Wednesday, April 4, 2012

EDB's Effort to woo Foreign Companies to Singapore may not benefit Singaporeans

(Source: San Francisco Chronicle)

My blog news feed from Google is a treasure trove of information. I just saw an interview from the San Francisco Chronicle to CEO of Bubble Motion on why he choose to move his business to Singapore.

"Moreover, the Singapore government gave us a $1 million engineering subsidy grant as an incentive to choose Singapore."

"A lot of people might think talent is the issue, which would be true if one were only hiring in Singapore. Singapore is a small population, so it is inherently limited on who you can find here. However, the world is our recruiting ground – not Singapore.

With Singapore's company-friendly immigration policy, phenomenally low taxes and great lifestyle, it is quite easy to attract top talent from all over the world. We now have employees from over 18 countries! We hire engineers from China, India, Indonesia, Philippines, Thailand – and even the Valley! Nearly all of our management team is from the Valley. Thus, we haven't missed a beat when it comes to finding top notch talent."
Quote from San Francisco Chronicle

EDB implement policies to woo foreign investment or companies to setup office here clearly does not even benefit Singaporeans. In this case, Singapore government gave money for foreign companies to spend ($1million to Bubble Motion) and the CEO did not think we have the talent pool in Singapore. I am sure that there are local employees working, but I wondered how hard they try to find talents locally before looking at other countries. NUS, NTU with additional foreign students cannot meet the demands and this company need to recruit engineers from Indonesia, Philippines and Thailand?

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