SINGAPORE, July 17 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong on Thursday said the country must keep its own business environment open to attract international talent to enlarge its "innovative, competitive" pool.
Speaking at a conference organized by the Action Community for Entrepreneurship, he said "to establish Singapore as an entrepreneurial hub, people with the talent, passion and commitment to build their own businesses must be attracted to come here, start businesses here, and grow big while remaining rooted here."
"Local entrepreneurs will also benefit, because they will be exposed to global competition early, and so will be more prepared to take on the world," he added.
But for their overseas ventures to thrive, the prime minister said, local enterprises should strengthen their networking, and collaborate with one another to gain critical mass and enhance their value proposition.
He noted the differences of business environments between Australia and New Zealand, saying the bigger country has more companies and entrepreneurs, resulting in keener and more bracing competition, which has made Australian companies leaner and stronger.
So, like New Zealand which has similar population, Singapore needs "a critical mass for innovation and enterprise," Lee said.
