Channel NewsAsia

Singapore must evolve to sustain growth: DPM Teo

As Singapore’s economy matures, the country cannot rely on a linear increase in labour, land, or resources to grow its economy, Mr Teo says.

SINGAPORE: The Republic 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 on Friday (June 20).

Speaking at the annual general meeting of the Singapore International Chamber of Commerce, Mr Teo said Singapore has served as a useful base for global businesses looking to make inroads into Asia. Similarly, the Republic is the first port of call for fast-growing Asian businesses which are looking to expand to the region and beyond, he said.

But as Singapore’s economy matures, the country “cannot rely on a linear increase in labour, land, or resources such as energy to grow our economy”. To achieve sustainable growth, Singapore has to move towards higher value-added activities and innovations, he said.

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

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