But do Singaporeans lack the relevant skills?
The American Chamber of Commerce in Singapore said that based on its manpower survey last year, US companies here cited soft skills - including adaptability, willingness to take risks, creativity and leadership skills - as being the hardest to find in local workers. This led them to hire foreigners. Mr Melchers said that if a German wealth management firm sets up office here, German clients tend to be more comfortable dealing with Germans. This means it must have German speakers on board.
What is"completely unacceptable in any country", he added, is the practice of recruiting from only one nationality.
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