The economic climate right now isn’t rosy, but there’s some bright spots, said Prime Minister Lee Hsien Loong.
Major companies want to move their regional headquarters here, he said, and some of them wants to open a vaccine facility.
However, Singaporeans must make them feel welcome and allow them to bring in talent, he added.
Due to Covid-19, the global economy is depressed, societies are under stress and politics is in flux.
Because of that, many investors are looking for alternative locations for their regional headquarters and projects.
Those who are starting new projects are also looking around the world for a place to commit in.
Thus, they want to come to countries are are safe harbours, Mr Lee said,
…where politics is stable, there is rule of law, people are hardworking and united, and where the country will come through the pandemic safely.
Singapore is one of these countries, he added, and we must try to safeguard that reputation.
Thanks to Singapore’s reputation, and its lack of political uncertainties, several Fortune 500 companies are thinking of moving their regional headquarters here, Mr Lee said.
Major financial institutions also want to solidify operations here as we’re a stable base to work from.
One of the companies that has expressed interest in coming to Singapore is a pharmaceutical company that wants to build a facility to manufacture vaccines.
Another is a company specialising in pandemic risk insurance.
These companies would not be doing this if not for Covid-19, said Mr Lee, and obviously we want them to come to Singapore.
These investments will also create new jobs for Singaporeans, he added.
However, for these companies to come to Singapore, they must be able to bring in the talent they need, Mr Lee said.
That’s because he said Singapore doesn’t have the full range of expertise for such work. That includes specialist engineers.
HQs also must attract global talent and be run by international teams, he said.
Local companies, also, need global talent to develop and grow, he added.
To develop externally and move up the value chain, Mr Lee said, smaller companies also need skills, knowledge and expertise they may not have in Singapore.
This way, they can also create jobs for Singaporeans.
Thus, we need to make sure that foreign companies feel welcome in Singapore.
It’s good news that more companies want to invest in Singapore.
Especially for a facility that makes Covid-19 vaccines, it might mean that we’ll get 1st pick when the vaccines are produced.
While, we should let them have all the talent they need, let’s hope that translates to more jobs for Singaporeans.
Featured image adapted from Facebook.
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