Lee Hsien Loong
Prime Minister of Singapore
Previously held positions:
Minister of Finance
Minister of trade and industry
Second Minister for Defence
Chairman of Monetary Authority of Singapore
Member economy: Singapore

Lee Hsien Loong was born in 1952 is the eldest child of former-Prime Minister Lee Kuan Yew. He spent his schooling years in Singapore and then he studies mathematics at Trinity College, Cambridge, where he graduated in 1974 with First Class Honours in Mathematics and a Diploma (with distinction) in Computer Science. He then obtained a Master of Public Administration from Harvard University's Kennedy School of Government in 1980. Lee Joined the Singaporean Armed forces in 1971 and became a member of parliament in 1984. He has risen though the ranks and is currently the Minister of Finance and the Prime Minister of Singapore.

At APEC 2006 Prime Minister Lee Hsien Loong presented a key note address on “successfully competing for Foreign Direct Investment and the lessons learned from East Asian Economies”. Mr Lee stressed the importance of Foreign Direct Investments (FDIs) in promoting growth and development. He said that they increase productive capacity, bring in new technology, open up access to overseas markets, create jobs and raise living standards for the people. He also said that globalisation has further increased the significance of FDIs. Mr Lee added that the opening up of markets is not always easy to sustain. Bringing in foreign competition can put pressure on local companies, even when it benefits consumers, workers and the wider economy. The impact of company closures and job losses are usually concentrated and felt immediately; however the benefits of opening up (which are greater and more widespread) are generally felt indirectly. Mr Lee suggested that there are three main factors countries need to consider to make themselves more attractive to foreign investment. They need to have sound micro and macro-economic policies, build their capabilities for the future and also to embrace globalisation. Mr Lee referred to the collapse of the Doha Round of WTO talks as an example of the worrying protectionist trend growing in many countries. He said that economic frictions and obstacles to trade and investment not only stunt economic growth but also weaken countries’ stakes in one another. Mr Lee thinks that globalisation has its downsides but thinks it is the best way forward to create growth and wealth, and foster trade and interdependence. He said that the key responsibility of APEC is to harness the full benefits of globalisation while containing its risks.

I was personally very impressed by Mr Lee’s speech. He came across as a very confident person who is giving good direction to his country. Mr Lee was a big advocate of free trade and foreign investment but was still wary that globalisation has its costs. He also thought that foreign investment does not just happen and that governments need to create the right environment to be attractive to foreign investment. Mr Lee’s most important comment in my opinion was he said that the free flow of trade brings common interest to countries and helps avoid tension and conflict.

Quotes:
“We can not eat the disk drives that we make”
“The more we restrict the flow of trade and investments, the more likely that we will have rivalry and tensions, rather than shared interests in one another”

Compiled by: Blair Paterson – New Zealand