Singapore is in a better shape to manage the ongoing economic recession today than during the 1997 Asian financial crisis, the city state's Senior Minister for Trade and Industry S Iswaran said.
"The Asian financial crisis was an important catalyst for tightening up the financial systems in our part of the world. ... Not just the financial systems but corporate sector in terms of the level of debt it took on and how it structured its balance sheet," Iswaran said at the close of three-day Global Indian Diaspora Conference on Saturday, reported dpa.
Singapore is not immune when there is a downturn in the developed markets, he pointed out.
"I think the real economic effects will affect us in Singapore. But, yes, I think we are in a better position to withstand it compared to the period in 1997," Channel News Asia quoted Iswaran as saying.
While the current turmoil may dampen investments, he noted that the sentiment from delegates at the Indian conference is that the networking and relationships forged will facilitate longer term business and economic growth.
He observed that the Global Indian Diaspora Conference, held for the first time Friday and Saturday in Singapore, offered good opportunities.