1 00:00:00,360 --> 00:00:03,200 Speaker 1: Joining us for more is Michelle Jambresco, who sat in 2 00:00:03,240 --> 00:00:05,720 Speaker 1: on that interview and wrote our Bloomberg news piece as well. 3 00:00:05,760 --> 00:00:08,360 Speaker 1: She has Bloomberg Senior Asia Economy reporter with me in 4 00:00:08,360 --> 00:00:10,879 Speaker 1: the Singapore studio. So, Michelle, he was talking about the 5 00:00:10,880 --> 00:00:14,320 Speaker 1: global rainmakers. We were talking there about what actually happens 6 00:00:14,440 --> 00:00:18,120 Speaker 1: in terms of accommodating lgbt Q plus workers in their 7 00:00:18,160 --> 00:00:20,160 Speaker 1: spouses to what kind of struck out to you from 8 00:00:20,160 --> 00:00:23,239 Speaker 1: the interview. Yeah, I mean this is a special opportunity, 9 00:00:23,280 --> 00:00:25,800 Speaker 1: by the way, Jules. I mean, the Manpower Ministry isn't 10 00:00:25,840 --> 00:00:28,080 Speaker 1: known to be one of the most transparent ministries. They 11 00:00:28,640 --> 00:00:30,800 Speaker 1: obviously want to keep their cards close to their chests 12 00:00:30,840 --> 00:00:33,320 Speaker 1: in terms of what they're looking for in this global talent, 13 00:00:33,680 --> 00:00:37,640 Speaker 1: because as Minister Tan remarked to us, he doesn't want 14 00:00:37,680 --> 00:00:40,120 Speaker 1: to start a bidding war, uh if they're too specific 15 00:00:40,159 --> 00:00:42,480 Speaker 1: about the fields that they're looking for. But a few 16 00:00:42,479 --> 00:00:45,240 Speaker 1: things struck me from that interview and from his conversation 17 00:00:45,280 --> 00:00:48,000 Speaker 1: with some of us afterward. And you know, he really 18 00:00:48,040 --> 00:00:51,800 Speaker 1: didn't want to see the salary threshold of the highlighted 19 00:00:51,800 --> 00:00:54,680 Speaker 1: past the one so called one past five year visa 20 00:00:54,800 --> 00:00:57,920 Speaker 1: for new top global talent. He didn't want that salary 21 00:00:57,960 --> 00:01:00,400 Speaker 1: threshold to be h two over emphasis. As he said, 22 00:01:00,400 --> 00:01:03,040 Speaker 1: salary is just one proxy. Uh, it is a very 23 00:01:03,080 --> 00:01:04,680 Speaker 1: high amount. As you were marked in the interview. This 24 00:01:05,120 --> 00:01:09,120 Speaker 1: Singapore thirty thousand dollars a month, uh is just equates 25 00:01:09,160 --> 00:01:11,520 Speaker 1: to about seven thousand or eight thousand of the current 26 00:01:11,880 --> 00:01:14,400 Speaker 1: employment pass holders in Singapore, a country of five and 27 00:01:14,400 --> 00:01:18,160 Speaker 1: a half. Yeah, the top five percent of that UPPERCRUSS So, um, 28 00:01:18,200 --> 00:01:20,479 Speaker 1: it is a very small portion. But he didn't want 29 00:01:20,520 --> 00:01:22,759 Speaker 1: that to kind of discourage or or kind of close 30 00:01:22,840 --> 00:01:25,240 Speaker 1: people's thinking on what kind of talent they would be ringing. 31 00:01:25,280 --> 00:01:28,640 Speaker 1: And Minister Tanna, a medical doctor by training himself, talked 32 00:01:28,680 --> 00:01:32,000 Speaker 1: about you know, different areas of of course medical fields, 33 00:01:32,400 --> 00:01:35,280 Speaker 1: uh and other next generation and uh, you know, very 34 00:01:35,360 --> 00:01:37,840 Speaker 1: highly sought after fields that he would they would be 35 00:01:37,880 --> 00:01:40,720 Speaker 1: looking for. He included Mr and A in in that, 36 00:01:40,840 --> 00:01:43,360 Speaker 1: and and talked about research and everything. So it was 37 00:01:43,600 --> 00:01:46,000 Speaker 1: interesting to see how they wanted to open the door 38 00:01:46,000 --> 00:01:48,120 Speaker 1: a little bit further to what they were looking for 39 00:01:48,120 --> 00:01:50,240 Speaker 1: in this global talent. Yeah. I think what was interesting 40 00:01:50,240 --> 00:01:51,880 Speaker 1: and I think both you and I kind of tried 41 00:01:51,880 --> 00:01:53,720 Speaker 1: to push him on these two is is are you 42 00:01:53,800 --> 00:01:56,880 Speaker 1: going off to people from Hong Kong that exodus if 43 00:01:56,920 --> 00:02:00,200 Speaker 1: it's that top five percent, which is predominantly papal in 44 