Singapore risks becoming a 'Taiwan story' and will lose its competitive edge globally if it closes its doors to foreign talent, said Deputy Prime Minister Tharman Shanmugaratnam on Wednesday night.
He cited a recent survey on talent migration in Taiwan that shows the stark consequences on the wages of its people from pursuing a closed-door policy against foreigners.
At the same time, its best and brightest were leaving the island, particularly for China as well as the United States and other countries.
As a result, the nominal income of the average Taiwanese has flattened for more than a decade, according to the survey done by the East Asian Institute at the National University of Singapore (NUS).
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