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SINGAPORE: Western-style liberal democracy is not a prerequisite for growth; instead what is needed is stability of governments, Minister Mentor Lee Kuan Yew said at the Skolkovo International Advisory Board Meeting in Moscow on Wednesday.
Citing a report by the World Bank, Mr Lee said countries with different systems - from single-party governments to multi-party democracies - can achieve sustained growth, but this must come with stability.
Rapid growth over a long period, he noted, also requires an effective government and strong leadership.
Even more vital, said Mr Lee, is for a country to develop its people and institutions.
Pointing to Singapore's experience, Mr Lee said without natural resources, the country is forced to innovate, think and plan.
To leverage on human capital, the minister mentor said it is important to invest in education and public health.
Leaders should also attract good people to join the government, based on a system of meritocracy, he added.
Speaking to reporters after attending the Skolkovo International Advisory Board meeting, Mr Lee said Singapore is keen to participate in the management of Russia's airport infrastructure.
He disclosed that Changi Airport International is currently in advanced negotiations to manage St Petersburg's Pulkovo Airport and airports in the south, including Sochi.
As for Singapore's policy when it comes to investing its reserves, Mr Lee said the country has minimal investments in emerging markets at this point in time.
"No, I'm not considering investing in sovereign wealth funds in Russia or emerging markets. We have to take a very conservative approach to our hard-earned savings and therefore we go into mature markets where the returns are not so good, but the certainty of the returns and value of your capital will never be in doubt," he said. - CNA/ac/de
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