00:02:00,280 --> 00:02:03,520 Speaker 1: finance or fintic, are you trying to capitalize on the 45 00:02:03,520 --> 00:02:06,040 Speaker 1: fact that expats do want to leave Hong Kong at 46 00:02:06,040 --> 00:02:08,320 Speaker 1: the moment, Yeah, very hot issue and a question we 47 00:02:08,360 --> 00:02:11,160 Speaker 1: get a lot of very um. A tough one to quantify, 48 00:02:11,440 --> 00:02:14,880 Speaker 1: and you won't often hear Singapore officials, Uh, you know, 49 00:02:15,200 --> 00:02:17,960 Speaker 1: of course will not be celebrating any any sort of 50 00:02:18,000 --> 00:02:20,560 Speaker 1: demise out of Hong Kong. Um and they they do 51 00:02:20,760 --> 00:02:24,160 Speaker 1: have our time conveying any sort of volume terms or 52 00:02:24,200 --> 00:02:26,720 Speaker 1: around how many Hong Kongers are coming here, but in 53 00:02:26,800 --> 00:02:29,360 Speaker 1: terms of the talent they're seeking, uh, you know, what 54 00:02:29,480 --> 00:02:32,240 Speaker 1: Minister Tan told us was that they're welcoming of that 55 00:02:32,320 --> 00:02:34,440 Speaker 1: talent from Hong Kong, but they won't target it. So 56 00:02:35,000 --> 00:02:36,840 Speaker 1: you know, he he talked a little bit about with 57 00:02:36,960 --> 00:02:40,280 Speaker 1: us after about Hong Kong and Singapore always bouncing back 58 00:02:40,639 --> 00:02:43,400 Speaker 1: from crises and uh, you know, having flows back and 59 00:02:43,480 --> 00:02:46,680 Speaker 1: forth of labor and talent, and and so he doesn't 60 00:02:46,680 --> 00:02:49,440 Speaker 1: seem to worried about them in any case. But the 61 00:02:49,520 --> 00:02:51,680 Speaker 1: nations and focus that they've been talking about lately are 62 00:02:51,720 --> 00:02:54,000 Speaker 1: the ones that have updated their foreign worker views of policy. 63 00:02:54,080 --> 00:02:57,440 Speaker 1: Is so competition for Singapore including U A, E, UK, 64 00:02:57,720 --> 00:03:00,680 Speaker 1: Germany and UH in this neighborhood Thailand, And just very 65 00:03:00,760 --> 00:03:02,880 Speaker 1: quickly we also spoke about, you know, how does this 66 00:03:03,000 --> 00:03:06,760 Speaker 1: kind of sit with the local population if you're trying 67 00:03:06,760 --> 00:03:09,800 Speaker 1: to attract more foreign target and I guess more foreign workers, 68 00:03:09,840 --> 00:03:11,919 Speaker 1: I should say, I guess again. He was saying, look, 69 00:03:12,040 --> 00:03:14,560 Speaker 1: these are specific jobs. At at the moment, we don't 70 00:03:14,560 --> 00:03:16,680 Speaker 1: have enough people in Singapore to to feel that's right. 71 00:03:16,760 --> 00:03:18,720 Speaker 1: And I think he's counting on and the other government 72 00:03:18,760 --> 00:03:21,040 Speaker 1: officials are counting on kind of this message of look, 73 00:03:21,080 --> 00:03:22,960 Speaker 1: we've come out of COVID, we now have a very 74 00:03:22,960 --> 00:03:25,280 Speaker 1: tight labor market. It's not the labor market we were 75 00:03:25,320 --> 00:03:27,720 Speaker 1: looking at a couple of years ago when they institute 76 00:03:27,800 --> 00:03:31,000 Speaker 1: some tighter rules for foreign worker hiring. So some of 77 00:03:31,040 --> 00:03:33,480 Speaker 1: those rules in fact have been reversed around the duration 78 00:03:33,520 --> 00:03:36,760 Speaker 1: of having to post a job in Singapore for local workers. UH, 79 00:03:36,800 --> 00:03:38,760 Speaker 1: that sort of thing. So he does have a tough job, 80 00:03:38,760 --> 00:03:41,200 Speaker 1: and especially Minister Tan because he has some responsibilities with 81 00:03:41,320 --> 00:03:44,320 Speaker 1: m t I, which is more external facing ministry. But 82 00:03:44,360 --> 00:03:46,680 Speaker 1: you know, he talked about this balance and and uh, 83 00:03:46,720 --> 00:03:49,800 Speaker 1: you know, just emphasize that the government needs to be 84 00:03:49,880 --> 00:03:53,080 Speaker 1: honest and open about it. Indeed, alright, Michelle, great collaborating 85 00:03:53,120 --> 00:03:55,520 Speaker 1: with you on that. Bloomberg Peace. Michelle gen Rascoe, Bloomberg 86 00:03:55,600 --> 00:03:58,200 Speaker 1: Senior Asia Economy reporter with US in Singapore.