Two of the four top local banks, including industry leader DBS Bank, are now run by foreigners. So are the state-owned shipping company, NOL, and the biggest local electronics manufacturer, Chartered Semiconductor. In Hong Kong, many of our clients normally prefer a local person. Singapore needs to sell down stakes in companies like DBS Bank, Singapore Telecom and Singapore Power. State entities tend to be overcautious and complacent.
Government ownership can also hold back regional expansion.
Business people still find Singapore's environment stifling. Only recently has the government amended laws that allow homes to be legally used for business purposes. Regulations on land use and building controls are not as friendly as in Hong Kong and other business centers. There is only one major newspaper company, one TV network, one pay-TV operator and one radio network. Liberalization will help attract the foreign money and know-how Singapore must acquire if it is to become a serious player in the New Economy that is being built on the back of the Internet and other technological advances.