S'pore must adapt to global trends to grow, says PM Lee

As a small country, there are limits to what Singapore can do to influence global trends such as the growing geopolitical tensions and the on-shoring of supply chains.

But it can and must adapt to them to stay competitive and to continue growing its economy, Prime Minister Lee Hsien Loong said yesterday.

Singapore will ensure such growth is inclusive and benefits all segments of society, he added.

PM Lee was speaking at the official opening of home appliance giant Dyson's global headquarters at the St James Power Station.

The firm, famed for its vacuum cleaners and bladeless fans, said yesterday it would invest $1.5 billion in Singapore in the next four years and hire more than 250 engineers and scientists in fields spanning robotics, machine learning, artificial intelligence, sensing and vision systems.

The commitment, part of a $4.9 billion global investment programme, will also support ongoing university research programmes to drive technology development.

Addressing an audience including Dyson founder James Dyson, PM Lee said these moves would open up exciting job opportunities for workers here and develop new products for the global market.

He emphasised that Singapore must remain open and connected to the world, not just in its borders and trade links, but also in the character of its people.

"The ethos of our society must remain open - welcoming new ideas and talent, always learning from others, never becoming resistant to change or complacent about the need to stay ahead," he said.

"This is how we have built Singapore - drawing in the best scientists, designers and engineers from around the world, embracing the diversity of ideas and cultures that congregate here, and adding our own Singapore touch to make it work in our context."

He said it is not easy to sustain this, particularly in an environment where there is every temptation, especially politically, to turn inwards and raise barriers to the outside world, to non-Singaporeans to come to work here.

"But if we succumb to the temptation to close our doors, we will surely end up hurting ourselves. Our economy will stagnate, Singaporeans will have fewer rather than more job opportunities, and the country's long-term prospects will be endangered," he said.

The Republic will keep ensuring close collaboration between industry, researchers and government to spur innovation, while it welcomes and develops talent in science, technology, engineering and mathematics, or the Stem fields.

PM Lee said Singapore must also get its social policies right to continue to prosper.

"Even as we bring in investments and talents to grow Singapore's economy, we must ensure that this growth is inclusive and lifts everybody up, that Singaporeans across all segments of our society can benefit from the fruits of growth, that those at risk of being left behind are given an extra helping hand, and those who may be displaced or disrupted by technological change are assisted and trained to stay employable and productive," he said.

"Because ultimately, everyone must have a stake in Singapore's growth, so that Singaporeans will support keeping our country open, will continue to welcome others who are keen to fit in and play a part in our society, who are able to contribute to our development, and thereby enable us to maintain the virtuous cycle of growth and prosperity that Singaporeans now enjoy."

Firms like Dyson can site themselves anywhere in the world, said PM Lee. "They come to Singapore because we offer ease of doing business, political stability, ready access to talent, and the rule of law, amongst other factors - which include having buildings like the St James Power Station," he added.

But PM Lee cautioned that Singapore's edge over its competitors did not come about by chance, and cannot be taken for granted.

"We must keep working hard to protect them, and strengthen these lasting advantages," he said. "This is all the more crucial because our external environment is becoming enormously more challenging."

The future for technology firms is to go wherever talent is available and made welcome, said PM Lee. "It is also the future for Singapore - to welcome companies and talent, which can help make us a hub of new ideas and scientific progress."