BERLIN: Germany is
a high cost manufacturing centre, but that has not undermined its
competitiveness. Singapore President Tony Tan Keng Yam said it is something
Singapore can learn from.
Speaking to the Singapore media in Berlin, Dr Tan added
that the city-state needs to continue to strengthen its industrial base and
drive innovation to stay relevant.
During his visit to Germany, the Singapore President met
with the business community in Berlin. Dr Tan said they see Singapore as a good
base to expand into ASEAN, China and India.
There are also talks of the need to expand the German international
school in Singapore to meet rising demand for education as more German
companies set up in Singapore. Currently, there are over 1,300 German companies
in Singapore and Dr Tan hopes that more German small and medium-sized companies
will follow suit.
But even as Singapore plays to its strength as a global
business hub, Dr Tan said the country has to continue to enhance its
competitive edge to overcome its high cost.
Dr Tan said: "Germany has four of the most
successful automobile brands in the world, Mercedes Benz, Volkswagon, BMW and
Audi. Despite their high cost they are best-sellers throughout the world and
people will pay for quality and that is what Singapore should aim at
"Despite all the difficulties in Europe, the German
economy continues to perform well, this is something that we should learn from
Germany."
Dr Tan said Singapore must continue to invest in research
and development, keep trade open and focus on expanding markets.
Another area which Singapore can learn from the Germans -
the importance of forward-looking polices focused on long-term fiscal
sustainability as it is key to maintaining investor confidence.
Dr Tan said after his meetings with German leaders in
Berlin, he has confidence in their management and he believes Europe will
continue to be a viable entity. But he also recognised that there are no
quick-fixes to resolve the Eurozone debt crisis.
"We have to be alert we can't take things for
granted. Singapore is a small country, we are price-takers not price-fixers, so
we cannot determine the world circumstances. We have little influence on the
policies of big countries, China, Europe and US. But we have to learn how to
live and cope with decisions. I believe we are doing well under the
circumstances, but we have to adjust our mindset and our expectations,"
said Dr Tan.
He said Singapore has to be prepared for tougher times in
the coming years. But with social cohesion, sound policies and support from
Singaporeans, Dr Tan believed that Singapore will get through the difficulties
as it has done in the past.
He added that Singapore is on track to achieve growth of
between one and three per cent, in line with the government's forecast.
-CNA/ac
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