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S'pore must adjust strategies to create vibrant economic feature: official

Xinhua, July 20, 2015 Adjust font size:

Singapore must adjust its economic strategies to create a vibrant economic feature, Singapore's Deputy Prime Minister Teo Chee Hean said Monday.

Teo made the remarks at the Economic Development Board (EDB) Scholarship Award ceremony.

He said Singapore's proximity in the region gives it lots of opportunities, Singapore must seize these chances by "moving up the value chain."

He stressed that consumer-oriented firms need to be keen to gain compelling consumer insights to create new products and services meeting growing regional needs.

The companies also need to hire people with right skills, knowledge and industry experience to expand their business in the region, he added.

Teo also said Singapore's economy needs to rely less on unskilled foreign labor, and focus more on raising productivity; Singaporeans can sharpen their skills with initiatives like SkillsFuture.

EDB handed out scholarship awards to five pre-university students with outstanding track records in academics and in their co-curricular activities at the annual award ceremony.

Students can pursue their studies at top overseas universities with the scholarship awards. After graduation, they will serve a six-year bond with EDB. Endi