ASTANA – Singapore’s experience shows that countries seeking long-term economic competitiveness must be prepared to adapt their policies and institutions to changing circumstances continuously, Senior Minister Lee Hsien Loong said during a lecture at Nazarbayev University on Aug.
27. A NU student asks a question during Lee Hsien Loong’s lecture in Astana on Aug. 27. Photo credit: NU Speaking to students and the academic community, Lee outlined Singapore’s development journey from the 1950s, highlighting the policies that helped the small, resource-scarce country build a globally competitive economy.
He stressed that Singapore and Kazakhstan have very different geographical and economic circumstances. Singapore is a small island nation with limited natural resources, while Kazakhstan is a vast landlocked country rich in energy and mineral resources. Nevertheless, he said, the two countries share similarities, including their experience of gaining independence from larger federations and their efforts to build strong international partnerships.
Lee said Singapore’s economic development was driven by a willingness to look outward and compete globally. After becoming independent in 1965, the country focused on export-oriented manufacturing, attracted multinational corporations, developed its financial sector and invested heavily in infrastructure and human capital.
Over time, Singapore repeatedly adjusted its economic strategy, moving toward higher-value and technology-intensive industries, research and development, advanced manufacturing and services. “Singapore has not progressed in a straight line. We have repeatedly had to reinvent ourselves in order to overcome setbacks and change circumstances and resume our journey forward,” Lee said.
He noted that Singapore is now facing another major turning point amid growing geopolitical rivalry, weaker multilateralism and increasing concerns over economic and supply-chain resilience. A NU student asks a question during Lee Hsien Loong’s lecture in Astana on Aug.
27. Photo credit: NU In response, Singapore intends to remain open and outward-looking while strengthening ties with non-traditional partners, including Kazakhstan and other Central Asian economies, Lee said. He also stressed the importance of maintaining multilateral cooperation and supporting rules that apply to both large and small countries.
He cited cooperation within the World Trade Organization, including Singapore’s work with Japan and Australia on e-commerce. Lee identified state capacity, market discipline and an active government role as important elements of Singapore’s approach. While market forces remain central to creating wealth and encouraging enterprise, he said the government must invest in infrastructure and skills, develop new economic activities and address market failures.