OUR country's lack of research talent and high living costs have been the main obstacles to our national development.
Many of our top talent have relocated to other countries that provide them with the right environment and opportunities to advance their careers and start a family. Salaries there are often higher than what they could get in Singapore, so it is not surprising that many choose to stay behind in a foreign country.
Our high costs of doing business here also hurt us. Many multinational corporations (MNCs) will not hesitate to relocate their bases if they can find cheaper alternatives.
Although the corporate tax rate will be lowered to 17 per cent from next year, it should be lowered further for Singapore to stay competitive.
Also, too little has been done to promote local small and medium- sized enterprises and turn them into big boys that can rival giant corporations based here.
Compared to MNCs, local companies would not relocate as swiftly, because most would consider the feelings of their workers before moving on to cheaper countries.
