Efficiency alone will not ensure Singapore's competitiveness: experts

Just because Singapore has an efficient economy, it does not mean that it will remain competitive in future.

This was the opinion of speakers at a seminar on Thursday, which discussed "managing regional change".

The experts suggested that Singapore needs to take risks to thrive in the years ahead.

Efficient and carefully planned: these are principles that have worked for Singapore.

But they are not enough to make sure that the country remains successful in the years to come.

Professor Phillippe Lasserre, Strategy and Asian Business, INSEAD, said: "The choice - to a certain extent - is to accept some kind of what I have called disorder to promote creativity. It's extremely difficult to be creative in a very planned and orderly manner."

Professor Lasserre Philippe pointed out that "disorder" has led to great advances in human civilisation.

The Italian Renaissance is an example.

And that was why the experts actually recommended "disorder" to speed up business-related innovation which, they said, is an essential driver for economic success.

But the speakers warned that success should not make a society look inwards and ignore its closest neighbours.

Surin Pitsuwan, Former Thai Foreign Minister, said: "In the age of globalisation, people, tribes, religious communities, would like to see their identity preserved. And living in the environment of changes, of flux, they could feel very insecure. So they turn inward, they become antagonistic to the outside world, and that could lead to communal tension, communal problems."

Moving forward, the experts recommended that for Singapore to thrive the country needs to invest in education, regional awareness and be willing to take risks. - CNA

Source: ChannelNewAsia, Singapore News