S'pore must become nerve centre in Asia for business, innovation, talent: SM Goh
By Asha Popatlal, Channel NewsAsia | Posted: 17 November 2009 2108 hrs

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SINGAPORE: Singapore needs to be more than just an efficient place to do business.

In re-positioning itself economically in the post-crisis world, Senior Minister Goh Chok Tong said it has to become the nerve centre in Asia for business, innovation and talent.

He was speaking at ST Microelectronics' 40th anniversary celebrations on Tuesday.

Singapore is trying to find answers on how to stay ahead with its Economic Strategies Committee. An interim report is expected early next year.

For now though, the thinking is that Singapore's economy must evolve to take advantage of the recovery that is being led by Asia.

Mr Goh said: "To stay ahead of the competition, we believe that Singapore must evolve from being an efficient hub to an essential hub; from helping companies manage their bottom line to partnering them to grow their top line; and finally from just adding value alone to creating value for companies."

Mr Goh said there are three ways to do this - by making Singapore the preferred home to do business for MNCs, global SMEs and Asian enterprises; a home for innovation; and a home for talent.

He pointed out how ST Microelectronics had grown from five employees in the 1960s to 5,700 now, and how it manages all-Asia operations excluding China and India.

On making Singapore a home for innovation, Mr Goh foresees intellectual property being created not only in Asia but also tailored for Asia. And so, he said, Singapore will do more to facilitate test-bedding and commercialisation.

Mr Goh added Singapore must also be a magnet for the best talent to drive economic growth. - CNA/vm