Development of Singapore as a Financial Centre

On a similar occasion last year, I had the opportunity in speaking of Singapore in the Seventies to draw attention to the likely development of two major characteristics in the economy in this decade. One was the developing situation in respect of employment where labour would become more and more of a scarce resource. The other was that the economy would move towards a greater involvement in regionalism. Both these characteristics emanate from the healthy growth of the economy during the past decade. Economic growth and to a large measure the consolidation of our economic position must change our policy perspectives. Whatever residual feelings of inequity some of your Members may have about a general application of the National Wages Council guidelines, I am sure that a policy of orderly and progressive wage increases after tripartite consultation and agreement is basically correct. The good employer in a tight labour market will find that it pays sometimes to err on the side of generosity. We should also now be pursuing more qualitative goals and be able to take a regional view. One of our main objectives in this decade will therefore be to evolve a meaningful economic role in the regional context and contribute towards the economic development of the region. Whilst careful and practical planning has within the past decade enabled us to build a more solid manufacturing base beneath the already flourishing commercial superstructure, we are intent within this decade to further develop and extend both base and superstructure to accommodate the great increase in economic activities which are required to service the region…