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SINGAPORE: Minister Mentor Lee Kuan Yew said shipping remains an important component of Singapore's economy, despite forays into other new areas like biomedical sciences.
Mr Lee pointed out that the shipping industry provides secure employment.
Shipping contributed 7.5 percent of Singapore's GDP in 2005, despite only having 4.1 percent of total employment in 2005.
He was speaking at the inaugural Maritime Lecture and he also touched on various topics, including Singapore's property outlook.
As trade expands, shipping will play an even bigger role.
With China and India rising as two huge manufacturing bases, Asians will be major players in maritime industries.
Mr Lee said Singapore intends to be part of that, and to do that, it will have to move from being just a major hub port to an international maritime centre.
When asked about Singapore's recent focus on biomedical sciences, the minister mentor reasoned that the country is placing its bets on both ends of the spectrum.
He said: "It's not as glamorous and as sexy as the new biotech pharmaceuticals and all these new discoveries, but as I have said at the beginning, I am of the generation that believes in the basics of life. Singapore exists not because we are a glitzy glamorous place, but because it is a place that works.
"I believe in basics and the rest will look after itself. And this harbour and this maritime cluster is a basic so there must be enough talent dedicated to the continuation of this industry."
Mr Lee was also engaged in a dialogue on various topics including terrorist threats to the maritime industry and the environment.
There were also some basic concerns.
One of the other issues that came up during the dialogue was the issue of costs, especially the recent spike in housing costs.
Mr Lee assured the audience that this is a temporary situation.
The idea for Singapore was to keep costs lower than other countries which are in a similar situation, so that it remains competitive.
MM Lee said: "I think we should be able to manage that because if you look at office rentals, labour costs, costs of transportation etc., we are still competitive against London, Tokyo, Hong Kong and New York. So I believe you have to watch it closely and make sure it doesn't run away and get us into an uncompetitive situation.
"There is a housing shortage at the moment – both residential and commercial as a result of the sudden influx of bankers and high-end executives, but I think we can sort it out in two to three years. In the meantime, we are planning the release of some buildings from one use to another to loosen up the market."
Mr Lee was speaking to some 300 professionals from the maritime industry.
- CNA/so
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