Dr Tan said that Singapore is well positioned to cope with the global slowdown because it has an educated and well-skilled workforce and one of the most business-friendly environments in the world.
He said: "We have an educated and well-skilled workforce and one of the most business-friendly environments in the world. Unlike countries with high sovereign debt, fiscal prudence over the years has enabled the Singapore Government to build up our reserves, providing us with the resources to intervene when necessary to support our businesses and households."
Dr Tan was speaking at the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) annual Lunar New Year celebrations on Monday morning.
The Singapore Chinese Chamber of Commerce and Industry (SCCCI) has its own share of concerns.
It hopes the government will consider the current economic uncertainties during the upcoming Budget, when pushing through more timely help schemes for industries.
The Chamber's president, Teo Siong Seng, said this is especially necessary to help alleviate the high operating costs of local enterprises.
Mr Teo said 54 per cent of the Chamber's members are pessimistic about the economic future. As such, they hope that the government can help the businesses, especially the SMEs, in terms of the cost of doing business.
Mr Teo also said that employee crunch is also a concern, where many of its members find that they are unable to continue or expand their business as a result of this.
Hence, in the upcoming Budget, he hopes the government can help the businesses in terms of cost of doing business and the manpower problem.
The SCCCI is also playing its role to help new immigrants integrate into society.
It has rolled out courses on English at the workplace and English in the community for new immigrants to familiarise themselves with the language and also to integrate with society.
The Chamber's Foundation will provide a 50 per cent subsidy to all citizens and permanent residents who enrol for this new course.
- CNA/fa/ck
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