Give more heed to grow external wing: SM Goh

The Business Times
2010-02-17

Singapore will pay more attention to growing its “external wing” in places such as China, said Senior Minister Goh Chok Tong yesterday.

“While our GDP (gross domestic product) growth is important, given the fact that we are nearing our constraints of land and labour, you will find us increasingly paying more attention to our GNP (gross national product) growth, that is, our external wing,” Mr Goh said. GNP comprises GDP plus net income from abroad.

The Senior Minister was speaking at a reception hosted by Business China, which launched its Young Leaders Programme. Under the scheme, trainees will be attached to the China operations of eight participating companies including CapitaLand, Keppel Land and Singapore Technologies Engineering.

Singapore has concluded a Free Trade Agreement (FTA) with China, making it the first Asian country to do so. The FTA came into force in January last year. Singapore also benefits from the ASEAN-China FTA, which came into force this January.

The Government will continue to play an active facilitative role when it comes to finding opportunities to ride on China’s growth, Mr Goh added.

“Together with trade associations and other business chambers, IE Singapore will continue to organise and support business missions to attend international trade fairs, especially to engage emerging regions,” he said.

Courtesy of The Business Times, 17 February 2010