Protecting SMEs Do More Harm Than Good: PM Lee
“Some people have asked us (the government) to go further and protect small and medium-sized enterprises (SMEs) from competition from large and foreign companies. I disagree with this approach. My view is that it would be counter-productive. It may benefit the companies in the short term, but in the long term, it will sap their vitality and dampen their entrepreneurial spirit. We will end up with uncompetitive local companies, unable to grow locally or venture abroad.” – Prime Minister Lee Hsien Loong at a Singapore Chinese Chamber of Commerce and Industry (SCCCI) event yesterday.
He probably read the same Bloomberg report “Singapore Trails Hong Kong in Diversifying Economy” we just talked about.
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