S'pore needs 'ingenuity and gumption' to prevail in changing world shaped by…
While Singapore “won’t have enough money” to match the competition, the nation can still prevail if it has enough"ingenuity and innovation, guts and gumption", he said during his keynote speech at the the National Trades Union Congress May Day Rally.
"$10 billion for just one project....That’s almost double what the Ministry of Trade and Industry will spend this year to grow our entire economy! Imagine just one project – and the subsidy promised is double what MTI spends in a year!" said Mr Wong, who is also Finance Minister. "Tax incentives and subsidies all involve public funds. So it’s highly inconsistent to say tax incentives cannot do, and to subsidies yes."For instance, when the Government speaks to multinational corporations about raising corporate tax rates to 15 per cent, these firms say they understand the rationale as it is happening worldwide.
Other strategies to keep Singapore competive include investing in Singapore’s connectivity and infrastructure, such as Changi Airport's Terminal 5 and the Tuas Port projects.
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