“It is quite surprising to me how we have not developed our own large local companies for a long time. We have not seen in the last 20 years any large companies emerge,” he adds.
Manu points out that foreign MNCs absorb more than half of the composition of profits in the economy, with Singaporeans’ share being low.
Manu says foreign MNCs remain important, but this will need to be supplemented by developing local talent and companies.