In his final major speech as Prime Minister at this year's May Day Rally, PM Lee Hsien Loong emphasised Singapore's preparedness to face a "very challenging period" ahead. Addressing a diverse audience of union members and guests, PM Lee outlined three fundamental strengths that Singapore must leverage to navigate these uncertain times: long-term planning, political stability and trust, and a good global standing.

Understanding the Context

PM Lee's speech comes at a pivotal moment as he prepares to hand over leadership to Deputy Prime Minister Lawrence Wong. He underscored the importance of these strengths against the backdrop of geopolitical tensions, deglobalization, technological advancements, climate change, and other global uncertainties.

The Three Pillars of Strength

1. Long-Term Planning

PM Lee emphasised Singapore's unique ability to plan strategically and systematically for the future. He cited significant projects like the Integrated Resorts (IRs) and ongoing initiatives such as the Tuas Megaport and decarbonization efforts. The continuity of this forward-thinking approach will be vital for Singapore's sustained success.

2. Political Stability and Trust

Political stability and public trust in the government are foundational for Singapore's success. PM Lee highlighted the symbiotic relationship between the People's Action Party (PAP) government and the labour movement, which has been instrumental in navigating crises like the 1985 recession. This trust is essential for sustaining long-term planning and fostering social cohesion.

3. Good Global Reputation

Singapore's positive global reputation has been built through principled diplomacy and constructive engagement on the world stage. PM Lee stressed the importance of upholding and enhancing this reputation, enabling Singapore to navigate complex international relations and secure its place as a trusted partner.

Implications for Companies and Workers

PM Lee's insights hold significant implications for Singapore companies and workers:

• Economic Resilience: Long-term planning ensures a stable economic environment, providing businesses with a predictable framework for growth and innovation.
• Labour Relations: The emphasis on tripartism (government, employers, and unions) highlights the importance of collaborative efforts in safeguarding workers' interests and job security during challenging times.
• Global Competitiveness: Singapore's global reputation is crucial for attracting foreign investments and partnerships, which are vital for economic diversification and sustainability.

Moving Forward

As PM Lee passes the baton to his successor, Deputy Prime Minister Lawrence Wong, he leaves behind a legacy of strategic governance and foresight. His call for unity, long-term thinking, and political stability resonates strongly, urging Singaporeans to rally behind future leaders and continue the nation's trajectory of success.

In conclusion, PM Lee's May Day Rally speech serves as a poignant reminder of Singapore's enduring strengths and the collective responsibility to uphold them in the face of evolving global challenges. The legacy of long-term planning, political stability, and global engagement will undoubtedly guide Singapore's journey towards continued prosperity.

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Reference links:

https://www.pmo.gov.sg/Newsroom/PM-Lee-Hsien-Loong-at-May-Day-Rally-2024

https://www.todayonline.com/singapore/pm-lees-last-major-speech-handover-how-overcome-very-challenging-period-singapore-3-fundamentals-2414501

https://www.channelnewsasia.com/singapore/lee-hsien-loong-ntuc-may-day-rally-pm-last-speech-4305181

https://www.straitstimes.com/may-day-2024-live-coverage