Overseas S’poreans should look at home growth post—crisis & return

CHICAGO: Prime Minister Lee Hsien Loong hopes that Singaporeans based overseas will realise the country’s developments and economic growth particularly after the financial crisis and return home soon.

He was speaking to some 150 Singaporeans who are studying and working in Chicago. Mr Lee was wrapping up his trip to the US, where he had also visited Washington DC.

Mr Lee told Singaporeans in Chicago that Singapore is on a stable platform to transform itself, illustrating that with a slideshow of the country’s latest additions such as Ion Orchard and The Pinnacle@Duxton.

“…..A snapshot of what Singapore is, some of the ’happening’ things which have been going on (which hopefully) give you a feel of what Singapore is like and some nostalgia, homesickness so that you’ll come back and visit (soon),” said Mr Lee.

“I think a lot of the (Singapore) story also has to do with the Singaporeans who are overseas who are studying, working, (they are) part of our community, part of our family. So (do) keep in touch with home, keep in touch with each other,” he added.

Mr Lee later mingled with the crowd of Singaporeans and they were glad they had a rare chance to talk to the Prime Minister.

In fact, some said Mr Lee gave them a sense of optimism about Singapore’s future, while others felt that the Prime Minister could come up with more programmes to help Singaporeans based overseas to better integrate when they return home.

Ricky Tay, a manager of Audit and Enterprise Risk Services at Deloitte and Touche, has been in Chicago for six years. He said, “The Prime Minister has painted a very positive picture and the upside for Singapore is tremendous. I think a lot of students and professionals living overseas will consider returning to Singapore to look for opportunities.”

Chong Siew Gan, a consultant who has been living in Chicago for 10 years, said, “For older Singaporeans who have families here, I think we want more than just a professional job, buildings, shopping and F1 (racing). We need to grow and to have a better quality of life.”

Hatim Thaker, a student, said, “I’m getting a very different perspective here in the US and not being trained in Singapore like everybody else. It gives me a very unique angle, through which I can contribute and participate, as the Prime Minister said, (in) Singapore activities.”

Aktar Thaker, a property investor, said, “It’s quite obvious to me that he (PM Lee) is trying his best to ask fellow Singaporeans to return home and contribute to the country, which is the right thing for him to do but as individuals, it’s also important for us to do the right thing for ourselves.”

Prime Minister Lee also met the president of the University of Chicago, Robert Zimmer, before leaving Chicago after a two—day visit.

SINGAPORE: Prime Minister Lee Hsien Loong said Singapore places great emphasis on corporate governance and transparency because it needs to set itself apart from other countries.

Otherwise, no one would set up banks or base their headquarters in Singapore.

In a half—hour interview in Chicago, Mr Lee was asked why Singapore introduced the Integrated Resorts with casinos.

He explained that the benefits outweighed the costs, and added that the downside was not absolute but it was something Singapore had to manage.

When asked what advice he would give to US decision—makers when reforming the American financial system, Mr Lee said the key is to learn lessons from the crisis and prepare for the next problem, rather than focus the last one.

“One of the problems the last time round was that you knew what the banks were, but there were things you didn’t count as banks like Goldman Sachs and Morgan Stanley, which were not subject to rules and some of them got into trouble,” he said.

“And then you have the shadow market… depositors were not involved but when the shadow market crashed, that brought down the whole financial system. It became big, people took risk too lightly, and after the problem happened… it spread to the whole system.

“So you’ve got to find a way to have a supervision which is going to adapt because whatever rules you make, the people who are operating — the bankers, the financiers — will find a way to optimise.”

The Prime Minister also defended the high salaries paid to top government officials in Singapore.

“Our attitude is: you must pay for the quality of the person you want, and pay for the responsibility of the job which you want the person to do,” he explained.

“And what can be more responsible than running a central bank or running an economy or running an education system, where you’re not only dealing with billions of dollars but where you make a mistake, the livelihoods and the futures of millions of people will be at stake.

“You want the best person and you want him to be properly motivated and focused on his job and not based on a revolving door.

Mr Lee also spoke about how he wants others to view Singapore.

“We want people to think of Singapore as representing quality, excellence, initiative and creativity,” he said. “So when you think of Singapore, you think of Singapore Airlines, you think of Singapore companies which carry certain reputation when they go abroad, you think of our education system, which does a good job in educating a wide range of students.

“It’s a place which works, it’s a place which people are proud to belong and it’s Singapore so say Singapore Changi Airport, or the Singapore Airshow, or the Singapore Grand Prix. So it means something positive.

“Once upon a time, (when) you say Singapore, at best (others will) ask, ’Where is that? Somewhere in China?’ Now I think that won’t happen quite so often. But you want to go beyond that recognition to also a certain respect and regard.”

In Chicago for a two—day visit, Prime Minister Lee met Chicago’s Mayor, Richard Daley.

He is also expected to meet with the President of the University of Chicago, Robert Zimmer, as well as some Singaporeans based in Chicago.

TRINIDAD AND TOBAGO: Singapore Prime Minister Lee Hsien Loong on Friday urged members to actively engage in the issue of climate change at the Commonwealth Heads of Government Meeting (CHOGM) in Trinidad and Tobago.

The Commonwealth gathering is the last international meeting before the Copenhagen summit next month.

Reflecting the urgency in talks, UN Secretary General Ban Ki—Moon, French President Nicolas Sarkozy and Denmark’s Prime Minister Lars Lokke Rasmussen have all made their way to Trinidad.

The Commonwealth Summit is on the back of a post—crisis landscape and at a time when world leaders are struggling to reach a global consensus on climate change.

Britain’s Queen Elizabeth II opened the meeting, and said the Commonwealth has an opportunity to shape world response to the challenge.

“The Commonwealth has an opportunity to lead once more. The threat to our environment is not a new concern, but it is now a global challenge which will continue to affect the security and stability of millions for years to come,” said the Queen, who is also Commonwealth Head.

“Many of those affected are among the most vulnerable, and many of the people least well able to withstand the adverse effects of Climate Change live in the Commonwealth.”

Speaking at the leaders’ retreat, PM Lee said countries should do what is practical and sensible, keeping in mind the costs, trade—offs and political realities.

He added Singapore will do its part but developed countries will have to take the lead because they are major emitters of carbon.

Island states, he noted, are particularly worried about rising sea levels.

Mr Lee said developing nations must too share in this effort as their populations are equally, if not more vulnerable.

The Commonwealth includes countries such as Australia, Canada, India, South Africa and Britain — important members of the Group of 20 (G20).

Analysts will look to statements from the Commonwealth as an indicator of what the more influential G20 may reach on climate change.

The 53—member Commonwealth is a diverse group, and includes some of the world’s richest and poorest countries, accounting for one—third of the world’s population and one—fifth of global trade.

PM Lee is set to attend next month’s UN meeting on climate change in Copenhagen.

Leaders will try to agree on a pact to reduce carbon emissions during the Copenhagen meet.

Whether that will take the form of a legal treaty or a mere political declaration remains to be seen, but what leaders want is a significant agreement to reduce the ill effects of climate change.