Ensuring Economic security

As we all know, Singapore, though a developed country and an increasingly important trading hub, lacks resources. Hence, as young leaders of Singapore, we need to take into consideration our limited resources and the strategies that we will take to manage our resources efficiently to ensure Singapore's continued economic growth.

1.Increased Trade with other countries
 As you know, Singapore already has many trading partners, and we have investments in countries such as India, China, and even the United States of America. As young leaders, we feel that trade with foreign countries is much needed-and that our country could do with more. Due to our lack of resources, Singapore finds that she constantly needs to import materials from other countries. Where does our money come from then? A good example would be our water. Water is obtained from Malaysia. In return, however, Singapore treats the water of other countries in our desalination plant and sells the water back to them at a higher price-this is our source of income. Another example would be Tourism.  Singapore has partnered up with foreign companies and engineers in order to construct our Integrated Resorts(IR) as well as our casinos, which have been generating much revenue for us. Hence, trade with other countries is of key importance and increased trade would result in greater security for Singapore to gain revenue, as well as to trade and obtain raw materials that our country needs.


2.Maintaining good relations and diplomatic ties with other countries.
Singapore has 2 strategies in managing external conflict: Deterrence and Diplomacy. Desiring for peace, we feel that diplomacy and maintaining diplomatic relations with the leaders of other countries is key in allowing us to ensure our economic security. Good relations with other countries provide us a guarantee a source of economic support if we were to plunge into a period of economic instability. Additionally, diplomatic relations increases trade with other countries, which would help our economy to be boosted by leaps and bounds!