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

Former Senior Minister of State Lee Yi Shyan expressed skepticism about the Workers' Party (WP) alternative economic plan during a recent exchange with Workers' Party MPs Kenneth Tiong and Jamus Lim. Lee, who previously served in the ministries of trade and industry, manpower, and national development from 2006 to 2015, argued that the proposed plan lacked a coherent, consistent, and well-grounded strategy.

WP MPs Tiong and Lim had tabled a parliamentary motion on Singapore's economic future on August 5, which aimed to create an economy that works for all Singaporeans, emphasizing an equal and inclusive approach that accommodates both local companies and global enterprises. However, Lee countered that the real world is not binary and that trade-offs exist, necessitating a balance between local enterprise support and foreign investment.

Lee highlighted the importance of attracting multinational companies, as Singapore's small domestic market of six million people cannot sustain the jobs and living standards desired by its citizens. He emphasized that foreign investment brings jobs, technology, and capabilities essential for Singapore's economic growth. He also criticized the WP's perceived "political opportunism," pointing to examples such as foreign worker numbers, the Build-to-Order (BTO) flats programme, and the Goods and Services Tax (GST) where the party appeared to change its stance based on popular policies and opposition.

In response, WP MP Kenneth Tiong maintained that the party's motion was put forward in good faith, addressing a complex issue that requires sustained debate. He emphasized that the WP's position does not advocate for choosing between local enterprises and MNCs, rather, it seeks to supercharge local enterprise by providing support for new registrants, seconded experts, wider R&D tax deductions, and grants to match MNC investments.