I READ with interest the speech retired senior civil servant Ngiam Tong Dow delivered recently at an event to mark the Ministry of Finance's 50th anniversary.

We can draw from it the lesson that Singapore needs political leaders with foresight and ingenuity.

They have the vision to set the right objectives for the country's economic progress, regardless of adversities that might lie in their way.

Also, Singapore should strengthen and consolidate areas in which it has an edge, such as the following:

Finance
Singapore should strengthen its position as a global financial hub.

It should offer tax incentives to draw top financial institutions and fund-management companies to set up their operational headquarters in Singapore.

Research and development
Singapore should develop its capabilities in the biotechnology, biochemical, solar-energy and pharmaceutical fields.

Doing so will give the country a competitive edge.

Water-management and maritime industries
This country boasts remarkable achievements in the areas of water management, containerport development, oil rig construction and oil refining.

The Government should bank on these to market home-grown companies in these industries overseas.

Workforce
Singapore's emphasis on education, training and skill-upgrading will do much to give the workforce a boost.

This also has a positive impact on foreign investors' confidence and could encourage them to invest in the country.

Tourism
The Government's efforts to promote Singapore as a world-class holiday destination is a wise move.

The construction of the integrated resorts at Marina Bay and Sentosa is clear evidence of the Government's determination in this respect.

It is also good to know that a $90-million package to boost the tourism industry, Building On Opportunities to Strengthen Tourism, will be rolled out.

Mr Teo Kueh Liang

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