SINGAPORE needs to continue positioning itself as the first port of call for both global and Asian businesses seeking to expand their regional reach, said Deputy Prime Minister Teo Chee Hean.

It is particularly vital that Singapore maintain its competitive edge as Asia rises in importance on the global stage, he added.

The minister was speaking at a luncheon held during the Singapore International Chamber of Commerce's 173rd annual general meeting at the Grand Copthorne Waterfront Hotel on Friday.

As a maturing economy, the Republic can no longer rely on linear increases in labour, land or resources such as energy to grow, said Mr Teo.

Instead, sustainable growth will depend on Singapore's ability to build on the key attributes of its business environment - trust, knowledge, connectivity and liveability.