Although China keeps an open door for Singapore companies, they must still possess and maintain the good reputation of the city-state, according to Prime Minister Lee Hsien Loong.
“Every year, another one percent of the Chinese population move from rural areas to cities, 13 million people. That means houses, facilities, schools, hospitals, need for jobs, need for outlets, entertainment, parks and so on,” he said.
With the rise of a Chinese middle class, brands that attract the mass market may make inroads — including homegrown brands in China like developer CapitaLand, which offers several “Raffles City” shopping malls in the country.
Lee made these comments in a dialogue at the FutureChina Global Forum 2012 organised by networking group Business China.
“Of course we must compete, and must be good. And we have to maintain that Singapore brand name, because it has a very high reputation in China. And we must make sure that when we are there, we deliver and maintain the brand name, and not tarnish it,” added Lee.
He also noted that many Singaporeans are keen on exploring locations abroad to study, live and work.
However, there should be enough people in Singapore and the government should continue to create more opportunities to attract others to come.
“Here we try to make it such that if you come and can make a contribution, you can do well and fulfil your potential,” added Lee.
“Our advantage is that we speak English, we are open, it is easy for people to come from all over the world and fit in. And then we integrate them and make sure they live harmoniously here.”
Related stories:
CapitaLand to acquire S$359m property from Ascott Residence Trust
High Court says investors must pay for condo units
Two major shareholders cut stake in ARA Asset