President S R Nathan has said Singapore is in a stronger position than in previous recessions, as the economy is more diversified.

He said that while Singaporeans cannot avoid the painful impact of a recession, they are in a good position to weather the downturn.

Speaking at the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) Lunar New Year gathering on Monday, Mr Nathan also reiterated the "cut-costs-to-save-jobs" mantra.

He said companies must do their part and take necessary steps to remain competitive, to emerge stronger from the downturn.

And the Chamber's many overseas missions are an important avenue in Singapore's continued growth.

Mr Nathan said: "Last year, the SCCCI led business missions to India, Vietnam and Dubai. These overseas business missions will enable our companies to explore global opportunities, which are available even in the current downturn, so as to generate new sources of income and stay competitive."

And while wishing everyone a happy Lunar New Year, the President also gave a message of hope.

He said: "I am told there is a popular Chinese saying, 'Niu Zhuan Qian Kun' - meaning that the ox can turn around heaven and earth. Let us hope the Year of the Ox will help us take whatever hardships as the Ox is reputed for." - CNA/ms

(Photo: MediaCorp)