Thailand
Securing good jobs for Singaporeans
Singapore: At a time when protectionist sentiment is on the rise globally, Singapore must remain open to the world in order to attract investments and create good jobs for Singaporeans, Trade and Industry Minister Chan Chun Sing said.
One factor that has played a part in the expansion of multinational companies here is the network of free trade agreements (FTAs) Singapore has with major trading partners.
These FTAs help create good jobs for Singaporeans, Chan said, citing how resident workers employed as professionals, managers, executives and technicians (PMETs) rose from 1.12 million in 2014 to 1.3 million last year. Over this period, the share of PMETs among employed residents rose from 53% to 58%.
His comments come as sentiments against foreigners and FTAs are souring as the recession deepens. Critics say the FTAs favour foreigners. Chan said Singaporeans’ anxiety about jobs is understandable but the government will help by “going all out” to attract investments, which in the process, will help to create good jobs.
He said the real issue is not the number of foreigners, but a weak economy that is making everyone worried.
He said while short-term measures include financial support for companies, jobs matching and training programmes, the longer- term challenge is to help Singaporeans succeed in a hyper-competitive post-Covid-19 world.
“The foreigners issue must be seen in this context, ” he said.
Chan spelt out three aspects of Singapore’s foreign manpower complementing a core of citizens. One, there must be fairness and zero tolerance for discrimination of any kind, and tough action has been taken on firms with hiring bias.
Two, diversity matters and firms should avoid hiring from only a single source country. Three, localisation – the transfer of skills to develop a pipeline of local talent – is key, and many Singaporeans have benefited and taken leadership roles in multinationals.
At a time when some countries are reassessing the benefits of FTAs, this is not the time to take a wrecking ball to the pacts Singapore has signed, said Chan.
The network of FTAs is greater than the sum of its parts, because no investor in Singapore plans to serve only one external market, he said. Therefore, the more FTAs Singapore has, the more competitive it is in attracting investments and creating jobs.
This is especially critical as Singapore is a city-state without a natural hinterland, he added. — ANN/ST
Source: https://www.thestar.com.my/business/business-news/2020/08/31/securing-good-jobs-for-singaporeans