Mr Lee Yi Shyan at the Opening of the Asia-Pacific Finals of the 4th FedEx Express/Junior Achievement International Trade Challenge 2010, 23 Aug 2010

SPEECH BY MR LEE YI SHYAN, MINISTER-OF-STATE FOR TRADE & INDUSTRY AND MANPOWER & MINISTER IN CHARGE OF ENTREPRENEURSHIP, AT THE OPENING OF THE ASIA-PACIFIC FINALS OF THE 4TH FEDEX EXPRESS/JUNIOR ACHIEVEMENT INTERNATIONAL TRADE CHALLENGE 2010,ON 23 AUGUST 2010 AT 9AM AT COPTHORNE’S KINGS HOTEL

Ms Linda Rimer, JA Worldwide Senior Vice President for Asia Pacific and Americas Region

Mr Clifton Chua, Managing Director, FedEx Express Singapore

Distinguished guests

Ladies and Gentlemen

Good morning.

Introduction

It is my pleasure to join you at the opening of the Asia-Pacific Finals of the 4th FedEx Express/Junior Achievement International Trade Challenge. Today, we have participants from eight countries taking part in this challenge. I would like to extend a warm welcome to these overseas participants. I hope all of you will have a great time in Singapore.

Singapore’s efforts in youth entrepreneurship

Entrepreneurship is a key source for job creation and innovation. In 2003, we established a national champion called the Action Community for Entrepreneurship, or ACE. Chaired by a Minister but otherwise comprising private sector individuals, ACE works on several areas including the development of an entrepreneurial culture in Singapore.

Entrepreneurship is as much a mindset as it is a skill set. Entrepreneurial culture is enabling. It helps us think out of the box. If we have a pervasive entrepreneurial culture in our work places, we will be better problem solvers, solution providers and innovators of new products and services. I think entrepreneurs lead full and exciting lives. They are probably happier people too because they see opportunities in every situation.

How do we impart entrepreneurial traits to our young so that they grow up not feeling limited but resourceful? How do we support budding aspirations, risk taking and faith in themselves? In 2008, SPRING Singapore introduced a program called Young Entrepreneurs Scheme for Schools (or YES! Schools) to provide funding support for schools to conduct innovative and entrepreneurial hands-on learning activities. Since its launch over two years ago, this scheme has supported 56 schools and reached out to more than 8,500 students in entrepreneurial learning programmes.

Growing interest in entrepreneurship among our young

Beyond classroom training, private sector can also make a special contribution to the fostering of an entrepreneurial amongst the young. I must therefore commend FedEx Express and Junior Achievement for actively promoting entrepreneurship among our young. I understand that this year’s International Trade Challenge has grown to having participants from 8 countries compared to 3 when it first started in 2007. The rich diversity of nationalities represented here will enable participants to learn from each other. Our entrepreneurs who are not familiar with international markets and business practices, the Challenge provides a platform to learn about businesses in a global economy.

I am also happy to hear that interest in this event has grown tremendously.426 students from 12 schools in Singapore have participated in the year’s competition. This is twice the participation rate of last year.

We have to continue to encourage and nurture the strong interests amongst students on entrepreneurship. Under the YES! Schools program, for instance, students from the National Junior College attended a one-week intensive training programme and pitched their business plans to a panel of experienced entrepreneurs and Venture Capital firms. Under the mentorship of an entrepreneur, two eighteen-year-old students have since gone on to develop their business plans into an actual business.

Another example is from North View Primary School. As you know, the Youth Olympics Games or YOG are going on in Singapore right now. Students from North View Primary School saw the opportunity more than a year ago, and designed a YOG card game to promote cultural understanding among youths from different countries. They developed the game and pitched their idea to the YOG organiser. I understand the card games have been presented to the youths from Lebanon to reveal interesting cultural facts about Singapore and Lebanon.

Through the YES! School program, students from both North View Primary School and National Junior College have learnt how entrepreneurship worked in the real world.

Conclusion

Similarly, I am sure that this competition has been an exciting journey of discovery and personal growth for all its participants. I would like to commend the FedEx, JA and their partners for organizing this competition. To all the participants, let me wish you an exciting and rewarding experience today.

Thank you.