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24-02-07, 15:52
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Published February 24, 2007
S'pore can move into upper half of First World in 10-20 years
Next 5 years will be good for growth, says MM Lee
By DANIEL BUENAS
(SINGAPORE) The next five years will be good for Singapore and the country can raise itself into the 'upper half' of the First World in the next 10-20 years, Minister Mentor Lee Kuan Yew said last night.
Speaking at the Tanjong Pagar GRC Lunar New Year Celebration Dinner, he said Singapore has been growing 'two extra wings' for its economy. It has deepened ties with the US and Japan through free trade agreements, and enhanced ties eastward and westward with China, Vietnam, India and the Gulf Arab states.
'Our GLCs, many small and medium enterprises and many hundreds of Singapore's architects, engineers, accountants, lawyers and executives are now doing business in these countries,' he said. 'Barring accidents, the next five years will be good for growth.'
Singapore has moved from the Third World to the 'lower half of the First World', Mr Lee told an audience of 1,600 grassroots leaders, residents and guests. 'Now, we can move into the upper half of the First World. We can do this in the next 10-20 years.'
The rest of the world has noticed that Singapore is changing, he said. The work style and life style of Singaporeans are changing. The country's social and cultural life is becoming more vibrant. The night scene has been transformed. And the landscape will change.
'The next stage after clean and green Singapore is a vibrant city with clean water and gardens everywhere,' Mr Lee said. 'This will be done in your lifetime.'
The Singapore of the 1980s is in the past, he said. After the integrated resorts open by 2010, tourist numbers are expected to grow to 17 million by 2015. 'Coins will jingle in all pockets.' But with more jobs available for Singaporeans, employers must make a special effort to employ older people.
As part of Singapore's transformation, the government has studied global cities such as Paris, London and New York, which each have their own unique strengths and qualities, Mr Lee said. 'Singapore must incorporate their best features in a tropical version.'
But to grow, Singapore must attract investments. Because without economic growth and higher incomes, the country will face increasing social problems and decline.
'So we have to keep our corporate income tax and personal income tax low,' he said. 'And we must make Singapore a great place to live in and bring up children. This is the way to attract investments from the most advanced countries.'
Mr Lee noted that many Singapore businesses have expanded abroad, and that the country's foreign earnings have grown as these activities expanded.
Many Singaporeans, too, are working overseas. Although there is no definitive number, there could be more than 140,000, or 230,000 including permanent residents, he said.
'We must maintain our links with Singaporeans who have ventured abroad and are increasing their earnings and those of Singaporean companies.'
Published February 24, 2007
S'pore can move into upper half of First World in 10-20 years
Next 5 years will be good for growth, says MM Lee
By DANIEL BUENAS
(SINGAPORE) The next five years will be good for Singapore and the country can raise itself into the 'upper half' of the First World in the next 10-20 years, Minister Mentor Lee Kuan Yew said last night.
Speaking at the Tanjong Pagar GRC Lunar New Year Celebration Dinner, he said Singapore has been growing 'two extra wings' for its economy. It has deepened ties with the US and Japan through free trade agreements, and enhanced ties eastward and westward with China, Vietnam, India and the Gulf Arab states.
'Our GLCs, many small and medium enterprises and many hundreds of Singapore's architects, engineers, accountants, lawyers and executives are now doing business in these countries,' he said. 'Barring accidents, the next five years will be good for growth.'
Singapore has moved from the Third World to the 'lower half of the First World', Mr Lee told an audience of 1,600 grassroots leaders, residents and guests. 'Now, we can move into the upper half of the First World. We can do this in the next 10-20 years.'
The rest of the world has noticed that Singapore is changing, he said. The work style and life style of Singaporeans are changing. The country's social and cultural life is becoming more vibrant. The night scene has been transformed. And the landscape will change.
'The next stage after clean and green Singapore is a vibrant city with clean water and gardens everywhere,' Mr Lee said. 'This will be done in your lifetime.'
The Singapore of the 1980s is in the past, he said. After the integrated resorts open by 2010, tourist numbers are expected to grow to 17 million by 2015. 'Coins will jingle in all pockets.' But with more jobs available for Singaporeans, employers must make a special effort to employ older people.
As part of Singapore's transformation, the government has studied global cities such as Paris, London and New York, which each have their own unique strengths and qualities, Mr Lee said. 'Singapore must incorporate their best features in a tropical version.'
But to grow, Singapore must attract investments. Because without economic growth and higher incomes, the country will face increasing social problems and decline.
'So we have to keep our corporate income tax and personal income tax low,' he said. 'And we must make Singapore a great place to live in and bring up children. This is the way to attract investments from the most advanced countries.'
Mr Lee noted that many Singapore businesses have expanded abroad, and that the country's foreign earnings have grown as these activities expanded.
Many Singaporeans, too, are working overseas. Although there is no definitive number, there could be more than 140,000, or 230,000 including permanent residents, he said.
'We must maintain our links with Singaporeans who have ventured abroad and are increasing their earnings and those of Singaporean companies.'