You are here: Home » International » News » Economy
Business Standard

Singapore govt lauds foreign talent policy as Oppn targets India

Singapore could lose good investments and jobs if it imposes tighter restrictions on global companies' ability to employ the talent they need, Finance Minister Lawrence Wong said on Tuesday

Topics
Singapore | Talent management | Investments

Gurdip Singh | PTI  |  Singapore 

Alibaba is exploring a $3 billion investment in Grab Holdings, which is pivoting from a Southeast Asian ride-hailing firm to a regional super app with finance at its core

could lose good and if it imposes tighter restrictions on global companies’ ability to employ the talent they need, Finance Minister Lawrence Wong said on Tuesday.

Speaking in Parliament that is debating Opposition tabled motions on free trade agreements, singling out the Comprehensive Economic Cooperation Agreement (CECA) with India, Wong said with strict policies global companies would find it rough to operate in

“If we were to take a politically craven approach and impose many stringent conditions on their ability to operate here, we will lose out on many good investments,” he told Parliament.

“We would have fewer foreigners for sure. But many Singaporeans will also be deprived of good and career opportunities. It's like cutting off one's nose to spite one’s face,” he added.

The Opposition party has repeatedly highlighted the CECA with India as an example of how Singaporeans have lost out to foreigners, although that debate has been marred by an undercurrent of racism and xenophobia.

Wong called out the Progress Party (PSP) for its “fatally flawed” thinking that reducing the number of foreigners here will allow Singaporeans to automatically fill those jobs, and said locals will ultimately pay the price if overly restrictive policies lead to companies relocating elsewhere.

The data and evidence are clear that Singapore's economic policies have helped to raise living standards across the board and create many more good for Singaporeans.

In a strongly worded speech, the minister censured the PSP (one of the Opposition parties) for the way in which it has framed its criticism of the Government's foreign talent policy.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 14 2021. 23:14 IST
RECOMMENDED FOR YOU
.