DPM Teo: S’pore must evolve to sustain growth

SINGAPORE ­— Singapore has to position itself where it can add the most value, and evolve with changing circumstances, as Asia’s growth and the rising affluence of its growing middle class presents immense business opportunities, said deputy prime minister Teo Chee Hean at the Singapore International Chamber of Commerce Annual General meeting this afternoon.

DPM Teo said that Singapore has been serving as a useful base for global businesses looking to make inroads for Asia, and similarly the first port of call for fast growing Asian businesses who are looking to expand to the region and beyond.

But, he said: “As a maturing economy, Singapore cannot rely on a linear increase in labour, land, or resources such as energy, to grow our economy. To achieve sustainable growth, Singapore will continue to move towards higher value added activities and innovation.”

This will be anchored on four key attributes of Singapore’s business environment - trust, knowledge, connectivity and liveability, he said.