Motion: Jamus Lim on an economy of the future that works for all
Singapore needs policy and institutional shifts that will usher in a changed mindset for how it should view its homegrown companies in an already wealthy advanced economy, said MP Jamus Lim. It needs a conscious shift away from too much fixation with tax competition, an undervalued exchange rate and the wooing of footloose multinationals, he said. Instead, it must promote bottom-up formation and growth of indigenous companies, and unleash the innovative and entrepreneurial spirit of the local workforce. Speaking in parliament on Wednesday (Aug 5), he stressed the need for “creative destruction”, saying that “by destroying, we will create simultaneously an economy ready for the 21st century”. He pointed out that the Economic Strategy Review does not underscore the importance of this pivot and lacks a coherent innovation pathway for all small- and medium-sized enterprises.
Singapore needs policy and institutional shifts that will usher in a changed mindset for how it should view its homegrown companies in an already wealthy advanced economy, said MP Jamus Lim. It needs a conscious shift away from too much fixation with tax competition, an undervalued exchange rate and the wooing of footloose multinationals, he said. Instead, it must promote bottom-up formation and growth of indigenous companies, and unleash the innovative and entrepreneurial spirit of the local workforce. Speaking in parliament on Wednesday (Aug 5), he stressed the need for “creative destruction”, saying that “by destroying, we will create simultaneously an economy ready for the 21st century”. He pointed out that the Economic Strategy Review does not underscore the importance of this pivot and lacks a coherent innovation pathway for all small- and medium-sized enterprises.
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