Minister Lim Hng Kiang at the Official Opening of PSB Academy Delta Campus

SPEECH BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY, AT THE OFFICIAL OPENING OF PSB ACADEMY DELTA CAMPUS, FRIDAY, 11 MAY 2007 AT 10.30 AM

Dr Axel Stepken, Member of the TUV SUD AG Board,

Distinguished Guests,

Ladies and Gentlemen,

Good morning. 

I am pleased to join you here today for the official opening of PSBAcademy’s Delta Campus.

Global Education Hub

Singapore is recognized as a premier education hub in Asia, offering a diverse and distinctive mix of education services in a safe and cosmopolitan environment. We offer a broad-based curriculum with a global perspective to better equip students with the relevant skills and qualifications. Our education players’ good management skills and high delivery standards have attracted a continuous influx of international students. In addition, our focus on professionalism and reliability has led numerous foreign education institutions to set up their Asia Pacific Headquarters here, thereby paving the way for their expansion into the region.

In 2002, the “Singapore as the Global Schoolhouse” roadmap was launched upon recommendations by the Economic Review Committee, to ride on the predicted surge in international demand for good quality education. Our efforts under this initiative have begun to bear fruits. Last year, Singapore hosted close to 80,000 international students from over 120 nationalities. This is an increase of 11.6% over the previous year, and 46% since we started active cultivation of the international student market in 2003.This sends a very strong signal that the education sector will be an important growth engine for the economy.

Importance of Quality & Innovation

We must continue to strive for excellence. Global competition to attract international students has been increasing, and students are well-informed about their options. For Singapore to remain a choice location for both students and their parents, our education players need to continue to ensure quality programmes and infrastructure, as well as to pay attention to the students’ welfare.

To ensure education excellence, Singapore has in place a framework designed to protect students’ interests and to build high quality education providers. This framework focuses on academic excellence, organizational excellence and student protection and welfare practices. Private education organizations (PEOs) which demonstrate organizational excellence are also awarded the 'Singapore Quality Class for Private Education Organizations (SQC-PEO)' Trustmark. In addition, the Case Trust for Education is awarded to PEOs that possess the foundations for good quality student welfare practices and standards.

Besides government efforts to improve the supporting regulatory and policy infrastructure, education players must also innovate and explore new business models. Their aim should not only be to attract more international students, but also enhance the positive brand equity that Singapore education enjoys today. Our economic agencies will continue to partner the sector to achieve this. For instance, STB works closely with educational institutions to reach out to potential international students, through various promotional activities under the “Singapore Education” branding. IE Singapore helps reputable Singapore-based education providers to size up potential market opportunities, build partnerships abroad, and expand overseas.

Development of PSBAcademy

PSBAcademy is an example of an education player with high growth aspirations. Starting off as part of the National Productivity Board 35 years ago, PSBAcademy has since developed into a premier player in Singapore, providing the full spectrum of education from Certificates, Diplomas to Post-Graduate programmes.Since its corporatization in 2001, PSBAcademy’s vision is to be one of the key education players in Asia.

While the domestic market continues to be the main growth engine, it has also tapped into opportunities overseas. Today, PSBAcademy has eight colleges and schools outside Singapore, and has trained over half a million people and served more than 6,500 organisations. Its programmes have been delivered in 11 countries, in eight languages. Its overseas network and expansion activities also help to attract an increasing number of international students to its Singapore campus. With the support of its new parent, TUV SUD AG, PSBAcademy aims to have a total of more than 20 overseas schools and colleges within the next decade, and garner at least 60% of its group revenue from overseas ventures.

Conclusion

PSBAcademy’s growth story is a bright spark in the potential economic opportunities for our education sector. I look forward to seeing more education players coming forth with strong growth strategies and capabilities.

The opening of this campus today marks a key milestone in PSBAcademy’s history. Congratulations to the management and staff, and I wish PSBAcademy success in the years ahead. Thank you.