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‘Good governance and leadership’ among essential ingredients for S’pore’s future

SINGAPORE — To continue to thrive, Singapore will need the “critical ingredients” of having a clarity of values, good governance and leadership, as well as high levels of social and cross-cultural capital, said Finance Minister Heng Swee Keat.

To continue to thrive, Singapore will need the “critical ingredients” of having a clarity of values, good governance and leadership, as well as high levels of social and cross-cultural capital, said Finance Minister Heng Swee Keat. Photo: Igor Ovsyannykov/Unsplash.com

To continue to thrive, Singapore will need the “critical ingredients” of having a clarity of values, good governance and leadership, as well as high levels of social and cross-cultural capital, said Finance Minister Heng Swee Keat. Photo: Igor Ovsyannykov/Unsplash.com

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SINGAPORE — To continue to thrive, Singapore will need the “critical ingredients” of having a clarity of values, good governance and leadership, as well as high levels of social and cross-cultural capital, said Finance Minister Heng Swee Keat.

These factors are essential as the Republic approach the future as an “adaptive challenge”, which in contrast to a technical problem, requires “much more fundamental changes, in how we think and interact with others, and self-reflection, to clarify our own values and those around us”.

Speaking at The Straits Times Global Outlook Forum on Tuesday (Dec 5), Mr Heng reiterated that in order to provide the foundation for good governance, Singapore needs to build up its social and cross-cultural capital.

Social capital involves the trust that the public has in its leaders, as well as trust in each other. “Trust that as fellow Singaporeans, we will support one another as a community, and make personal sacrifices for the mutual good,” Mr Heng said.

Mr Heng noted that this “togetherness” featured prominently during the Our Singapore Conversation exercise which he had led a few years ago. The sense of identity was also felt strongly when Singapore celebrated SG50 together in 2015, he said.

Nevertheless, Singapore should go beyond building domestic social capital. As a small nation, Singapore has “thrived on being an open and constructive player on the international stage”, Mr Heng said.

“We must continue to stay open, and build the cross-cultural social capital and relationships that will allow us to harness the benefits of globalisation,” he added.

Forging deep linkages with other countries was among the strategies proposed by the Committee on the Future Economy (CFE). Mr Heng, who co-chaired the CFE, reiterated that individuals, firms and the Government “must continue to build strong ties with our overseas counterparts, seek opportunities in new markets, and encourage the exchange of ideas and innovations”. He said: “Only then can we create a better life for others and for ourselves.”

On the other factors which Singapore need, Mr Heng said having a clarity of values provides Singapore with the compass “to navigate an uncertain future”.

“What do we stand for? What kind of society do we wish to build?” he said. “For us, it is to build a fair and just society.”

There is also a need for good governance and leadership at all levels of society, be it in the private, public or people sectors, Mr Heng said. The failure to achieve this would lead to severe consequences, such as a loss of trust, a divided people, and an insular society that loses its ability to adapt and innovate, he added.

Stressing that the future will be unpredictable, Mr Heng said the Government has to take the long-term view, in order to “create the conditions for our people to have the strengths, opportunities, and space” to pursue their aspirations.

Adding that the economic performance is key, Mr Heng noted the medium term major changes which will take place in the world, such as the rise of China, India and the Asian region, improved trade connectivity between Europe and Asia, as well as “shifting attitudes over whether countries should trade or close their doors to the world”.

There will also be advances in technology which can take away some existing jobs, but at the same time, help workers to do their jobs better, and create new jobs, Mr Heng said.

Singapore’s ageing population, which would result in a shrinking workforce and a decline in economic growth, is also “a very important factor shaping whether we can make a good living”. To that end, it would require a “concerted effort” from everyone to identify roles that play to the strengths of more experienced seniors, raise the productivity of an older workforce, as well as grow the economy through innovation and internationalisation.

Mr Heng also touched on the safety and security concerns. Citing the threats of terrorism, cybersecurity risks and regional tensions, he warned that Singaporeans “will not have a home in which to live good lives”, if they fail to respond effectively in the event that “violence, division, and hatred are brought onto our shores”. Climate change could also be a wildcard which impacts people’s lives, he noted.

Stressing that Singapore has done well so far, Mr Heng reiterated that come what may, the country “cannot turn in from the world, or turn away from one another”. He said: “Instead, we should stay open and connected to the world, and stay united as one people. We must continue to have confidence in our ability to do this together.”

 

 

 

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