Overcoming Our Constraints, Expanding Our Opportunities
National Day is a time for celebration. It is also a time for reflection.
There is much for us to celebrate. As a nation that is 37 years old, we have seen ups and downs. Outsiders rated poorly our chance to survive, let alone succeed. But we have overcome the odds. We built a strong and secure nation - where different races work and live harmoniously together, where the young are nurtured and the elderly supported, where each one can attain his or her goal according to merit, and where problems are seen as challenges, not stumbling blocks.
What we can celebrate is our spirit of facing challenges united and unafraid. Today, our nation continues to face severe challenges. The global economy is still unstable. The US economy is recovering unsteadily. The South American countries are in financial crisis. Japan is unlikely to grow strongly soon.
One bright spot is China. China continues to grow and attract huge amounts of investment. 20 years ago, ASEAN countries took 80% of the investments into East Asia, while China attracted about 15%. Today, the numbers are almost reversed. So one country's bright spot can be another country's dark cloud. Investments that used to flow into the ASEAN region are now channeled into China. We in ASEAN have a smaller share of the investment pie.
Hence, our economy will see only modest growth in the second half of this year. For the whole year, MTI forecasts that growth will be between 2% to 4%, possibly at the higher end of the range. But the growth is not going to be broad based. It will be patchy. The export-oriented industries, especially electronics and chemicals, will see stronger recovery. But the service industries will lag behind.
Meanwhile, competition is becoming more intense even in the areas we were traditionally good at. For example, competition is heating up in the airport and sea port businesses. Other ports can offer low rates because they have cheap land and cheap labour. We don't have much land, and our wages are high. But we are not complacent. Our competitive edge lies in our efficiency, connectivity and total customer service.
Workers and management in PSA Corp have rallied together to improve internal work procedures and enhance external relationships. The effort has borne fruit. We have renewed partnerships with the shipping lines, and gained more cargo traffic. Throughput of containers continues to rise. But it is not time to relax yet. The contest is just beginning. There is still much to do. I am sure, with the concerted effort of our workers, and the skill and creativity of our management, our port will always be hard to beat.
Our shortage of land presents another problem. We don't have large rivers to take water from, so we have to depend on the water supply from Johore. But with the help of new technology, we can now be a bit more self reliant for our water.
Five years ago, PUB began a study on how to recycle the water that we use every day. A plant was built, and the process went through thorough tests, closely watched and tested by a panel of international experts. Today, we have NEWater - clean, safe, ready to drink.
I thought it would take some time for Singaporeans to get used to the idea of drinking NEWater. But to my great and pleasant surprise, most people have no worries at all. I heard on the radio Singaporeans who declared that they trusted the test results fully. I have attended a few dinners where nearly everyone was eager to drink NEWater straight from the bottle. There is so much demand from Singaporeans to try NEWater that the bottling plant has to work flat out to supply enough to everyone who wants to try.
To me, the NEWater story reflects the true spirit of being Singaporean. Time and again, whenever we come up against a constraint, we go all out to find a solution, a long-term solution. The solution may not always be ideal, by which everyone will be completely satisfied and happy. Indeed, sometimes the solutions may be unpleasant for some or even most people. But when Singaporeans realise the problems and understand the issues, we have no hesitation in supporting the right measures. This is true in your organisation, as it is true of our nation. With this spirit, we secure our future.
Therefore, this National Day, I have my confidence re-confirmed. This is a nation that is resourceful, resilient and resolute. Fortified with an unyielding spirit, we will overcome our problems and constraints. We will always remain a nation strong and free.
Happy National Day.
