S’pore’s Minister Chan Chun Sing’s First Blog Post – “No One Owes Us A Living.”
ricky l1 minute ago
When the Economy is not doing well, there are always a few ways to pump-prime the Economy so that corporate continue to have business and workers continue to have jobs to tie over this period.
(1) Fiscal Policy - to provide incentives in areas that will stimulate business activity and consumer spendings
(2) Government Expenditure - eg. bring forward government projects that will have ROI for the Economy.
(3) Finding new but expanding markets or expand & deepen the reach of current markets - eg. US market is expanding - can deepen and reach out to its market, new markets like Mexico, Canada that will be signing the TPP, India market is expanding - see are there any potential widening of business, SE Asia market that is expanding like Vietnam, Indonesia; Russia market - to see whether any prospect of expanding business etc.
With Government expenditure in long-term projects, appropriate fiscal policy and expanding global markets --- i think the business can thrive by adjusting its business model to adapt - and this in turn can provide jobs to Singaporeans.
The most important thing is fair practice must be coaxed and induced to employ Singaporeans including mature Singaporean PMETs - before employing foreigners to supplement.
If unfair HR practice is entrenched in business to displace mature Singaporean PMETs - no matter how competent the Singaporean is - he/she will still have no jobs.
ricky l2 seconds ago
When Singapore is in a very bad state during the 1960s eg.
(1) British pull out - Singapore Economy in a bad state, thousands will lose their jobs - but we did not shrink from the challenge - we go out to many developed countries to invite investment into Singapore and create thousands of jobs for Singaporeans.
(2) When people say cut our water - we discover Newater - by recycling sewage water and urine to become drinkable water - to drink and for industrial used. We also desalinate sea water - to drink.
(3) When people say we are an island - and we are indefensible ---- we build a strong, credible 3G Army - a standing strength of 400,000 troop - with decommission but still can defend of about 1 million strong standing army - and Singapore is defensible.
There are too many more challenges we face and we have overcome.
No one owe us a living - but we Singaporeans can make it and do well.
ricky l12 seconds ago
The moment we say - "we cannot" - it is the moment we will fail.
No matter how difficult the situation we face - we say "we can, we will overcome" - we will succeed.
- ricky l12 seconds ago
David43 minutes agoYes we did all these. Effort of our pioneers and us. So that foreigners have jobs here. To replace us while our children protect them with guns.- David41 minutes agoYour lky battery still going good.
ricky l1 second ago
The Government will have a duty and responsibility to resolve the unemployment problem for mature Singaporean PMETs and make Singaporeans the core workers.
Foreigners is to supplement Singaporeans but not displacing Singaporeans as the core workers ---- like in the past heydays where Singaporeans has always been the core workers.
Remember Mr LKY and PAP "create wealth from nothing".
Compare to now - where Singapore is doing so well with strong foundation ---- is it not possible to solve this problem that was stalwart for PAP - creating jobs and keep Singaporeans employed?
ricky l2 seconds ago
I believe - it is because the business and corporate are still restructuring and are still not in the steady state ----- as the Economy restructuring is still in progress.
If industry and businesses have still not settled down ----- it will be difficult to screw the bolts into the nuts (ie. matching jobs for unemployed Singaporeans with the appropriate skillsets).
I guess we are in the catch 22 situation now.
ricky l12 seconds ago
When i say Economy is restructuring - i think the Government is promoting knowledge-based economy, value-creation economy, productive economy, hi-tech based economy, R&D based economy, service-based economy - that are productive driven with less manpower but knowledge manpower.
Thus corporate and business are re-adjusting - and if the readjustment is not in the steady state ---- how to employ mature Singaporean PMETs to fit the position?
This is what i am guessing.
How long this adjustment will take ---- who knows?
ricky l1 second ago
Hopefully when the readjustment have been completed - all mature Singaporean PMETs and their families can still survive and not starved to death ---- because no one owe us a living.
ricky l1 second ago
"India Madhya Pradesh, Singapore sign four MoUS"
So can see that the Government has already taken action to expand into India market.
1 comment:
Overseas business activity expected to drive revenue growth this year: Survey
ReplyDeleteHowever, in the survey by SBF and Standard Chartered Bank, SMEs cite limited access to funds as one of the main challenges in regional expansion.
By Nicole Tan
Posted 21 Jan 2016 00:06
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SINGAPORE: Overseas business activity is expected to help drive revenue growth in the coming year, according to the SME Growth and Financing Survey 2016 by the Singapore Business Federation and Standard Chartered Bank.
However, small and medium enterprises (SMEs) have cited limited access to funds as one of the main challenges in regional expansion.
India was a top pick among Asian markets that Singapore firms are eyeing opportunities in this year, based on the survey. About a quarter of these firms expect business activities overseas to drive revenue growth.
Observers said regional trade initiatives like the Trans-Pacific Partnership (TPP) can help further improve access to new markets.
Mr Koh Tat Liang, assistant executive director of the Capacity Building Division at Singapore Business Federation, said: “While the macroeconomic environment seems a little fuzzy at this point in time, I also think companies should take a longer term view and capitalise on a lot of new initiatives like the AEC (ASEAN Economic Community) and TPP.
“It helps to open new markets such as the US, and Japan, and also more importantly, if you look at the TPP, it actually helps to open new markets such as Canada and Mexico to Singapore where there are no bilateral trade agreements between these countries and Singapore."
As Singapore SMEs seek to expand abroad, they said the main difficulty is in getting financing without a proven track record in that country. Forty-two per cent of respondents in the survey said they are willing to engage a new banking partner overseas. But observers said existing banking relationships can be tapped instead.
Standard Chartered Bank said it is taking a prudent approach to lending. Still, it continues to serve businesses that already bank with it.
Said Ms Vanessa Leung, managing director and head of commercial banking Singapore at Standard Chartered Bank: "International banks operate out of Singapore where our SMEs want to go. They are able to look at the SMEs’ track record in Singapore in the host country, see that there is that prudency in their expansion growth plans, understand how they operate, and therefore, will be able to support them in the new market where they're trying to grow.
“We have an approach that allows us to do holistic view or financing when we do know the company in their home market in Singapore; we use that knowledge to support them in their growth aspirations elsewhere."
OCBC Bank said it is expanding its footprint by connecting with local banks in other markets in the region.
Mr Tan Chor Sen, head of international and global commercial banking at OCBC Bank, commented: “For countries that we may have limited presence, for example Myanmar, solutions would come in the form of offshore and onshore financing.
"That allows for greater capacity for the customer to expand. And for the country penetration, we will partner local banks to help them in their financial services."
To meet funding needs, the study showed that businesses are also looking at alternative means, such as peer-to-peer lending and digital platforms.
- CNA/ms
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