PM must be doing shumething right, right? ))))

In Economy, Financial competency, Humour, Political governance on 02/02/2015 at 11:30 am

Top destinations for foreign direct investment in 2014

China $128bn
Hong Kong $111bn
US $86bn
Singapore $81bn
Brazil $62bn
UK $61bn
Canada $53bn
Australia $49bn
Netherlands $42bn
Luxembourg $36bn

$= USD

Money keeps on rolling in despite what the anti-PAP cyber warriors claim about mismanagement of the economy. And it’s not “hot” money but the most desirable type

And since I’m smiling while looking at my bank and CPF statements, he (and Tharman and others) must really must doing something right. I’m juz not grateful, isit? And 40% of voters are like me?

  1. You must really believe the numbers are accurate…

  2. I am not surprised that Singapore Inc. is so successful in attracting FDI, in fact,those who worship MM Lee should remind the world that he is perhaps more the Father of FDI than Father of Singapore. My question is: since crony capitalism is now taking over nations, is there any danger of this happening in Singapore? the little red dot awash with money.
    The Silent Takeover Global Capitalism and the Death of Democracy

  3. Easy to have huge FDI lah…
    1. No workers’ rights, only employers rights.
    2. Strikes are illegal, work stoppage is illegal, walking off your job is illegal, even work-to-rule is illegal (i.e. just doing the basic expectation, no more no less).
    3. Pay no corporate taxes for 5 yrs or 10 yrs.
    4. Being in your trillions of dollars, we won’t ask you where it came from.
    5. Legs-open manpower rule — you want Africans? cheaper than ah neh or cheena? No problem! You want to only pay them $500/mth and make them work 12-hr shifts? No problem! You want to control their lives & movements & confine them to company-specified fenced-in & guarded dormitories? Did I mention no problem?!?
    6. You want to hire & fire without having to give a single reason or a single compensation? Can! Our Employment Act allows it.
    7. What?? Our land too expensive?!? No problem — JTC & Ascendas will arrange special for you.

    The above are currently being practised since 1995.

    Put me in charge & I will leapfrog ahead of cheena within 12 mths with more good stuff.

  4. Well the most ‘desirable type’ of FDI should ideally lead to improved standards of living along with opening and widening the road of upward mobility for the masses.

    Otherwise it’s just another meaningless statistical dead end like our highly vaunted stellar GDP that really doesn’t amount to very much to the average Ah Kau, Muthu or Ahmad except perhaps stating the obvious – ideal business conditions exist for firms to set up shop in Singapore to maximize profit. But at what cost does this all come? Would you for instance say there is meaningful progress, if increased FDI’s further amplifies the already chronic repression of wages, hollowing out of the already anemic middle class along with sending our TRF dipping to world class levels.

    Perhaps you can explain to me like a baby what’s really in it for the average man when he has to try to make ends meet with third world wages in the worlds most expensive city?

    Darkness 2015

  5. Eh, if you guys note atans1 closing at the end of the post, he’s with the 40% who don’t support PAP.

    Jack, I chuckled when I saw your post and then xyz describe succinctly on how govt neuter its direct revenue tax streams, normal worker rights and leave the pie to be gobbled up by indirect revenue streams controlled mostly by private interests that comprises of GLCs or the REITs that use to be part of govt but are no longer directly accountable to Parliament.

    I leave it to the reader to decide for himself whether to classify this kind of consequence / behaviour as crony capitalism.

    • @DetachedObserver Thank you for your comment, in fact,the Guardian made a summary of Noreena Hertz book, ‘her core argument is that a combination of globalisation, and the growing power of major corporations, mainly American and European, is rendering democratic governments impotent to influence key decisions that affect the lives of ordinary people. So far, so conventional. But she takes the argument one step further. In surrendering to the global capitalists, governments are themselves debasing democracy, making it quite useless for people to vote. People sense their powerlessness and the redundancy of ballot-box politics, and take to the streets of Seattle, Davos, the City of London, or wherever.”
      So,it may not apply here,as Singapore is not a 100% free and fair democractic country,but then I look at the Economist’s crony-capitalism index dated March 2014,Singapore ranking is number 5.

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