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SINGAPORE: President S R Nathan said Singapore is well prepared for the global financial crisis as it has been through crises before and always emerged stronger.
Opening the second session of the eleventh Parliament on Monday evening, President Nathan referred to this adversity as another opportunity to temper and bond the people.
He called on the people to make Singapore shine as a country, overcome challenges together and build the future as one people, and for the nation to build on what has been achieved and come through with flying colours once more.
Mr Nathan said that in this crisis, the government's immediate priority is to see Singapore through, and the best strategy is still to help companies to stay viable and continue employing workers.
However, there is a need to review specific strategies for growing different sectors of the economy to adapt to the changed environment.
My Nathan said: "How can we capitalise on new markets and emerging industries for growth and diversification? How can we build new capabilities and anchor value in Singapore for the long term? How can we deploy our finite resources to maximum effect? And how can we create good, high-value jobs for Singaporeans?
"These questions need fresh rethinking, and creative answers. If all of us in the public and private sectors put our minds together, I am confident we will develop new ideas to help Singapore transform, advance and prosper in its next phase of growth."
So Singapore will have to develop new markets, adapt to changing trends and master new capabilities in manufacturing, services and other emerging industries.
President Nathan said: "When the storm clears, we cannot expect the world to be as before. A consensus is growing that the world is in for an extended period of slow growth.
"The problem of bad banking assets in many countries, especially the US and Europe, will take several years to unwind. Asian demand will grow, but not enough to make up for the drop from developed countries.
"Meanwhile, developing countries will be upgrading their infrastructure and workforce, and acquiring new capabilities. China and India will emerge as stronger competitors, though they will also offer new opportunities."
President Nathan also explained that the country's higher education sector is also being strengthened to meet growing aspirations, and to train the skilled professional and creative manpower.
Having studied many alternative ways to achieve this, the government has decided to create two new institutions.
The first will be a new institute, which will partner foreign universities that offer degree courses, to open more direct routes for polytechnic graduates to obtain degrees.
The second will be a new university, which will be set up in close partnership with one leading university each from the US and China.
On Singapore's political system, President Nathan said for it to continue working well, the country must find outstanding, younger men and women to lead the nation.
He said: "We can do all this - develop our economy, strengthen our social cohesion, upgrade our education system, safeguard our security, enlarge our external space and create a first class home because our politics is sound.
"Our political system encourages strong and effective government, worthy of Singaporeans, and responsive to the people's needs and aspirations. This system relies upon and brings forward political leaders who are committed and capable, and who have the mandate to work with citizens to build the economy, strengthen our society and improve all our lives.
"In a more challenging and uncertain world, a sound political system and good leadership are all the more important."
President Nathan is confident that as long as Singapore keeps its system up-to-date and that its leaders stay in close touch with new trends and a new electorate, Singapore can continue to deliver high quality government, and keep the country secure and vibrant in the years ahead. - CNA/vm
You can view the transcript of the President's speech here .
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