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Singapore’s strategic shift highlights role for Australian companies
22 Aug 2013
Singapore Prime Minister Lee Hsien Loong’s plan to ensure the nation remains competitive highlights opportunities for Australian companies in the healthcare, infrastructure and education sectors, according to the Australian Trade Commission’s (Austrade) representative there.
“Singapore is at a turning point, and Prime Minister Lee spoke in detail about the strategy for meeting the challenges ahead,” Austrade Senior Trade Commissioner, Singapore, Christopher Rees, said.
“These plans open the way for Australian companies specialising in healthcare, infrastructure and education, and we’re here to assist them in this important market,” Mr Rees said.
In a recent speech, Mr Lee said Singapore faces serious changes.
“Our population is ageing, society is becoming more stratified and less mobile, with children of successful Singaporeans more likely to do well,” he said in a two-hour speech.
Mr Lee’s three-pronged strategy for overcoming these challenges centres around shared national success through home ownership, a greater focus on essential social services such as healthcare, and a revised education system to seal opportunities for all young Singaporeans.
His comments signal opportunities for Australian healthcare companies, particularly in geriatric care, as well as retirement-residence architects and consultants.
“Enhancements to Singapore’s national medical insurance plan, Medishield Life, indicate opportunities for systems-integration engineers and other e-health specialists,” Mr Rees said.
Mr Lee’s focus on home ownership, as well as Singapore’s plans to double Changi Airport’s capacity, could also be an opportunity to showcase Australia’s infrastructure capabilities.
“Architects and other residential infrastructure firms have a lot to offer here, particularly those that specialise in urban development and maximising small spaces,” Mr Rees said.
He also noted Singapore’s plans to build a fifth terminal at Changi Airport and overhaul several existing terminals showed its determination to remain South-East Asia’s aviation hub.
“This project includes shops, restaurants and a large indoor garden, which offers scope to many Australian companies with expertise in aviation infrastructure and development,” Mr Rees said.
On the education front, young Singaporeans face fierce competition from economies elsewhere in Asia, including about 7 million university graduates from China.
“If we add in some more from India, it is 10 million a year – all hungry, all looking for work,” Mr Lee said.
Mr Rees said it may be beneficial to blend the creative, innovative methods used in Australian schools with Singapore’s academic, examination-oriented model.
He added that Australia has a depth of experience when it comes to overseas education.
“In Australia, one in five students is an overseas student, so we’ve got enormous capability in teaching people from a variety of countries,” he said.