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S’pore must adapt to global trends to grow economy: PM Lee at opening of Dyson’s new HQ
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Political Correspondent
PUBLISHED
4 HOURS AGO on 25th March 2022 in Straits Times.
SINGAPORE – Dyson will invest $1.5 billion in Singapore in the next four years and expand its R&D team by more than 250 engineers and scientists, the home appliance giant said on Friday (March 25) as it officially moved into its new global headquarters at the historic St James Power Station facility in the HarbourFront area.
Speaking at the opening ceremony, Prime Minister Lee Hsien Loong said this would open up exciting job opportunities for workers here, and develop new products for the global market.
He noted that as a small country, there are limits to what Singapore can do to influence global forces such as intensifying competition for investments, growing geopolitical tensions and the on-shoring of supply chains.
But it can and must adapt to them to stay competitive and to continue growing its economy, he added.
Singapore will also ensure that such growth is inclusive and benefits all segments of society, Mr Lee pledged.
Addressing an audience including Dyson founder Sir James Dyson, PM Lee said Singapore must remain open and connected to the world, not just in its borders and trade links but also in the character of its people.
“The ethos of our society must remain open – welcoming new ideas and talent, always learning from others, and never becoming resistant to change or complacent about the need to stay ahead,” he said.
“This is how we have built Singapore: drawing in the best scientists, designers, and engineers from around the world, embracing the diversity of ideas and cultures that congregate here, and adding our own Singaporean touch to make it work for our context.”
This is not easy to sustain in an environment where there is every temptation, especially politically, to raise barriers to the outside world, to non-Singaporeans coming here to work, he noted.
“But if we succumb to the temptation to close our doors, we will surely end up hurting ourselves. Our economy will stagnate, Singaporeans will have fewer rather than more job opportunities, and the country’s long-term prospects will be endangered,” he said.
The Republic will also keep at its formula of close collaboration between industry, researchers and government to spur innovation, while it welcomes and develops talent in Science, Technology, Engineering and Mathematics or Stem fields.
While these are all important strategies to build a more vibrant and dynamic economy, PM Lee said Singapore must also get its social policies right to continue to prosper.
“Even as we bring in investments and talents to grow Singapore’s economy, we must ensure that this growth is inclusive and lifts everybody up, that Singaporeans across all segments of our society can benefit from the fruits of growth, that those at risk of being left behind are given an extra helping hand, and those who may be displaced or disrupted by technological change are assisted and trained to stay employable and productive,” he said.
He noted that this year’s Budget aims to build a fairer and more inclusive society.
“Because ultimately, everyone must have a stake in Singapore’s growth so that Singaporeans will support keeping our country open, will continue to welcome others who are keen to fit in and play a part in our society, who are able to contribute to our development, and thereby enable us to maintain the virtuous cycle of growth and prosperity that Singaporeans now enjoy.”
Lunch With Sumiko: No such thing as a silly idea, says billionaire inventor James Dyson
Dyson to hire over 2,000 more engineers and digital experts globally
Dyson, famed for its bagless vacuum cleaners and bladeless fans, is committing the $1.5 billion to Singapore over the next four years as part of a $4.9 billion global investment programme.
The Singaporean investment includes plans to hire more than 250 engineers and scientists in fields spanning robotics, machine learning, AI, sensing and vision systems and more.
Dyson currently employs over 1,400 people in Singapore, of which 560 are engineers and scientists.
The $1.5 billion will also support ongoing university research programmes to drive technology development.
Dyson opened a studio at the Nanyang Technological University in 2018 to provide students with the equipment and environment to develop engineering solutions to real-world problems
Dyson’s charity, the James Dyson Foundation, also announced this year a $3 million investment to fund multidisciplinary engineering facilities in Singapore universities and a mentorship scheme with Dyson engineers here.
“Companies like Dyson have created many opportunities for Singaporeans, helped to groom local talents, and given their local employees every chance to do well and succeed,” said PM Lee.
Singapore serves as a hub for Dyson’s research and engineering teams, as well as commercial, advanced manufacturing and supply chain operations.
