Singapore will remain competitive amid restructuring: Lim Hng Kiang
- POSTED: 05 May 2014 18:27
- UPDATED: 06 May 2014 17:04
Singapore must continue its move towards delivering higher value-added activities and innovative capabilities to stay competitive, said Minister for Trade and Industry Lim Hng Kiang.
SINGAPORE: Singapore must continue its move towards delivering higher value-added activities and innovative capabilities to stay competitive, said Minister for Trade and Industry Lim Hng Kiang on Monday at a Europe Day lunch event.
Mr Lim said that quality growth is needed to keep Singapore’s economy vibrant and create good jobs for locals.
He added that despite the current rising cost environment, Singapore will ensure it maintains its strong business fundamentals and conducive regulatory environment to attract investors.
Mr Lim also highlighted the importance of Singapore's connectivity in giving firms the flexibility to source inputs from various countries and attracting them to set up regional operations in the country.
To this end, Singapore is working towards establishing the Regional Comprehensive Economic Partnership and Trans-Pacific Partnership (TPP).
This is in addition to the 20 existing regional and bilateral Free Trade Agreements (FTAs).
One of the most recent FTAs launched is the EU-Singapore FTA,
Initialled last September, Mr Lim said the EU-Singapore FTA can give a boost to economic ties between ASEAN and the EU, and pave the way towards an eventual EU-ASEAN FTA.