“That thinking is fatally flawed,” Wong, also the finance minister, said in his address to the Singapore Economic Policy Forum on Tuesday. “If our policies become overly-restrictive, global companies based here will simply find other places to operate in,” causing all the jobs they brought here to be lost, he said.
Singapore, one of the world’s wealthiest nations by per capita income, has very little land and no natural resource, making people its biggest asset. The city-state this year overhauled its visa programme to attract top global talent as it seeks to compete with rival financial and innovation hubs including Hong Kong and Dubai.
“For us to continue to thrive, we must always pursue a twin strategy: stay open and develop local,” Wong said, explaining that attracting the best companies and top talent to Singapore will drive innovation and create more opportunities. “At the same time, do everything we can to develop our people.”
He said Singapore will soon enact a workplace fairness law that will have zero tolerance for discrimination.
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“While most employers are responsible, from time to time there are a few who fall short,” Wong said. “We will take such breaches very seriously.”
