PM Lee’s last major speech before handover: How to overcome a ‘very challenging period’ for Singapore with three fundamentals

SINGAPORE, May 1 — Looking into the future, Prime Minister Lee Hsien Loong said today that while he sees dark clouds on the horizon, there are also many opportunities, and Singapore has strong fundamentals and strengths that its people should make the most of to get ahead.

Lee was addressing 1,700 union members and guests at the National Trades Union Congress (NTUC) May Day Rally.

This was Lee’s last major speech as premier, before he hands over the reins to Deputy Prime Minister Lawrence Wong on May 15.

Lee said the next chapter of the Singapore Story “is off to a strong start” despite challenges ahead, such as geopolitical tensions, deglobalisation and climate change.

Like other people around the world, Singaporeans are anxious, he noted.

But it would be worrying if Singaporeans took the future lightly instead, he added, especially given the nation’s small size, open nature and diversity, which make it vulnerable to powerful external forces.

Yet, he said that Singapore is “not at all badly off” relative to other countries, thanks to its strengths, such as a vibrant economy, cohesive society and adequate reserves to tide over extreme difficulties.

Domestically, some “hard truths” have not changed, Lee said, and Singaporeans must always be mindful of them. These include:

Traditional fault lines such as race and religion

Potential divisions, such as those between the haves and have-nots and between Singapore-born and naturalised citizens.

Lee warned that these differences could be exploited politically and Singapore must continue to guard against this and guide the evolution of the Singapore identity, as it has done over the years.

Looking ahead, he said Singapore has to maintain its three fundamental strengths to stay resilient and successful:

Ability to plan long-term

Immediate problems and political crises may prevent some governments from thinking further ahead, Lee noted.

“To put it in Singaporean language: Where got time?” he quipped.

But in Singapore, the People’s Action Party (PAP) government has always “deliberately and systematically” planned for the long term, he said, and this must continue to ensure Singapore’s success over the long term.

An example he highlighted was the Integrated Resorts (IRs). The IRs opened in 2010 and successfully rode on the recovery from the Global Financial Crisis.

But debates on it began in the early 2000s and land reclamation for the Marina Bay area where it is located had begun way earlier in the 1970s.

In the same spirit, the Government is already planning ahead for future needs and challenges with many projects in the pipeline, like the Tuas Megaport, the redevelopment of the Paya Lebar area and efforts to decarbonise the economy, Lee noted.

Political stability, trust

What enabled Singapore to plan ahead is political stability and trust from its people, Lee said.

He pointed to how the PAP has won the people’s mandate 15 elections in a row and delivered results for Singaporeans.

The symbiotic relationship between the Government and labour movement has also helped Singapore to weather crises over the years.

One example was the sudden and severe recession of 1985.

With the support of NTUC and union leaders, the Government pushed through necessary Central Provident Fund cuts to restore competitiveness and secure jobs.

“No other country could have implemented such a draconian policy, gotten unions and workers to accept it and made it work,” he said. “But Singapore workers knew we had their backs.”

Good global reputation

Singapore’s track record has helped to build its positive global reputation, Lee noted.

But he warned that Singapore “must never let this get to our heads”, and instead should zealously uphold its reputation and build it through principled diplomacy.

This is why Singapore has spoken up constructively about global events while forging cooperation with neighbours.

“This is how a small country can make friends, advance our interests, and stand tall,” said Lee.

Lee reminded Singaporeans to make the most of the advantages that Singapore has, and to not take them for granted or toss them away.

“Stay united, think long term, and maintain our political stability. That is the way forward for Singapore.” — TODAY