THE global financial crisis has sparked calls for a new world order from countries such as France, Italy, the United Kingdom and China. And Singapore too must re-evaluate its priorities - and re-order them if need be - to respond to the crisis, Education Minister Ng Eng Hen said yesterday.
While major economies such as the US, China and India will continue to wield substantial power, other nations on Singapore's radar must include resource-rich states such as those in the Middle East and Russia, Dr Ng said.
'Resource-rich states will gain prominence in the new world order,' he said at a ministerial forum hosted by Singapore Management University (SMU). 'Natural resources such as oil, gas, minerals and commodities will continue to be in great demand as the world population becomes more urbanised.'
Noting how oil prices have plunged from US$145 a barrel in July last year to just US$47 today, he said that while some oil-rich states may face a deficit in their external accounts, demand for limited energy and resources will rise in the medium term.
Singapore has to 'exploit these new realities' to put itself in a position of strength, Dr Ng, who is also Second Defence Minister, told an audience of 200 people. 'We must leverage on our reliability, trustworthiness and stability as brands.'
The role of Singapore post-crisis can take different, overlapping forms, he said, painting images of four kinds of city that Singapore can aspire to as a 'growth city' for the future.
As an 'intellectual and information' city, Singapore can be a hub for those who want to exploit new technologies, solutions and services, protect intellectual property or store valuable information. This would ensure Singapore is attractive to foreign investors, Dr Ng said.
As a 'talent city', Singapore can be a place where locals develop their potential alongside foreigners who can help produce a creative and innovative work force, he said. 'Our people need to have deep knowledge, and yet be flexible, to navigate across disciplines and fields, finding new ways of doing things.'
Singapore can also be a 'future model city' where people want to live because they seek a better and more sustainable future. And finally, it can a 'connectivity city' from which Singaporeans can easily venture overseas to expand their knowledge. 'We should also expand opportunities for groups of Singaporeans to learn different languages. This will help us service the world,' Dr Ng said.
One student observed during an hour-long dialogue that followed Dr Ng's speech that Singapore still seems to be experiencing a 'brain drain', even though it is supposed to be a magnet for talented people.
Dr Ng replied: 'It's brain circulation. We lose some but we get others coming in. On a net basis, we're a plus. But we are greedy, we want our unfair share. We try to hold on to all Singaporeans.'
He said that bright Singaporeans who the state has invested in continue to go abroad after completing their education, partly because the government has gone to great lengths to globalise them to be able to seize such opportunities.
'But we don't mind, and hope they will come back home eventually. This is all part of the system to encourage people to gain more exposure.'
