(1888PressRelease)
July 28, 2007 - On the issue of rising costs reported in the news internationally, Mr Goh said, "We do monitor inflation. Costs - we do worry. But that means you’ve got to move into higher value-added industries, like biomedical services and financial services, education, health and so on"
"We cannot be doing things which we were doing before 1997, where China and India will become much more competitive. So, costs are always important, but we are not going to allow costs to prevent us from growing. Just move into the right sector," he added.
Mr Goh said that his concerns for Singapore now are on the next lap for the country and not centered on the active property market. He said: "The prices are at the higher end. We watch very closely. Prices for the middle-income and for the HDB heart-landers - prices there are still quite affordable for Singaporeans in general. "So, my worry will be where do we go from here? It’s a longer-term worry. It’s not a short-term worry. It comes back to my point about talent. For Singapore to grow, you need talent, talent from Singaporeans or within Singapore and talent from outside."
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