8. Report of the Committee on the Future Economy – Grooming Talents

by Patrick Liew on February 15, 2017

To take ourselves to the next level of growth, we have to focus on developing local enterprises and talents while at the same time, attract the best of economic resources to our shores.
We need to continue to attract high value-added and high-tech firms to invest in our economy, especially if they are well-positioned in strategic areas such as the development of advanced technology and intelligent and eco-friendly cities.

Through cutting-edged and innovative business models, these firms can help to boost economic investments and growth, and meet expectations of a more educated and increasingly demanding workforce.

In the new economy, we are also competing to attract a limited pool of talents on a global basis.

Therefore, we should continue to attract, develop and groom both local and overseas talents to help us move into new and emerging markets, businesses, and opportunities.

At the same time, it can help us improve relatively low productivity levels, and balance decreasing total fertility rate and impact of an aging population.

We have to aggressively tackle undue concerns about foreign talents and dangerous rationale underpinning xenophobia. These challenges seem to be rearing its ugly head every now and then, and especially on the wild wild web.

We need to promote the fact that if the right foreign talents are effectively assimilated and integrated into the workforce, it can be a plus factor to society and a major contribution to the economy.

There are evidence to show that diversity, pluralism and multiculturalism can contribute to improving creativity and innovation.

The assimilation and diffusion of different culture, creed and custom can bring forth unconventional ideas, concepts and models that can contribute to radical breakthroughs.

If we can leverage on a wide spectrum of local and overseas talents and enterprises, we’ll be in a stronger position to create a better future.
In the final analysis, it’s the quality of talents that will determine the quality of our achievements and future.


I hope this message will find a place in your heart.

By the way, I have also recorded other reflections.

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