PM Lee Says S’pore Worse Off Without Multinationals, Will Look After Those Who Feel Competition Is Fierce
When the Covid-19 pandemic struck, many countries rushed to close their borders.
Naturally, with people wary of the virus spreading from other countries, globalisation has taken a hit.
But Prime Minister Lee Hsien Loong feels globalisation is still important, especially for Singapore, where it has benefited everybody.
Giving an example, he said globalisation is necessary for the global rollout of Covid-19 vaccines.
Watch an extract of what he said in this video:
Globalisation has benefitted all in Singapore: PM Lee
Mr Lee was speaking during an interview on the BBC’s Talking Business Asia that was aired on Sunday (14 Mar).
During the interview, BBC’s Asia business correspondent Karishma Vaswani told him that “many people have felt left out” in Singapore amid the push for globalisation.
She also said that globalisation “has not always benefited everyone”.
To that, Mr Lee countered her by saying,
Globalisation has benefited everybody in Singapore.
Singapore would be worse off without globalisation: PM Lee
This is true even if you don’t feel that this is the case, said the PM.
In fact, he’s of “no doubt” that all of Singapore would be worse off if:
- The multinationals weren’t here
- We didn’t have our current level of international trade
- We weren’t as open as we are
Globalisation important for vaccine rollout
Mr Lee gave a pertinent example on the importance of globalisation.
Now that vaccines are being sought all over the world to immunise people against the rapid spread of Covid-19, globalisation is essential.
That’s because not every country can make its own vaccines, he said.
Thus, like Singapore, they have to import them from other countries.
Even the countries which can make their own vaccines need to cooperate with other countries, Mr Lee added.
Singaporeans understand we can’t close up: PM Lee
Mr Lee said Singaporeans understand that we can’t close ourselves up.
That’s because we’ll all be worse off if we do so.
However, he did concede that tensions have been generated from Singapore being in a global market.
When the interface is so stark, he added,
People see the competition directly.
Extra help & support to those faced with competition
Despite the backlash against globalisation, Mr Lee still aims to “work very hard” to ensure Singapore continues growing in the global market.
One way is to convince people that globalisation will work out for them.
He assured that those who face competition and an uncertain future will be helped and supported.
This is so they don’t feel alone, he said, adding,
In Singapore, we will make sure that they are well looked after.
However, they will have to make the effort to upgrade themselves, Mr Lee said. One way is via the SkillsFuture programme.
PM Lee hopes globalisation isn’t over
Ms Vaswani also asked Mr Lee whether the era of globalisation was over.
In response, Mr Lee said,
I hope not.
He noted that the deglobalisation trend was underway even before the pandemic, partly stemming from the trade war between the United States and China.
Covid-19 has given deglobalisation a ‘push’
Covid-19, however, may also have given it a “further push”.
That’s because every country may think of making their own masks and forming their own supply chains.
Prisoners making masks in Taiwan.
Source
Mr Lee said that situation isn’t ideal because,
When everyone scrambles at the same time for something scarce, it is not very good for the world.
A lot of positives in globalisation: PM Lee
Despite the pressures faced, Mr Lee thinks globalisation still has a lot going for it.
Countries will still have a need to cooperate in many ways, in the way of:
- Maintaining international business connections
- Tapping of resources
- Bringing together of skills, talents and experiences
- Serving markets all around the world
To go the other way, and avoid working with others, will lead to “poverty and despair”, he said, and “probably instability and conflict”.
However, he admits that globalisation will also be subject to several tensions. For example, over security, competitiveness and the control of technology.
Thus its advance will be moderated, the PM stated.
Read the transcript of PM Lee’s interview at the Prime Minister’s Office website here.
Singapore to continue being involved in globalisation
From what Mr Lee said, it’s evident that Singapore will be involved in globalisation for years to come.
And in the case of vaccine rollout, globalisation is definitely a good idea.
Though most Singaporeans aren’t calling for us to close up against the outside world, some would agree that measures should be in place to prevent an unrestrained influx of job-hunters from overseas when there’re many jobs that locals can do just as well.
We’re sure that challenge is one that the authorities are fully aware of, and will be taking steps to address in the coming years.
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