Dr Wang Kai Yuen spoke passionately about how Singapore could be a land of opportunity. We must grow by 7-8% per year, grow our population to 8 million, and exploit our strengths as a safe and peaceful oasis in a world of turbulence. He described how impressed he was by the United Arab Emirates - he did not say, but I think he was referring specifically to Dubai - doing this in the Gulf, and he asked: could Singapore do the same? I say, why not? Let us do it. We have many things going for us. We have a good market catchment, especially the growing wealth in India and China. We have a safe, clean and green environment and a cosmopolitan culture which welcomes foreigners. Our arts, leisure and entertainment scene is now much livelier. Even our old Parliament House has become an Arts House.

I am not sure we can achieve and sustain 7-8% growth. We are past that stage of rapid expansion. Also, I do not think that reaching 8 million population in 15 years is realistic because it means growing our population by more than a quarter million per year. It is not possible. But we must do our utmost to grow our economy, and if we can make 3-5% growth per year, and more in good years, then we will progressively change the face of Singapore. We should also work hard to grow our population so that we can come closer to Hong Kong or Switzerland which are both 7.3-7.4 million and have that critical mass and that verve. And we are a safe and peaceful oasis in a turbulent world, a special red dot that is a haven for Singaporeans and foreigners alike.

Dr Wang described how Dubai is building Palm Island, a beautiful resort attracting foreigners from all over the world, buying beachfront properties and building homes. I think the PM on his recent Middle-eastern trip visited it. Dr Wang referred to Sentosa Cove, suggesting that we should we do the same. In fact, we will do the same. We have decided to allow foreigners to buy landed properties at Sentosa Cove, for precisely the reasons that Dr Wang has argued. This is a special arrangement for Sentosa Cove. It does not apply to the rest of Singapore. BG George Yeo will tell you more about the plans in MTI's Committee of Supply.

Our future is full of promise. As we connect ourselves to the global economy, as we build a cosmopolitan, open society that is more welcoming to diversity, we will preserve a cohesive society with strong social bonds, where the able and well-off care for and help the weak and the poor, and where the family unit remains as our foundation and our future.

This Budget continues what we started off doing in the Economic Review Committee - to promote industries, to promote entrepreneurship and encourage restructuring; and to create a nimble and flexible economy, with enterprising people that can take advantage of the rise of Asia. And as we restructure our economy, we also focus on the long term social challenges. We must rise to these challenges to preserve the vitality of Singapore for many years to come.