What lies ahead for Singapore over the next 10 years. – PM Lee Hsien Loong

 


One of the questions I was asked, at last night’s IIMPACT gala dinner, was what lies ahead for Singapore over the next 10 years.

Overheard

  • I like what you said: “The purpose of life is not assurance and security. The purpose of life is to use that security in order to go and achieve something new and do better than the people who came before you.”Great philosophy! The true meaning of a caring society. Not a welfare state.
  • Good reply, good delivery. Interviewer has annoying body language, mannerism. Disrespectful even.
  • As a survival, we have to be very adaptive in changes. The key point of success is no constraint on creativity, innovation and imagination. Loved PM’s replied.
  • Absolutely the best PM/politician in the world… sincere to the core, supremely competent, gives his best and both humble and conscientious.. (only 1 minor comment…wish Piyush Gupta crossed his legs the other side)
  • Well said, PM. Now to change the age old adage of “just follow law (sic *lor*)” mentally of Singaporeans. It needs to be cultivated from young and reinforced through life. Our schools cultivate the possibility to dream and spread our wings, but our society has been be sod with the fear of persecution if we cross the line, so we tread far away from the line. Way too far from the line to the point of having our creative juices sapped. And we no longer dare to try because we dare not fail. It is a mentality. It is software. We need to change that in our born and bred so that they can flourish on the world stage and more so at home against the competition that is imported. Cheers!
  • Inspirational! I love how PM Lee uses such simple and easy words to answer these questions.
  • Yes, to go in to business school is not just about making money but to help render a service or product to others for a ‘yet’ better world to come… there is always ‘hope’
  • How can I migrate to Singapore? I iive in beautiful California but can’t stop admiring Singapore. How do I find a job in Singapore in the tech industry? PM Lee is admirable, wish him good luck!
  • I am proud that i made d decision to become a Singaporean! And am very proud of my Country!
  • I like the way you talk about dream. Well said!
  • 每年单是看总理用三种语言讲话(不是演讲)我就激动+佩服!挥洒自如!I don’t accept we’re at the limit -很有创意的说法,这是一切事情能做的更好的原动力-比核动能还强大8)
  • A true leader who has ability to bring in balancing socio-economy for the people. I wish leaders of all nations be like him for a better world to live

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Source BusinessTimes : Technology to have greater impact on wages, income inequality
– Published August 23, 2014, By Jamie Lee

LHL

Technology to have greater impact on wages, income inequality: PM Lee
Government has no control over pace of change brought about by competition

EVEN as Singapore continues to calibrate its foreign worker inflow, Prime Minister Lee Hsien Loong yesterday said the bigger concern over wages and social inequality comes from technology rather than globalisation.

Speaking at a dialogue session moderated by DBS CEO Piyush Gupta, Mr Lee noted that income inequality has partly been a result of China and India entering the global economy, with the large masses of workers out of the two large economies outpacing demand.

“But as China develops, as India develops, the companies will grow, the entrepreneurs will grow,” he told a conference hosted by the Indian Institute of Management. “There’s no reason you should fundamentally be having a surplus of workers, and not enough jobs to tilt the balance against workers,” adding that wages in China have already been increasing.

But while globalisation has a transient impact on wages, the same cannot be said for technology, which could make the worker more productive, but also dumb down the job, Mr Lee said.

“If the worker is highly productive, but doesn’t need much skills to do it, then any worker can do it, and he’s not going to benefit from his contributions. Whoever writes the next operating system, or designs the next robot – he is going to benefit from it. So that part is something which we will have to watch very, very carefully.”


Even as the government helps companies in Singapore adapt to more productive measures, it has no control over the pace of change brought about by competition. Mr Lee cited the example of Uber, which has generated enormous concern around the world as it disrupts the pricing model for transport. In Singapore, GrabTaxi has done so in a similar fashion, said Mr Lee. While the government can maintain an even playing field, it also wants to make sure Singapore is not held back simply because competition has made it painful for the incumbent, Mr Lee said.

“In 10 years, you don’t know what the new possibilities will be, but I think we can be faster than other countries in seizing them, and in adapting ourselves to them,” added Mr Lee. “I don’t accept for a moment that we’ve done everything that can be done in Singapore. We’re not at the limit.”


He acknowledged that rapid change can cause discomfort for Singaporeans. Our population is aging, we have to take care of our old folks, and give them assurance and security. But the purpose of life is not assurance and security. The purpose of life is to use that security in order to achieve something new and different, and do better than the people who came before.”

Speaking on India, Mr Lee noted that India has not shown the same clear focus on development as China has. India can, for example, make better use of its tremendous diaspora, as China has, and display confidence in linking with the world.

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