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SINGAPORE : Singapore companies must look beyond the country for growth, said Deputy Prime Minister Teo Chee Hean.
He added that is because the fall in demand for goods and services, especially in advanced economies, has forced export-driven economies to either develop domestic demand or seek new markets.
To maintain a competitive edge, one area that needs to be looked at is labour productivity.
"Singapore's labour productivity has not kept up with other regional economies. Our annualised productivity growth rate from 2002 to 2007 was 3 per cent, compared to Hong Kong, Korea and Taiwan, which registered growth rates of 4.6 per cent, 3.3 per cent and 3.8 per cent respectively during the same period. This has blunted our competitiveness," said Mr Teo.
Speaking at the Business Excellence Awards on Wednesday, he said one way Singapore companies can address this is to adopt the Business Excellence framework, already used by many organisations.
He said the framework helped Conrad Centennial Singapore achieve an average value-added per employee that is 30 per cent higher than the industry average.
Mr Teo added Singapore's efforts in promoting business excellence have gained international attention.
Trade agency SPRING Singapore has been designated by the Asian Productivity Organisation - an inter-governmental body - as its centre of excellence in business excellence.
This is the first time the organisation has designated a centre of excellence in a member economy in a specific area. - CNA /ls
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