Singapore adopts new growth formula for future development

Singapore adopts new growth formula for future development

Replacing the well-known "East plus West" formula, Singapore on Thursday adopted a new growth formula of "World.Singapore" to build upon its core strengths to take to the future development.

Singapore's Defense Minister Teo Chee Hean unveiled the "vision for the future" at an opening ceremony of the Economic Development Board's ninth International Advisory Council (IAC) meeting, which attracted top global corporate executives to help fine-tune the city-state's economic policies and development strategies.

According to Teo, "World.Singapore" carries many rich meanings, like the world in Singapore and conversely, Singapore in the world. And the words "world" and "Singapore" are separated by a bold red "dot," which represent that Singapore is a little place, but "have high hopes and dreams which we are going to strive for, and which we will achieve."

The new formula is clearly defined by four key attributes:

-- Trust, which relates to Singapore's character of trustworthiness and integrity;

-- Knowledge, which refers to its standing in the knowledge economy;

-- Connected, which refers to its market connectivity and the emotional attachment of family, friends and fans of Singapore; and

-- Life, which positions Singapore as a great place to live, learn, work and play in.

"To put it in simpler terms, Trust is why people come to us. Knowledge will be why they work with us. Connected is why people team with us. And Life will be why they stay with us," Teo noted, who is also the minister in charge of the civil service.

He elaborated that the new formula represents a far deeper idea than a strategy focused only on economic growth, but also encompasses social, community and human development.

He said the formula will let Singapore win against competitions from other developed and emerging economies, such as China and India.

"It will not be easy for others to simply adopt this same formula ...It will take other countries many years to build up the core elements that are pre-requisites for such a formula," he said.

The previous "East plus West" formula, which Singapore had adopted for four decades since its independence, was a successful strategy that brought investments, jobs, peace, prosperity and progress for Singaporeans.

But Teo pointed out that many countries had studied it and that their labor costs and land prices were lower, so Singapore needs a new strategy.

During the three-day meeting, top industry executives from the United States, Europe and Asia will discuss the evolving economic landscape and opportunities and challenges facing Singapore's growth strategy.