Singapore President Calls for Economic Restructuring

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Last updated at: (Beijing Time) Tuesday, March 26, 2002

Singapore President Calls for Economic Restructuring

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Singapore President S. R. Nathan has called upon his countrymen to press for economic restructuring, social cohesion and political renewal in a new environment characteristic of tough global competition, altered southeast Asia and continued threats from global terrorism.

The president made the call Monday evening in his address to the opening of the first session of the 10th Parliament.

Nathan said that Singapore must have basic changes to make its economy to stay competitive in an economically changed world and continue to prosper, noting the key priorities are to maintain a highly conducive overall business environment, to strengthen the spirit of entrepreneurship and risk-taking among Singaporeans as the basis for the country's future competitiveness, and to identify new areas of growth especially in services.

He also stressed the importance of maintaining and strengthening social cohesion.

Noting that a significant proportion of Singaporeans are first generation immigrants, the president said: "Our society must be open and welcoming to newcomers. We must make them feel at home and in time absorb them as one of us. We must not allow resentment and tensions to build up against newcomers."

On the political renewal, Nathan said: "We must remake our policies to fit new generation of Singaporeans and adapt our style and approach to stay in tune with the times."

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