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SINGAPORE : Minister Mentor Lee Kuan Yew said Singapore could move into the upper half of First World nations in the next 10 to 20 years.
Singapore, he added, has revamped itself but the city-state must continue to grow.
Mr Lee was speaking at his annual Tanjong Pagar Lunar New Year dinner on Friday evening.
This Lunar New Year marks a new stage in Singapore's development, said Minister Mentor Lee.
The next five years will be good for growth, barring accidents.
And in order to grow, Mr Lee said Singapore has no choice but to attract investments.
To do so, Singapore has to keep its corporate and personal income taxes low.
Singapore must also make itself a great place to live and bring up children in, to attract investments from the most advanced countries.
And it is important to build ties with the region and with countries like China and India.
The Minister Mentor also said that Singapore must continue to attract foreign talent.
He said: "It is in our interest to make them feel welcomed, and to integrate them into our community, because they are the extra megabytes in our computer. The Singaporeans form the hard disk whether it's 5 gigabyte or whatever, you need this extra megabyte to be able to cope with all the expansion which we are now experiencing."
Mr Lee observed that many businesses are also expanding abroad, with approximately over 230,000 Singaporeans and Permanent Residents overseas.
And they are using technologies like the internet and watching Channel NewsAsia, which is available in many Asian cities and soon world-wide, to keep themselves updated.
Mr Lee said Singapore must maintain links with these Singaporeans.
He also highlighted Singapore's various transformation like having a more vibrant night scene and cultural life.
The landscape here is also set to change with new plans and buildings in the Marina area.
Mr Lee said Singapore has studied other big cities like London and New York and it must incorporate their best features in a tropical version to fit this Lion City.
He noted: ''You must have a lively, vibrant city! If you go to London, or you go to New York, you see it humming day and night. Well, we're starting on that route. If you go to Clarke Quay or Boat Quay, you see people wine and dine al fresco till the early hours of the morning.
"That's just a start. With the Integrated Resorts, you can have a vibrant nightlife. Last year we had 9 million tourists. By 2015, we estimate we'd have 17 million tourists. Hotels will be up. Coins will jingle in all pockets!" - CNA/ch
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