Appointment of new Chief Executive Officer for International Enterprise Singapore (IE)

APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER FOR INTERNATIONAL ENTERPRISE SINGAPORE (IE)

Mr Chong Lit Cheong will be appointed as Chief Executive Officer, International Enterprise Singapore (IE) with effect from 1 Jun 2006.Mr Chong will replace Mr Lee Yi Shyan, who resigned as CEO of IE Singapore wef 2 Apr 06.Mr Chong, currently the CEO of JTC Corporation (JTC), will serve concurrently as CEO of IE and JTC from 1 Jun 2006.

Mr Chong, 50, has been JTC’s CEO since 1 Jan 2001.His previous appointments were with the Economic Development Board (EDB) and the National Science & Technology Board (now A*STAR). Mr Chong has made significant contributions to Singapore’s economic development through his work in EDB, NSTB and JTC.As part of the EDB’s international operations from 1988 to 1994, Mr Chong was instrumental in attracting investments from North America to Singapore.From 1996 to 1998, he was posted to Suzhou, China and successfully promoted the China-SingaporeSuzhouIndustrial Park to international investors and fostered collaboration between Singapore and China.On his return, he took on the post of Managing Director, NSTB.Under his leadership, NSTB successfully achieved its mission of developing and nurturing human capital in scientific and engineering research, and promoting technopreneurship in support of a knowledge-based economy in Singapore.

Upon joining JTC in 2001, Mr Chong restructured the Corporation to better focus on its economic development roles.Non-core businesses were spun-off as corporatised entities and non-core services were outsourced.JTC took on a new work-live-learn-play concept in its estate planning.One of the outcomes of this new focus was the successful launch of one-north, an iconic work-live-play-learn community to support the growth of a knowledge-based economy.Under Mr Chong, JTC’s policies, products and services were further simplified and streamlined to be more cost competitive, flexible and pro-business.Industrial land prices were benchmarked to a basket of international locations to ensure Singapore stays internationally competitive.

Another key initiative launched was the Developer Partnership Programme where JTC engaged private sector developers to develop industrial projects.This private-sector-first approach has resulted in 18 industrial projects worth about $540m being farmed out to private developers in the past two years.More recently, JTC announced a major divestment of its generic industrial and business space, and two of its subsidiaries.This would pave the way towards a more vibrant industrial property market with active private sector participation.

Mr Chong’s wide-ranging experience makes him a good choice to take on the leadership role at IE Singapore.He can be counted on to provide strong leadership to ensure that IE continues and excels in its mission to help Singapore companies grow and internationalise successfully.

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Issued by:

MINISTRY OF TRADE AND INDUSTRY

19 MAY 2006