Benjamin Mak and Thng Yi Ren - Economic Society of Singapore

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organisation‟ supporting SMEs which are not served by existing financing schemes 23 or private institutions during booms and recessions. Hence, even as immigrants are attracted to our shores by our success, we extend our success beyond our shores Widening the talent pool for Singapore Since independence, Singapore has invested heavily in human capital, with tertiary education being regarded as a „consumption good as well as an investment. 24 . Many students seek higher education, with high job expectations which unfortunately do not square with reality because the supply of „managerial jobs in maturing economies, [including Singapore] are levelling off‟ 25 . While fresh graduates may have good theoretical grounding and some occupational training, firms remain hesitant about employing inexperienced graduates. Hence, the gap between demand and supply of experienced professionals is currently filled by immigrants. This could be addressed by adapting elements of the „French model of the elite administration‟ 26 to Singapore, a point alluded to by former Civil Service Head Ngiam Tong Dow. Under this system, top government scholars are offered secondment opportunities in both public and private companies which can extend beyond a year. This facilitates distribution of talent under the banner of Singapore, reducing destructive competition between the Civil Service and private sector. Since scholars at statutory boards like the Infocomm Development Authority are already offered 6-month stints at firms like M1, our recommendation is merely an extension to, and not a major shift from, the status quo. To buffer against brain drain which has harmed countries like the Philippines, companies included within this scheme must be locally registered. 23 See Lee (2010). 24 See Chew & Chew (1995). 25 Ibid., 26 See Ngiam & Tay (2006). 10
Final thoughts Immigration looks set to remains a key growth driver in Singapore given our ageing population and demand for talented cosmopolitan individuals. While Singaporeans increasingly blame inflation and competition on immigrants, this essay has demonstrated that such claims are generally unfounded. Even if they were justified, they can be mitigated by developing autonomous capacity in our economy. Hence, the question of Singapore‟s population growth is not as much an economic problem as it is a socio-cultural conundrum. Going forward, further research on the socio-economic impact of immigration in Singapore is needed to clarify misperceptions Singaporeans hold on this issue. However, even this is unlikely to eliminate the inherent fear humans have of the foreign. Perhaps it is only when we can truly appreciate our immigrant past that we will embrace our immigrant future. As Søren Kierkegaard once mused, „Life must be understood backwards, but it must be lived forward.‟ Word count: 2000 11
Page 1 and 2: "A New Nation of Immigrants Challen
Page 3 and 4: Introduction ‘The most superficia
Page 5 and 6: Myth 2: Foreigners steal Singaporea
Page 7 and 8: Strategies for the long run Perhaps
Page 9: Chart 4 This illustrates the extent
Page 13 and 14: —. Study to set up possible expor

Benjamin Mak and Thng Yi Ren - Economic Society of Singapore

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