For sustainable growth, Singapore can’t just do more of the same: DPM Teo

SINGAPORE — The Republic has to not only strengthen its track record of trust, knowledge, connectivity, and liveability to attract global companies to set up shop in the country, but must also position itself where it can add most value, said Deputy Prime Minister Teo Chee Hean.

“To achieve sustainable growth, Singapore cannot simply continue to do more of the same, or to put in more resources in a linear fashion,” said Mr Teo, who was speaking at an annual scholarship award ceremony for the Economic Development Board (EDB) today (July 21).

The challenge for EDB, he said, is to move towards higher value-added activities and innovation, to capture new opportunities and create good jobs for Singaporeans. EDB officers are “working behind the scenes” to help ensure Singaporeans are equipped with the right skills to take up future jobs, Mr Teo said.

Together with the Human Capital Leadership Institute, EDB is launching a Global-Asia Leadership Accelerator Programme for young executives, which will groom business leaders who can drive growth in Asia for companies.

Six young Singaporeans were awarded scholarships at the ceremony today — four from Raffles Institution and one each from Dunman High School and Hwa Chong Institution. They will be pursuing undergraduate degrees in either Engineering or Economics in the United States or United Kingdom. CHANNEL NEWSASIA