singapore-economic-growth

How Foreigners Contribute to Singapore’s Economic Growth

Singapore survived both the 1997 and 2008 financial crises, despite having a limited domestic market and few natural resources. With no foreign debt, strong government revenue, and a constantly positive surplus, Singapore’s economy is currently among the most stable in the world.

In the part that follows, we go into further detail about each tactic and explain how and where foreigners, including the ones waiting for their PR Application in Singapore and Singapore citizen application to get approved, might contribute to economic progress. 

Decarbonization

Decarbonization is the process of reducing carbon dioxide emissions brought on by the combustion of fossil fuels. Usually, this is done by converting to alternative energy sources like electric cars and renewable energy sources (solar, wind, and biomass).

The process of decarbonization is highly complicated; various strategies must be established for various industries, new technologies must be created, and many stakeholders must work together to green an entire industry.

Given how new many of these challenges are, this requires staff and expertise that Singapore has not yet established.

Thus, foreigners, particularly green professionals, play a part in giving locals the direction, instruction, and support they need to develop these skill sets.

Partner with one another to enable growth and innovation

The strategy places a strong emphasis on growing the chambers of commerce in order to improve global cooperation with Europe. The approach also calls for updating legal and taxation frameworks.

In order to mitigate the effects of climate change, additional measures are being introduced to promote greater use of cleantech goods and services.

Industrial Restructuring

By the early to mid-1970s, excess demand pressures in Singapore’s labor market started to push real wages up, which resulted in a slight decline in competitiveness as compared to nearby nations that competed with Singapore in third-country marketplaces.

The EDB supported foreign investments in high-tech industries to promote growth by giving businesses five-year tax breaks. Businesses already operating in Singapore were also given incentives to raise the technological sophistication of new investments, the level of staff skill proficiency, and the amount of automation.

Deepening Local Workforce Capabilities

There are many ways for foreign experts to help the local laborers become more skilled. To further their own professional development, many professionals accept teaching jobs at tertiary universities or enroll in mentorship programs.

Others advance to supervisory roles at work, mentoring and counseling their local coworkers as they gain experience and knowledge.

Foreigners who operate green businesses in Singapore generate new employment prospects, allowing jobseekers to find work and pick up new skills in a different area.

There are countless opportunities for foreigners to improve local skills, and the more committed they are supporting Singapore, the better their chances are of becoming Permanent Residents.

Deepen and Diversify International Connections

Singapore aspires to boost trade and investment by strengthening and broadening its relationships with international organizations.

In a report released by the Committee on the Future Economy, it is discussed how to improve trade ties among ASEAN nations, adhere to WTO rules, and foster greater bilateral and multilateral cooperation. Reducing trade barriers, both tariff and non-tariff, is the aim.

Conclusion

The actual rivalry is not between locals from Singapore and locals who are permanent residents (PR) and foreigners.

In order to offer our fellow Singaporeans the best opportunity of winning, not just in Singapore but all around the world, Team Singapore, which is made up of Singaporeans, PRs, and foreign employees, competes against the rest of the world.

As a result, the wages of our Singaporean employees will continue to increase more quickly than those of other nations.

Let’s continue on that tone and work together to get through these trying times.

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