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NEW ECONOMIC STRATEGY
Singapore's growth up to now has primarily been investment-driven.
This has taken our prosperity to an extraordinary level. But
looking into the future, there are limits to how much more
we can rely on such a strategy.
First, our wages and rentals are already higher than those
in other countries competing for the same investments.
Secondly, there is an imbalance between our export sector,
driven mainly by MNCs, and our domestic sector. Our export
sector is competitive, but our domestic sector is not.
Thirdly, our exports are dominated by one industry - electronics.
This makes us vulnerable to changes in external demand.
Fourthly, our immediate region is in a state of flux, and
will remain so for some years.
We need to respond to these challenges. Tonight, I would
like to outline five key thrusts that will propel our new
economic strategy.
First, be global. Reach out to new markets in our region
and beyond.
Next, create an enterprising Singapore. We need more Singaporeans
to strike out in business, and be more ready to take risks.
Thirdly, be more innovative. We should look for our own ideas,
rather than merely copying the ideas of others.
Fourthly, restructure our economy, to make our export and
domestic sectors more competitive.
And last, enlarge our pool of human capital and raise its
quality.
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