Singapore continues to welcome foreign investment and talent as its economy relies on its openness, Health Minister Ong Ye Kung said Friday.
Ong told members of the European Chamber of Commerce in Singapore, or EuroCham, that such a commitment has been called into question recently by the domestic debate over foreign labor and the challenges of the pandemic.
“Covid-19 has underlined a fundamental reality about Singapore: We are too small to survive on our own and we must tap global markets,” Ong said.
“Openness is a fundamental value,” he said as he reiterated the government’s position that it welcomes foreign expertise to complement and expand local talent.
Singapore’s low taxes, regulatory clarity and modern infrastructure have made it one of the most attractive places to do business in Asia, but growing angst about foreign workers during the pandemic has put the government under pressure to justify the need for overseas labor and reassure firms they’re still welcome.
Ong, who’s a key member of Singapore’s multi-ministry taskforce on Covid, delivered his remarks a day after the city-state announced more concrete plans for border re-opening, headlined by quarantine-free travel lanes for vaccinated passengers next month from Germany and Brunei.
Restrictions were also loosened for visitors from Hong Kong and Macau, even as the long-planned travel bubble with Hong Kong was scrapped as the two diverge in their re-opening approaches.
Singapore officials have warned that such loosening of border restrictions will only endure as long as partner destinations are seeing progress on vaccination rates, virus caseloads and management of outbreaks -- and provided the city-state can keep its domestic situation under control.
Full vaccination in Singapore is nearing a target of 80%, making it one of the most inoculated populations in the world, though officials have been cautious about what they see as an under-vaccinated elderly community.