SINGAPORE: Former Minister Mentor Lee Kuan Yew on Wednesday shared some key elements of Singapore’s success in attracting investments, which Russia can emulate.
Addressing the 7th Russia—Singapore Business Forum, Mr Lee said key to attracting investments is to ensure the safety and security of those who come to work here and their families.
For Mr Lee, taking part in the Russia—Singapore Business Forum is a regular affair, since he is familiar with Russia’s political and business climate from his many visits there.
Mr Lee was asked what Russia could do to attract more investments.
"You must have the least bureaucracy to prevent them from carrying on their business. An investor who comes in... it is our duty to help him succeed. When he succeeds, his friends will know about it and they will also come in," said Mr Lee.
"Today, we have more multi—nationals in Singapore, in manufacturing and R&D, services, in any field you like... We make the place liveable, safe for foreigners and their children... therefore (making it) easy for them to settle here and do business. If you do the same in Russia, you will succeed," he added.
With Singapore’s long—term population and manpower challenges in the news, Mr Lee also spoke about the pace of admitting foreigners.
"We are short of workers today. We have 5.2 million people of whom 1.5 million are foreign workers... We need more. Although they are coming in at a slower pace, they are coming in," said Mr Lee.
There was also a suggestion that Mr Lee make his memoirs and books available online.
While Mr Lee felt it is up to the publishers, the forum’s organisers said they hope to achieve it in a year’s time.
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