PAP, WP continue to clash over opposition party’s economic proposals

The Workers' Party (WP) and the ruling People's Action Party (PAP) have continued their online debate over the WP's economic proposals following criticism from former Senior Minister of State Lee Yi Shyan. Lee claimed that the WP's economic playbook lacks a coherent, consistent, and well-grounded plan, describing it as political opportunism.

He specifically criticized the WP's stance on the role of multinational corporations (MNCs) in Singapore's economy, suggesting that the party wants to pivot towards small and medium enterprises (SMEs) as the home-grown economic engine, while dismissing the importance of foreign investment and global markets.

WP MPs Kenneth Tiong and Jamus Lim moved the motion on the future of Singapore's economy, presenting their alternative "economic playbook" for the country. Tiong argued that Singapore should supercharge local enterprise with automatic support for new registrants, seconded experts, wider R&D tax deductions, grants to match MNC starting salaries, and German-style internships.

However, Lee responded by stating that neither dynamic local companies nor healthy domestic demand can substitute for foreign investment and global markets. He emphasized that the disagreement between the parties is primarily about the use of Singapore's reserves, with the PAP advocating for safeguarding them for future generations and the WP arguing for their use for voters today.

Both sides made points on the role of political debate in Singapore's current geopolitical situation, with Tiong stating that the WP tabled its motion in good faith and that Singapore is best served by a politics that prioritizes policy over point-scoring. Lim, however, expressed disappointment with the PAP's rhetoric over substance, emphasizing the need for an SME-driven innovation engine to jump-start the economy.