Singapore's multinational corporation (MNC) reliant economic model faces challenges as top MNCs may relocate to cheaper countries like Vietnam, where lower labor and land costs provide competitive advantages; therefore, Singapore must differentiate itself by offering higher quality supporting structures and infrastructure to justify its higher operational costs, rather than competing on price.
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Singapore's PM Lee Kuan Yew: Can SG Companies COMPETE?Added:
I'm still on the topic of this MNC reliant model that we have today.
You've talked about the validity of it going forward, but are there weaknesses to the model that you worry about?
Well, the weaknesses are that the top MNCs may not come.
And you get a second tier who will be defeated by the top MNCs.
They would have gone to Vietnam because it's cheaper and smarter.
And then the production in Vietnam will beat the production in Singapore.
So, what have we got to offer?
Cheaper labor? Cheaper land? No.
Higher quality supporting structures to justify the higher cost.
Do you mind the income gap?
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