Business confidence in Singapore is very high: PM Lee

New York: After assuring corporate leaders in the United States that Singapore will remain open for business, Prime Minister Lee Hsieng Loong said Thursday that the business community's confidence in Singapore is very high.

Even though they have concerns over the rising costs of land and labour, they still see Singapore as a place with a rational and competent government that gets things done and understands the concerns of businesses, he said.

"I think their confidence in Singapore is very high," said Mr Lee, speaking to media as he wrapped up a four day visit to the United States.

"They see Singapore as a place where the Government is rational, sober, competent to get things done, and able to see the business perspective. So that if there is any issues we can talk about it and we can resolve it in an adult sort of way. So I think we are at good level."

Mr Lee said they are concerned over the rising cost of business with high property prices and wages, and are also watching to see whether the Government can still deliver in the way it has over the last 30 to 40 years.

"It is not just what I say, or what I do, but they will be watching to see how the country changes and how the population and society evolves because that is the basis on which they will make their decisions," he said.

On Tuesday, PM Lee sought to assure a gathering of top American business leaders in Washington, DC that Singapore would continue to welcome foreign investment and talent.