It is the lead manufacturing site for Dyson Hyperdymium motors, which lie at the heart of most Dyson devices.
PM Lee noted that companies like Dyson are sought after by many economies, and can site themselves anywhere in the world
“They come to Singapore because we offer ease of doing business, political stability, ready access to talent, and the rule of law, amongst other factors – which includes having buildings like St James Power Station,” he quipped.
Dyson began moving into the 110,000 sq ft national monument – located in the Harbourfront area – late last year.
This was some two years after it abandoned widely-anticipated plans to build an electric car in Singapore.
The company, founded by Mr Dyson, a British inventor and billionaire entrepreneur, has been producing digital motors in Singapore since 2004, and opened its first office with 10 employees here at Science Park in 2007.
PM Lee reiterated that Singapore’s edge over its competitors did not come about by chance, and cannot be taken for granted.
“We must keep working hard to protect them, and strengthen these lasting advantages,” he said. “This is all the more crucial because our external environment is becoming enormously more challenging.”
The prime minister pointed to intensifying competition around the world as countries look to recover from the pandemic; along with growing geopolitical tensions and the Russian war in Ukraine set to fundamentally strain the multilateral framework of economic cooperation.
“Many countries are already on-shoring supply chains for resilience and national security reasons,” said PM Lee. “These are serious threats to Singapore, which has long thrived on globalisation, and a stable, rules-based international order.”
He noted that the future for technology companies was to go wherever talent is available and made welcome.
“It is also the future for Singapore – to welcome companies and talent, which can help make us a hub of new ideas and scientific progress,” PM Lee said.
James Dyson Foundation invests $3m to inspire more young engineers in S’pore
St James Power Station: Powering up the future
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Tougher competition but Singapore will take it in stride: PM Lee on G20’s corporate tax deal
Johannes Tjendro
Tan Si Hui
@TanSiHuiCNA01 Nov 2021 12:00PM(Updated: 01 Nov 2021 in CNA
ROME: Singapore may face tougher competition with the world’s top 20 economies agreeing on a global minimum corporate tax rate of 15 per cent, but it will take the change in its stride, said Prime Minister Lee Hsien Loong on Sunday (Oct 31).
Speaking in an interview with the media at the end of his official visit to Rome for the G20 Summit, PM Lee said Singapore may have to modify its tax incentives while continuing to attract investments.
“I think it is an effort by countries to come together to be able to have a united front in improving the bargaining position against companies which have very considerable pulling power,” he said.
“I think I can understand what they are trying to do, but I think the dynamic will not fundamentally change and countries will find other ways to make themselves attractive in order to get their investments and the projects which they want.”
Mr Lee said the minimum tax rate will impact how Singapore attracts investments to its shores, as tax incentives have been “one of the major tools” used by the Economic Development Board, together with grants and other schemes.
“We will have to see how those will have to be modified but we will also have to see how we can continue to attract investments to come to Singapore in order to create jobs and in order to keep ourselves competitive,” he added.
Related:
Singapore ‘making progress’ on COVID-19 front, but PM Lee warns about potential ‘surprises’
Mr Lee said “it is very hard because we are now talking not only about economic competitiveness, but also strategic and security considerations”, adding that supply chain resilience and “how to make sure that you are not held hostage in case your main supplier turns unfriendly, or in case something happens along the supply lines” also featured in discussions.
“That means you are no longer just talking about jobs and economic value, but about security and safety. How much is that worth? What do we do when other countries act like that?
“I foresee there will be tougher competition for us. But we will take it in our stride,” said Mr Lee.
The tax reform, brokered by the OECD and backed by around 136 countries representing more than 90 per cent of world GDP, has long been in the making, and is supposed to come into effect in 2023. Each country taking part in the global deal must first pass national legislation.
VALUABLE FACE-TO-FACE MEETINGS
The Prime Minister also said he valued the chance to meet many world leaders in the Italian capital over the last two days, including in informal engagements, as it allowed him to get “a sense of each other’s preoccupations … and mood”.
