Cities like Singapore should continue to stay open to investments and talent, key to progress: Teo Chee Hean

Cities like Singapore should continue to stay open to investments and talent, key to progress: Teo Chee Hean

 

 

Cities like Singapore should continue to stay open to investments and talent from around the world, Senior Minister Teo Chee Hean said on Monday (Aug 1). 
 
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Speaking at this year's World Cities Summit, Mr Teo said: "This is key to creating progress, keeping their economies innovative and vibrant, and thereby providing good jobs and better opportunities for their citizens." 
 
Cities thrive by being open, attracting skilled workers, bringing them together to spark new ideas and driving economic progress, said Mr Teo, who is also Coordinating Minister for National Security. 
 
"However, all over the world, being open has also led to growing anti-globalisation, populism and feelings of resentment towards newcomers to the city or to a country," he added. 
 
"This is particularly so when the disruptions of globalisation and technological advance are felt by existing residents, while the fruits of globalisation are not distributed equitably," said Mr Teo, noting that this is seen in major cities around the world and in Singapore. 
 
"Rather than to close ourselves ... cities should continue to stay open to investments and talent from around the world," he added. 
 
These cities should focus on preparing their people to take up the new opportunities created, said the Senior Minister. 
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