SINGAPORE'S diversified economy and huge reserves have allowed the country to withstand the onslaught of the global economic crisis.
My biggest concern now is whether the next generation of Singaporeans will have the same good fortune, which can be attributed to a strong, visionary government and good corporate leadership.
Unlike Hong Kong, Singapore does not have a "big brother" like China to fall back on should it should go bankrupt. It has no countrymen from a hinterland to hand its citizens food in times of hardship, and being an open economy with no natural resources, its fall will be hard and fatal if help does not come in time.
Who could have imagined that Iceland's once-strong economy would go bankrupt in such a short time?
Singapore would be lucky if it can find enough strong political and corporate leaders to fill the void after the present ones leave the scene.
Perhaps Singaporeans should spend more time thinking about how and what they can do now to better secure the future for a new generation of Singaporeans.
In a globalised market, establishing more free-trade agreements is a good strategy.
Building up Singapore's reserves, which will help the country withstand economic blows, is another.
I have the following suggestions on what Singapore should either continue to pursue or look into carrying out:
Distinguish products and services
Two examples of services that are not easy to replicate in terms of quality would be health care and education.
Build the Singapore brand
It represents trust, quality and reliability, and could draw investors and help retain clients.
Conduct bi-annual surveys on the results of the two initiatives above
This will enable Singapore to keep abreast of market demands.
Agricultural development
One or two offshore islands could be used for the cultivation of food crops for both domestic consumption and export. Farms currently located on the mainland could be moved to the islands so that more land can be freed up for further development.
Get Christmas Island back
If circumstances and diplomatic relations make this a possibility, Singapore could compensate Australia for the return of Christmas Island.
A third integrated resort, along with a tourism industry, could be developed there.
I hope that other Singaporeans who share my concerns could offer suggestions on how to strengthen the country's economy.