He noted that some of the big powers had met at the G7 meeting while the Europeans have been meeting regularly “because they have gone into living with COVID-19 more than we have so far”.
Mr Lee also had an hour-long bilateral meeting with US President Joe Biden on the sidelines of the summit. It was the first meeting between the two leaders since Mr Biden was elected as president.
Other leaders Mr Lee met include Queen Maxima of the Netherlands, German Federal Chancellor Angela Merkel and Indian Prime Minister Narendra Modi. He also met with European Commission President Ursula von der Leyen, Dutch Prime Minister Mark Rutte, British Prime Minister Boris Johnson, Australian Prime Minister Scott Morrison and French President Emmanuel Macron.
“I think people would like to know how we see this world from Southeast Asia. They would like to know how we are tackling COVID-19, how we see the path forward with COVID-19 and would like to work with us on a wide range of things,” said Mr Lee.
Digital economy cooperation, technology, cooperation, R&D and security issues were among the issues covered in discussions.
Such discussions are difficult to replicate in a Zoom conference, where “you cannot interrupt one another, you cannot float an idea and then see what he thinks”, said the Prime Minister.
“I suppose you have done the formal business, but you do not get the same meeting of minds or at least mutual sounding out of one another and I think that is very valuable, I hope we will be able to do more,” added Mr Lee.
Related:
G20 summit: PM Lee calls for faster manufacture and deployment of vaccines, standardised travel protocols
Need for stronger international collaboration amid climate crisis, says PM Lee at G20 summit
DIFFERENCES ON CLIMATE CHANGE
Climate change also featured prominently during the G20 Summit, ahead of the United Nations Climate Change Conference (COP26) in Glasgow which begins on Monday.
Mr Lee said tensions between majors powers such as US, China and the European Union “get reflected in the discussions on the subjects and make the discussions more difficult”.
“In principle, when you are talking about something like climate change where there is shared interest in an area of cooperation and you should be in a problem-solving mode, even though there is competition, other issues or rivalry,” he added.
Nevertheless, Mr Lee noted that the group did release a joint communique. At the closing of the summit on Sunday, the G20 committed to the key goal of limiting global warming to 1.5 degrees Celsius, but some disappointed leaders warned more was needed to make a success of UN climate talks beginning in Glasgow.
“I hope that there will be progress made but I expect that it will be difficult to do, because apart from the rivalries between the major powers, there are also quite deep differences in views between the developed and developing countries on climate change,” said Mr Lee.Source: CNA/jt(rw)
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PM Lee meets US President Biden on sidelines of G20 summit
01 Nov 2021 11:02AM(Updated: 01 Nov 2021 in CNA
SINGAPORE: Prime Minister Lee Hsien Loong met US President Joe Biden on Sunday (Oct 31) on the sidelines of the Group of 20 (G20) Summit in Rome.
The hour-long bilateral meeting was the first between the two leaders since Mr Biden was elected president, Mr Lee’s press secretary said.
During the meeting, both leaders reaffirmed the importance of the US-Singapore Strategic Partnership, the US Embassy in Singapore said in a readout released to media.
They also reviewed opportunities to “build on the momentum generated” by US Vice President Kamala Harris’ visit to Singapore in August.
Mr Biden “expressed his desire to deepen cooperation with Singapore in pursuit of our shared interests and a free and open Indo-Pacific, including in upholding freedom of the seas and advancing supply chain resiliency”, added the embassy.
Mr Lee is on a working visit to Rome from Oct 28 to Nov 1 for the G20 Summit.
He also met with the leaders of Australia, France, Germany, India, the Netherlands, the United Kingdom, the European Commission and the European Council on the sidelines of the summit.
Singapore, although not a G20 member, is an invited guest country of Italy, which holds the G20 presidency this year.
Related:
Need for stronger international collaboration amid climate crisis, says PM Lee at G20 summit
G20 summit: PM Lee calls for faster manufacture and deployment of vaccines, standardised travel protocols
Source: CNA/dv
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