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S'pore's overriding priority is to improve lives of its citizens: PM Lee

Singapore's Prime Minister Lee Hsien Loong said the newly-elected PAP government has its work cut out for it after winning the people's mandate for five more years.

Speaking at the 30th anniversary conference of the Government of Singapore Investment Corporation (GIC), Mr Lee said given the external environment, Singapore's overriding priority is to improve the lives of its citizens.

To achieve this,
it will firstly grow the economy by staying plugged into the world.

Next, it will attract investments and talents into Singapore and also encourage Singapore enterprises to diversify, expand and move abroad.

The government will also transform and upgrade the economy because it cannot grow simply by increasing the workforce indefinitely.

In this regard, it is also the Government's objective to raise income across the board and this includes the middle income households and those at the lower end. 

Mr Lee said: "We are interested in per capita GDP and not just total GDP and we want to improve incomes across the board and that includes the middle income households and the lower income households at the lower end."

Mr Lee added that this is a challenge for many countries in this era of globalisation and rapid technological change.

To achieve this, Mr Lee said the workforce must upgrade its productivity and this will be a challenging task for the next 10 years.

"We have to upgrade productivity than just go for expansion and that means very challenging tasks in the next ten years. (We have) to retrain workers now in the workforce so that they can be more productive and do better jobs. (We have) to educate future workers for the new economy so that when they come out of the education system, they are job ready and deployable."

14:29 | |

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