A country’s economic growth is dependent on a number of factors, a growing population being one of those. Singapore’s third and current Prime Minister who took office in 2004, Lee Hsien Loong, alluded to that fact several years ago. It is an ideal set up, for all intents and purposes. The only problem is there has been little increase in the number of citizen births in Singapore over the past couple of years.
Concurrent with that, many Singaporeans expressed their sentiments by saying that perhaps, foreign talents are necessary in order to boost the country’s economy.
Foreign talents, in this context, refer to foreigners who are skilled in various fields like medicine, technology, and like fields who go to Singapore to share what they know to local students. Students with great potential who migrate to Singapore to study are also considered foreign talents. They are considered talents for what they could possibly contribute to the growth of the country’s economy and must not be confused with foreign workers who migrate to Singapore to earn money.
Foreigners and Singapore’s Economy
Truth be told, foreigners are one of the reasons why Singapore’s economy continue to thrive. The overall business landscape in Singapore has attracted foreign businesses and investors who see long-term prospects. When more foreigners bring their business to Singapore, new industries are developed and more jobs are created not only for Singaporeans but also for foreign workers.
Where there’s a good mix of local and foreign businesses and investments, dynamism is achieved. More importantly, Singapore’s economy becomes diversified and more resilient. In addition, a good mix of local workforce and foreign workers helps keep the country’s growth potential at a healthy level.
Advantages of Foreigners in Singapore
- The proliferation of highly-skilled foreign talents and workers in Singapore makes economic upgrading and restructuring possible.
- Diversified job opportunities are created for locals.
- Business flexibility is possible when foreign workers are involved in the mix.
- More long-term jobs are created for resident workforce and unemployment during downturns is avoided.
- Foreign talents and workers complement resident workforce and vice versa.
- Foreign workers supplement resident workforce without adding to Singapore’s elderly population.
- Foreigners are not entitled to subsidies allotted to residents by the government, so that’s one less expense for the government.
- Foreigners have the capacity to exchange valuable knowledge with resident workforce. In turn, the knowledge imparted can help locals improve their efficiency.
- Some foreigners settle for lower pay unlike resident workforce.
Successful foreign ventures established in Singapore can attract more investors. When more investors penetrate the country, there will be an increase in profit turnout, leading to a sizeable growth in the economy.
A number of foreign businesses already have a branch office in Singapore. From a commercial aspect, many foreign brands have extended their market to include Singaporeans. As a result, more and more tourists are lured to the country annually, generating more income for Singapore.
The influx of foreigners to Singapore, and their ability to merge into different sectors of the economy have certainly provided Singapore a much-needed boost, which is why it’s economy is currently thriving and booming.
About the Author:
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like "Why Millionaires choose Singapore as their new home" , Doing Business in Singapore and all topics related to Singapore Company Registration
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