President of Employers of Poland Andrzej Malinowski met the Ambassador of the Republic of Singapore Loo Choon Yong. Their discussion focused on challenges facing both countries’ economies – particularly with regards to employment and attracting foreign investments. The meeting was held on October 6th, at the headquarters of Employers of Poland.
The problem with the Singaporean labour market is distinct from the problems encountered in Poland – the country is dealing with full employment and is forced to import employees with appropriate skills. In terms of foreign investments, Singapore has to compete with countries of the region – first and foremost China and Malaysia – where labour costs are significantly lower. The approach adopted there is to gradually move away from investing in industry in order for concentrate on creating space for start-ups and modern branches of the economy, such as research and development, biotechnology, bioengineering, ICT, BPO, programming and computer games.
With regards to the Polish labour market, the problem of youth unemployment was emphasized. It is further exacerbated by an education system which is not adapted to the needs of the market and the lack of appropriate legal regulations pertaining to minimum wage and employee migration. Universities should cooperate with business to prepare curriculums appropriate to the needs of the labour market, so that finding their first job is easier for graduates.
Interlocutors agreed that efforts in both countries should be focused on facilitating cooperation in developing innovation, transferring technologies and systematically increasing expenses on research and development, as the main factors with a positive impact on economic growth.
Until June, Mr Loo Choon Yong was the ambassador to Italy and was accredited in Poland in August. He is also chairman of Raffles Medical Group Limited – one of the biggest private healthcare providers in Singapore and the chairman of JTC – a leader infrastructural company on the Singaporean market.