Cities like Singapore should continue to stay open to investments and talent, key to progress: Teo Chee Hean

SINGAPORE: Cities like Singapore should continue to stay open to investments and talent from around the world, Senior Minister Teo Chee Hean said on Monday (Aug 1). 

Speaking at this year's World Cities Summit, Mr Teo said: "This is key to creating progress, keeping their economies innovative and vibrant, and thereby providing good jobs and better opportunities for their citizens." 

Cities thrive by being open, attracting skilled workers, bringing them together to spark new ideas and driving economic progress, said Mr Teo, who is also Coordinating Minister for National Security. 

"However, all over the world, being open has also led to growing anti-globalisation, populism and feelings of resentment towards newcomers to the city or to a country," he added. 

"This is particularly so when the disruptions of globalisation and technological advance are felt by existing residents, while the fruits of globalisation are not distributed equitably," said Mr Teo, noting that this is seen in major cities around the world and in Singapore. 

"Rather than to close ourselves ... cities should continue to stay open to investments and talent from around the world," he added. 

These cities should focus on preparing their people to take up the new opportunities created, said the Senior Minister. 

"A forward-looking education system, coupled with continuing education and lifelong learning, a new frontier in education, so that its citizens can acquire the skills of the future and be ready to take up the jobs of the future," he added. 

"Doing so ensures that the city can continue to advance, while making sure that its citizens are better equipped to compete fairly for the good jobs created." 

Building trust between citizens and leaders is crucial for city-building, and is also the foundation for overcoming crises, said Mr Teo. 

"The collective efforts witnessed during the COVID-19 pandemic are a good example of the social resilience, cohesion and connections that many cities have built up over the years," he added. 

Cities "need to build on this" and continue to find ways to create social capital, said the Senior Minister.

"One way is through civic and government interventions such as the co-creation and provision of shared spaces and shared experiences."