No change in Singapore's approach, says Ong Ye Kung

Singapore will not change its approach to running the economy and continues to value foreign contributions - including foreign investment and manpower, said Health Minister Ong Ye Kung.

Speaking to members of the European Chamber of Commerce in Singapore yesterday, he stressed the importance of the Republic staying open to the world. He also said the Government had to address the genuine concerns of some Singaporeans on globalisation's downsides.

These points were also brought up by Finance Minister Lawrence Wong in a BBC interview, where he said Singapore's reopening is aimed at maintaining its status as a business hub and staying connected to the world.

He noted concerns over foreigners competing with locals, saying this is why policies will be adjusted - not due to a shift in orientation, but to boost public trust in globalisation and bolster support for an open, dynamic economy.

Singapore is also looking at measures to uplift citizens' incomes, especially those at the lower end, and to ensure fair hiring practices.