Renowned management guru Dr Kenichi Ohmae, a former advisor to the Singapore Government said on Tuesday that 'Singapore is not attractive at all' compared to countries like China and Romania.

'Where's the new Singapore story? I haven't heard any,' said Dr Ohmae on the sidelines of a forum on investment opportunities at the Amara Sanctuary Resort.

And while the Republic's business-friendly Government policies, attractive tax rates and solid infrastructure had served it well in the past, these will not be enough in future to draw foreign investors, said Dr Ohmae.

This is because the global investors with $60 trillion in 'homeless money' from a variety of sources, from pensions of aging pensioners in developed countries to sovereign wealth funds of oil-producing states, are looking for high-growth countries and companies to invest in.

He cited China and India, as well as the European Union, as good investment sites.

He also sees a potential region-state comprising Shenzhen-Hongkong-Macau as a future competitor to Singapore, offering low-cost manufacturing, financial centre and entertainment.

To compete, countries like Singapore must be open to new ideas and opportunities, have a well-educated workforce, and be willing to work with rivals and traditional enemies - like how Taiwanese companies are investing heavily in China despite the political differences between the governments.

Strong companies can pull in investment all on their own too, he added, citing powerhouses Microsoft and Google as examples.

Dr Ohmae said while Singapore has a good education system and is stepping up its drive to draw foreign talent, it 'is not a very attractive place to live in'.

'It must raise the quality of life here to become the region's Switzerland - with low taxes and good standard of living - to attract talent to live and work here, build global powerhouses, and reel in investment,' he said.