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SINGAPORE: According to an International Advisory Council, Singapore should invest more in developing its local talent and in grooming home-grown companies to reach out to global markets.
These are some of the ideas in three major recommendations made by the council to the Economic Development Board.
At their 9th meeting, panel members zoomed in on what Singapore needs to do to keep its edge.
The International Advisory Council had three major recommendations – build links to the region and the R&D network, create a climate for innovation and build a strong base of talent.
Members felt insufficient talent could be a self-limiting factor.
So, other than attracting top foreign talent, the council urged Singapore to invest more in developing local talent.
And other than attracting foreign companies, the council advised Singapore to develop its own home-grown companies.
These, they said, could reach out to global markets and help sustain its long-term growth.
Edward W Barnholt, Ex-Chairman, President and CEO, Agilent Technologies, IAC Member, said: "One of the things we haven't talked about is the idea of building your own. We talked about the entrepreneurial and risk-taking spirit. I think the idea is that it would be nice if over the next five to ten years there would be more indigenous companies in Singapore. Talent is required to accomplish that."
Local workers need to take more risks and view failures as part of the learning process. This is particularly important in the world of research and development.
The council felt that Singapore has to go beyond creating intellectual property and move on to commercialising bright ideas.
The council also warned that just because it has been successful, Singapore should not become complacent or conservative.
Instead, it should always pursue new ideas by zooming in on specific areas to maximise its chances of success.
And one such area is Singapore's skill in developing and managing city infrastructure as mega cities sprout around the world.
- CNA/so
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