Major infrastructure projects over next decade will put Singapore economy on stronger footing: Lawrence Wong

Mr Lawrence Wong said efforts in improving infrastructure would enhance Singapore's linkages to the region.
Mr Lawrence Wong said efforts in improving infrastructure would enhance Singapore's linkages to the region.PHOTO: CALVIN WONG

SINGAPORE- Singapore may look "built-up" but major infrastructure projects that will unfold here over the next 10 years will put the national economy on an even stronger footing, said Mr Lawrence Wong, Minister for National Development and Second Minister for Finance on Tuesday (Aug 15).

He said in a keynote speech at the Singapore Regional Business Forum at the Ritz-Carlton: "Singapore may be a little red dot, very small. Some of you may have the impression that we are already very built up. But in fact, we are not done building Singapore yet. We have not reached our physical limits.

"The infrastructure that we're putting in will include several major pieces. For example, look at Changi Airport today - we will be building a new Terminal 5 that will double everything that you see in Changi Airport today. Look at our sea ports, they look big, the container ports, but we are building a new Tuas mega-port in the Western part of Singapore which will also double the capacity of what we have today."

These efforts, as well as others to improve rail connectivity to Malaysia, will enhance Singapore's linkages to the region, Mr Wong said.

"There is a lot of work for us to do, but we must have confidence that we can make it happen. If you look at our history in Singapore, we have never failed in restructuring our economy before.

"Let's have confidence in ourselves, in our companies, and in the partnerships that we have forged."

Mr Wong added that Singapore is "fully supportive" of China's Belt and Road Initiative, noting that Singapore companies are "natural partners" for Chinese firms looking to set foot in Southeast Asia.