Minister Mentor Lee Kuan Yew said the treaty — to be signed in Bali on Friday — would, rather, "act as an inhibitor".
"It's laughable. Do you believe that any Indonesian who was likely to be extradited would be here at all? (The treaty) acts as an inhibitor, and does give an extra barrier for any would-be escapee from their system," he said in an interview with Reuters before gracing the opening of its new office at One Raffles Quay.
It was late on Monday when both countries reached an agreement on the treaty and the Defence Cooperation Agreement, after years of discussions.
At a dialogue yesterday with business and financial market leaders, Mr Lee said: "The Indonesians are not babes in the woods, and neither are we. They know that before an Indonesian can come to Singapore, they must go through their customs and immigration. If he doesn't get through with a passport, how can he come to Singapore?"
Meanwhile in Jakarta, Indonesian Foreign Minister Hassan Wirayuda said he was hopeful the treaty would lead to the arrests of a number of officials and business figures accused of corruption during former President Suharto's regime, and who had fled and parked their money in Singapore.
Mr Lee stressed that Singapore's financial sector was "not built up on Indonesian money". He added: "We have, today, handled about $720 billion in funds. They come from not just the immediate region but now from India, the Gulf, some from China, some from Europe. Indonesian money is no more than 2 to 3 per cent of it."
During the lively 50-minute dialogue, Mr Lee touched on a range of issues, but a question on global warming drew a passionate response from him. One participant had sought his views on how Singapore, despite its reputation as a green city, had a significantly high per-capita amount of greenhouse gas emissions.
Putting that view into the proper perspective of Singapore's position as a manufacturing base for many multinational companies with large operations, Mr Lee added: "Global warming is a threat to humanity. We are a small part of it, but we must do our best ... As we move from big industries to smaller ones (like) electronics, pharmaceuticals, services, I think the (emissions) ratio will go down. I'm a big believer that we have to be part of the movement."
With sea levels rising due to global warming, the world had "left it too late", said Mr Lee. "There are times, I feel the human mind ... has not caught up with reality."
The Minister Mentor also touched on the rising number of Singaporeans living, working and studying abroad, currently standing at 150,000. He estimated this figure would double to 300,000 in 10 years.
"Singaporeans don't like to travel, they like the comforts and security of home. But the attractions are now elsewhere. How can you turn away doubling or trebling your net income?" he said.
As the Singapore economy continues to prosper, concerns remain about the high cost of living and doing business here, noted one participant. In response, Mr Lee said many recent reports had painted Singapore as "the place to be", leading to a sudden spike in demand for office space and manpower, among other things.
"This is a temporary phase ... Rents are cyclical. They will come down. We are not Hong Kong, and we know that. We just cannot afford to let (rental rates) become astronomical," he said. - TODAY/ra