Mr Lim Hng Kiang at the EDB’s 50th Anniversary Heritage Relay 2011, 18 Jan 2011

SPEECH BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY, AT THE EDB 50TH ANNIVERSARY HERITAGE RELAY 2011, HELD ON TUESDAY, 18 JANUARY 2011 AT 6:05PM AT RAFFLES CITY CONVENTION CENTRE

Mr Leo Yip, Chairman of the Singapore Economic Development Board

Members of the EDB Society

Distinguished Guests

Ladies and Gentlemen

Introduction

I am happy to be here today to get EDB’s 50th anniversary celebrations off to, quite literally, a running start.I have been told that this Heritage Relay has received strong support with over 1,500 participants signing up. What is heartening to note is that throughout this 200 km round island route, EDB staff are joined by representatives from EDB’s partner agencies, enterprises and industry groups, as well as ex-EDB officers. It reflects the strong spirit of collaboration that EDB has built up with its key partners over the last 50 years.It is therefore fitting that EDB starts off its 50th Anniversary celebrations with its key partners who have been instrumental in helping EDB grow the Singapore economy over the years.

Looking Back - the past five decades

Since EDB was established in 1961, Singapore’s economy has grown by leaps and bounds. EDB’s efforts, in collaboration with other economic agencies, have enabled Singapore’s economy to evolve from a labour-intensive one five decades ago, to one that is capital-, knowledge- and innovation-driven.

This evening’s Heritage Relay was planned such that the participants would have passed by numerous sites that mark significant stages of Singapore’s economic development through the years. Indeed, the economic path that Singapore has forged since its independence is worth recounting.

Right from the start, Singapore was prepared to challenge conventional wisdom in our development strategy.In the early 1960s, MNCs were viewed with suspicion.It was common for countries to erect high import barriers to protect domestic enterprises.When Singapore separated from Malaysia in 1965, the security of a common market disappeared and we made what was then considered a radical decision to embark on export-driven industrialisation.That allowed us to ride the wave of MNC investments.Today, this approach has become a cornerstone of international trade and investment.

When manufacturing began to take off in the 1970s, there was an urgent need to upgrade our workforce. We identified and partnered with leading companies with time-tested training systems such as Tata and Rollei. We adapted and improved on these, in order to produce the skilled workers needed by the industries that we were attracting.

In the decade after, lower cost countries in the region started to emerge as alternative investment locations.We responded by diversifying our portfolio of industries and moved up the value chain of activities in order to maintain our lead.More recently, we weathered the Asian and global financial crises and emerged stronger from them.

Throughout, Singapore never lost sight of the core attributes that make us attractive to investors. We remained focused on maintaining and improving our pro-business environment by staying nimble and adapting to ever-evolving business needs. We have continually sought to develop a skilled workforce through education and training, while attracting investments that bring leading technology and management know-how.

Looking Ahead - the next five decades

The next few decades present exciting new opportunities for Singapore. As Asia emerges as a key driver of global economic growth, we will need to position ourselves for the challenges and opportunities that lie ahead. International companies now recognise that they need to do more in Asia in order to grow their businesses in our region.Asian enterprises, fuelled by robust growth in their domestic markets, are also looking to expand their footprint globally.Singapore is well-placed to succeed as a Global-Asia hub.Many US and European companies are locating their critical business functions in Singapore to orchestrate their regional and international strategies and operations.For Asian enterprises, Singapore is an ideal base from which to internationalise and access global markets.

EDB will play a key role in helping to position Singapore. It will spearhead Singapore’s industrial development by attracting top global companies and establishing leadership positions in areas such as electronics and chemicals. EDB has moved quickly to help anchor Singapore’s position as a Home in Asia for business, innovation and talent. It also works with other government agencies and with the business community to capitalise on the opportunities that will arise from mega trends such as rapid urbanisation and rising consumerism in Asia.

Conclusion

In closing, I commend the management and staff of EDB, both past and present, on their achievements. The continual support of partners in both the public and private sectors, combined with EDB’s “can do” spirit make me confident that Singapore’s economic future will continue to be a bright one for many years to come. Thank you.