SINGAPORE has been able to punch above its own weight and have a vibrant economy because it has remained open to foreign talent to add to the pool which can be developed locally, Mr Lee Kuan Yew reiterated on Friday.
Speaking at the closing session of the two-day South Asian Diaspora convention, he acknowledged that the influx of foreigners had been discomforting for some Singaporeans, but reminded that the alternative would be slower growth for the country.
The former Prime Minister was responding to a question at a dialogue with more than 600 participants on how a fundamental tenet of Singapore's economic model - being open to foreign talent - also caused angst among Singaporeans and had been an issue at the recent General Election.
Mr Lee made clear that he firmly believed that the more talent a society had, the better it will be able to grow.
'If Singapore depends on the talent it can produce out of three million people, it's not going to punch above its weight. It is because we've drawn talent from across the globe that we have a vibrant economy which is way beyond what three million Singaporeans and the talent they produce can do...
'So you've got to accept the discomfort which the local citizens feel that they are competing unequally for jobs; cannot be helped,' he said in response to the question from DBS chief executive Piyush Gupta.
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