Ex-Senior Minister Lee Yi Shyan, WP MPs spar over party's stance on foreign firms

Former Senior Minister of State Lee Yi Shyan has challenged the Workers' Party's economic playbook, asserting that their recent motion lacked a "coherent, consistent and well-grounded plan." Lee, who previously held economic portfolios and now advises OUE Ltd., argued that Singapore's small domestic market necessitates foreign investment and global markets for sustained jobs and living standards.

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the real world is not black and white, and neither are the trade-offs in it

Lee's remarks drew a sharp response from WP MPs Kenneth Tiong and Jamus Lim. Tiong stated that the real world involves complex trade-offs, while Lim dismissed the dichotomy between small- and medium-sized enterprises (SMEs) and multinational corporations (MNCs) as a "distraction." The WP's original motion called for an economy that benefits all Singaporeans, later amended to emphasize inclusivity for both local and global enterprises.

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such a distraction

Lee also accused the WP of "political opportunism," suggesting their strategy involves advocating for popular policies while downplaying the consequences of alternatives. He cited foreign worker numbers, housing programs, and the Goods and Services Tax as examples. Lee emphasized that Singapore must continue attracting multinational investments for jobs, technology, and capabilities, especially as other countries compete fiercely for investments.

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I’ve also seen firsthand how MNCs in Singapore create opportunities for local companies, and help them build capabilities and reach new markets