FDI Will Create Jobs For S’poreans But They Must Feel Welcome Here

On Wednesday afternoon (September 2), Prime Minister Lee Hsien Loong spoke in Parliament on Singapore’s response to Covid-19.

He said that the investment projects will create employment opportunities for Singaporeans, but first, for them to come here, we have to make them feel welcome.

Indeed, Singapore does not yet have all the specialized engineers and other skills for all these types of work.

By design, regional and global headquarters must attract talent from around the world and be led by international teams.

Local businesses need access to global talent to grow and grow

He cited GlaxoSmithKline (GSK) as an example of how pharmaceutical companies started investing in Singapore two or three decades ago, first through manufacturing plants, before moving seats there. regional and research laboratories as they expand.

He further explained that Singaporean and GSK site manager Lim Hock Heng first joined the company in 1992 as a production engineer.

Lim had acquired the skills and knowledge of his foreign colleagues and worked his way up the ranks.

With that, he now runs most of their Singapore locations, which manufacture key GSK products for the world.

He also gave examples of financial services, such as Citibank, as well as semiconductor, oil and gas, and IT industries.

It’s not just global companies here that need foreign labor, he added. Local businesses must also have access to global talent to grow and grow.

SMEs need skills, knowledge and expertise that they may not have in Singapore, for example, to develop an external wing and move up the value chain.

In doing so, they are also creating “good new jobs for Singaporeans,” he said.

Fortune 500 companies want to move regional headquarters here

Major financial institutions are also keen to expand their business here, Premier Lee said.

Businesses are looking for a safe haven, where politics are stable, where the rule of law reigns, people work hard and are united, and where the country can safely navigate the pandemic.

In a troubled world, Singapore is one of the few trusted countries to stand out and we must keep that reputation diligently, he added.

He revealed that there are companies that have expressed interest in moving their business to Singapore, including a pharmaceutical company that plans to build a facility here to manufacture vaccines and one specializing in risk insurance. pandemic.

Several Fortune 500 companies are considering moving their regional headquarters to Singapore due to political uncertainties elsewhere, he said.

Large financial institutions want to expand their operations here as well because they see good prospects in the region and want a stable base to work on, he added.

Featured Image Credit: SG Luxury Condo

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Jothi Venkat

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