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Singapore Celebrates 60 Years of Economic Prosperity

A Toast to the Movers and Shakers Behind 60 Years of Economic Prosperity in Singapore

Singapore's journey from a fledgling nation in 1965 to a global economic powerhouse is nothing short of remarkable. Over the past six decades, the city-state has transformed itself through visionary leadership, bold policies, and the relentless drive of its people. This prosperity didn't happen by accident; it was orchestrated by a cadre of movers and shakers—politicians, entrepreneurs, innovators, and business tycoons—who laid the foundations for sustained growth. As Singapore marks 60 years of independence, it's worth raising a glass to these trailblazers who turned challenges into opportunities, building an economy renowned for its resilience, innovation, and efficiency.

At the heart of this transformation stands the founding father, Lee Kuan Yew, whose iron-willed leadership set the tone for Singapore's economic miracle. Emerging from the turbulence of separation from Malaysia, Lee envisioned a meritocratic society where hard work and pragmatism would prevail. He prioritized education, infrastructure, and attracting foreign investment, understanding that a small island nation without natural resources had to rely on human capital and global connectivity. Lee's policies, such as the establishment of the Economic Development Board (EDB) in 1961, were pivotal in wooing multinational corporations. By the 1970s, companies like General Electric and Hewlett-Packard had set up shop, kickstarting industrialization and creating jobs for a burgeoning workforce.

Complementing Lee's vision were economic architects like Goh Keng Swee, often hailed as the "economic wizard." As the first Minister for Finance and later Defence, Goh implemented rigorous fiscal policies that balanced budgets and built reserves. He was instrumental in developing Jurong Industrial Estate, transforming a swampy wasteland into a thriving hub of manufacturing. Goh's emphasis on export-oriented industrialization helped Singapore weather global oil shocks and recessions, laying the groundwork for diversification into high-tech sectors. Another key figure, Hon Sui Sen, who served as Finance Minister in the 1970s, further strengthened the financial system by promoting banking reforms and establishing the Monetary Authority of Singapore (MAS) in 1971. His efforts turned Singapore into a stable financial center, attracting international banks and fostering a reputation for sound monetary policy.

The private sector's titans also played starring roles in this narrative. Banking pioneer Wee Cho Yaw, who led United Overseas Bank (UOB) for decades, exemplified the entrepreneurial spirit that propelled Singapore's financial services. Starting from humble beginnings, Wee expanded UOB into a regional powerhouse, navigating economic crises like the 1997 Asian Financial Crisis with astute risk management. Similarly, in the realm of real estate and hospitality, Kwek Leng Beng of City Developments Limited (CDL) and Hong Leong Group has been a driving force. His developments, including iconic hotels and commercial spaces, have shaped Singapore's skyline and boosted tourism, contributing to the economy's service sector boom.

Innovation and adaptation have been hallmarks of Singapore's success, thanks to forward-thinking leaders in emerging industries. In the 1980s and 1990s, figures like Philip Yeo, former chairman of the EDB and later A*STAR (Agency for Science, Technology and Research), championed the shift towards knowledge-based industries. Yeo's "biopolis" initiative in the early 2000s attracted global biotech firms, positioning Singapore as a hub for life sciences and pharmaceuticals. This pivot was crucial as traditional manufacturing faced competition from lower-cost neighbors. Entrepreneurs like Sim Wong Hoo, founder of Creative Technology, put Singapore on the tech map with innovations like the Sound Blaster card, which revolutionized personal computing audio in the 1990s. Though Creative faced ups and downs, Sim's story underscores the importance of homegrown innovation in a globalized world.

The logistics and maritime sectors owe much to leaders like Chang Yun Chung, the founder of Pacific International Lines (PIL), who built one of Asia's largest shipping companies from scratch. Starting in the 1960s, Chang's fleet expanded amid Singapore's rise as the world's busiest transshipment port, facilitated by the Port of Singapore Authority (now PSA International). His contributions highlight how strategic infrastructure investments, coupled with private enterprise, created a logistics powerhouse that handles a significant portion of global trade.

Women have also been pivotal in this economic saga, breaking barriers and driving progress. Olivia Lum, founder of Hyflux, pioneered water treatment technologies, addressing Singapore's water scarcity through desalination and recycling innovations. Her company's projects not only solved local challenges but also exported solutions worldwide, exemplifying Singapore's "water diplomacy." In finance, Ho Ching, former CEO of Temasek Holdings, steered the sovereign wealth fund through turbulent times, growing its portfolio to over hundreds of billions and investing in diverse sectors like technology and healthcare. Her leadership emphasized long-term value creation, ensuring Singapore's reserves supported future generations.

As Singapore entered the 21st century, new generations of leaders emerged to tackle digital disruption and sustainability. Tech entrepreneurs like Anthony Tan of Grab revolutionized ride-hailing and fintech, turning a simple app into a Southeast Asian super-app that employs thousands and boosts the gig economy. In sustainability, Loh Chin Hua of Keppel Corporation has pushed for green initiatives, including offshore wind farms and data centers, aligning with Singapore's carbon-neutral goals by 2050. These modern movers reflect the city's adaptability, embracing AI, fintech, and green tech to stay ahead.

Challenges have not been absent. The 1985 recession, the dot-com bust, SARS in 2003, the 2008 global financial crisis, and the Covid-19 pandemic tested Singapore's mettle. Yet, each time, leaders like then-Deputy Prime Minister Tony Tan (who later became President) and current Prime Minister Lawrence Wong have drawn on the legacy of resilience. Policies such as the Jobs Support Scheme during Covid and ongoing investments in upskilling via SkillsFuture demonstrate a commitment to inclusive growth.

Looking back, Singapore's economic prosperity is a testament to collective effort. From Lee's foundational policies to the innovative spirit of today's entrepreneurs, these movers and shakers have created a model of success emulated worldwide. The city-state's GDP per capita has soared from about US$500 in 1965 to over US$80,000 today, with unemployment consistently low and living standards among the highest globally. This achievement stems from a unique blend of government guidance and private initiative, fostering an environment where talent thrives regardless of background.

As Singapore toasts these 60 years, the focus shifts to the future. Emerging leaders in fields like quantum computing, sustainable aviation, and digital finance will carry the torch. The legacy of the past inspires confidence that Singapore will continue to punch above its weight, navigating geopolitical shifts and technological revolutions with the same pragmatism that defined its rise. Here's to the visionaries who built this prosperity—and to those who will sustain it for generations to come. (Word count: 1,028)

Read the Full The Straits Times Article at:
[ https://www.straitstimes.com/business/a-toast-to-the-movers-and-shakers-behind-60-years-of-economic-prosperity-in-singapore ]