CEOs of Fortune 500 firms show keen interest in ASiA

Leaders of Fortune 500 companies who attended the Sun Valley Conference have shown keen interest in Asia.

They also gained a better understanding of Singapore after a dialogue session — which lasted for over an hour — with Prime Minister Lee Hsien Loong, who attended the meet.

According to Singapore’s Ambassador to the US, Dr Chan Heng Chee, Mr Lee was described as being “upfront” and “insightful” in his answers.

Professor Chan briefed Singapore reporters on the dialogue as the conference was closed to the media.

Issues touched on included where Asia’s future direction, developments in China and what makes Singapore competitive.

Mr Lee said that while powerhouses like the US and Europe will recover, Asia, with growing economies like China, India and Asean will catch up and close the gap.

PM Lee also touched on the issue of salaries for ministers.

Professor Chan said that Mr Lee explained to the conference participants that the pay for Singapore ministers was pegged to the country’s GDP and if GDP fall, so too, would their salaries.

He also reiterated the point that Singapore pays good money to attract top civil servants.

Professor Chan said many delegates thought this was a “smart way of going about government”.