Singapore Economic Miracle

FOREWORD Singapore is often lauded as a remarkable economic miracle. Within a generation, our economy has moved from third world to first. The Golden Jubilee was an opportune time for us to showcase Singapore’s economic journey over the past 50 years through the Singapore’s Economic Miracle Exhibition. This exhibition was the culmination of 18 months of hard work by SPRING Singapore, EDB, IE Singapore and JTC. The Singapore’s Economic Miracle Exhibition captures the spirit of enterprise and contributions of our people and companies to our nation’s growth. The exhibits showcased 50 events that shaped the economy, stories of pioneer workers who built the nation, and brands that made a difference. We were heartened by the more than 100,000 visitors and positive feedback received on how the exhibition “brought the economic story to life through interactive exhibits, life-sized figures” as the exhibition travelled from VivoCity to Changi Airport and finally Capitol Piazza. This has given us the inspiration to capture the contents in a book that will continue to inspire future generations. We would like to take this opportunity to thank the SG50 Economic & International Committee, especially co-chairs Minister Tan Chuan-Jin and Ms Olivia Lum, for their support and guidance. We appreciate the valuable contributions from the participating companies, trade associations and chambers, government agencies and individuals towards the success of the exhibition. Our late founding father of Singapore Mr Lee Kuan Yew once said: “There’s a glorious rainbow that beckons those with the spirit of adventure. And there are rich findings at the end of the rainbow. To the young, and to the not-so-old, I say, look at that horizon, follow that rainbow, go ride it.” Together, let us follow that rainbow with a spirit of adventure towards SG100!

Ted Tan Deputy Chief Executive SPRING Singapore

SINGAPORE today has a vibrant and diversified economy that we can be proud of. This success is no accident but the result of hard work, determination, extensive planning and the courage to dream that we could be more than a colonial backwater. We are proud to take you on a journey through the milestones through the eyes of the people and companies that have shaped our economy into the success it is today. In conjunction with SG50, this commemorative Singapore’s Economic Miracle coffee table book invites you to reflect on how much we have achieved in the last 50 years. This book also hopes to inspire you, the reader to carry on the Singapore spirit and bring Singapore forward into the next 50 years.

CONTENT 50 MILESTONES

07

50 BRANDS THAT MADE A DIFFERENCE

BRANDS THAT DARED TO DREAM

41



BRANDS WE GREW UP WITH

53



BRANDS THAT MARKED US ON THE MAP

65



BRANDS THAT MOVED THE ECONOMY

77



BRANDS TO SHAPE THE FUTURE

89

HANDS THAT BUILT THE NATION

100

1965-2015

50

MILESTONES Singapore today has one of the most admired economies in the world. The Singapore River is often regarded as where our economic development began - from godowns that dotted its banks, to one populated by skyscrapers today. In this section, we trace the journey of Singapore’s economy from the 1960s to the 2000s through 50 defining events. These events embody the hopes, challenges, and triumphs of Singaporeans over the last 50 years.

1960s

In the early 1960s, Singapore had a Third World economy with poor infrastructure, limited capital and a workforce that was largely unskilled. While the separation from Malaysia in 1965 was an enormous setback to Singapore, we soldiered on and became an independent country the same year. We stayed focused on nation building and growing our economy through attracting foreign investments. At the end of the 1960s, the industrialisation plan that was laid out was underway, thereby ending a tumultuous decade.

Gross Domestic Product in 1969: (current market price)

SGD

5,078.7 million

Number of people employed in 1969:

650,900

Average monthly wage in 1969:

SGD

199

Top three exported products for the 1960s:

No official records

50 MILESTONES 8

01. INDUSTRIALISING TO SURVIVE Prior to independence, workers in Singapore were mostly involved in the entrepôt trade. Others, such as the rattan cane workers, were employed in small factories. To develop their own economies, neighbouring countries started imposing trade restrictions that threatened Singapore’s traditional role as a trade middleman. Furthermore, the pullout of the British forces was likely to add another 20,000 workers to the already high unemployment. To even have a chance of survival, Singapore had to industrialise urgently. This began our journey of building up export-oriented industries and the necessary infrastructure to support Singapore’s industrialisation efforts. Rattan cane workers at a rattan factory at the junction of Beach Road and Bukit Timah Road in 1952. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

02. SINGAPORE MAKES AN

INVALUABLE FRIEND

One of the earliest friends Singapore made was Albert Winsemius. He first arrived here in 1960 as part of the United Nations team to assess the country’s potential for industrialisation. This visit started a friendship that would last 36 years. As Chief Economic Advisor, Winsemius played a major part in Singapore’s early development. He also personally persuaded companies like electronics giant Philips to invest in Singapore. When Winsemius retired at the age of 74, he said, “I leave with a saddened heart … (Singapore) can do without me … But it (has become) part of my life.”

Mr Lee Kuan Yew with Dr Albert Winsemius (second from left) in China in November 1980. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 9

03. THE BIRTH OF A

GLOBAL OIL REFINING CENTRE

Prior to the opening of Shell’s S$30 million Pulau Bukom oil refinery in July 1961, most contractors in Singapore had never seen a refinery. However, the lack of specialised skills in constructing a refinery was more than compensated for by the sheer determination and hard work of local workers. The refinery was completed within a record time of just over one year after site preparations had begun. The presence of a giant oil company attracted other similar multinational companies to Singapore. Today, Singapore is one of the largest oil refining and processing centres in the world, producing over 1.3 million barrels a day.

Dr Goh Keng Swee touring the new Shell oil refinery after its inauguration ceremony in 1961. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

04. BOOSTING INVESTOR CONFIDENCE To drum up public and investor confidence in Singapore, then Finance Minister Goh Keng Swee would diligently hunt down even the smallest new businesses, such as factories that made hair cream and kaya jam, in order to officiate their openings with much fanfare. Newspapers in the 1960s were peppered with photographs of Dr Goh attending factory openings at least once or twice a week. Dr Goh Keng Swee touring the new Shell oil refinery after its inauguration ceremony in 1961. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 10

05. MARKING THE START OF OUR

ECONOMIC INDEPENDENCE

9 August 1966 was a day of pride for all Singaporeans. This was the first time we celebrated National Day since independence was declared a year ago. The organisers had fewer than 50 days to prepare for the parade, but the event had an infectious atmosphere of unity and optimism. On the big day, as the parade progressed towards the eager crowds in Chinatown and Tanjong Pagar, heavy rain fell but the downpour did nothing to dampen the spirit of the cheering crowds and the aspirations of the new nation. The parade also signalled the confidence with which we had embarked on our journey of economic independence. Source: Ministry of Information and the Arts Collection, courtesy of National Archive of Singapore

06. A NEW CURRENCY FOR A

NEW COUNTRY

20th November 1967 was the first time Singapore coins were made available to the public, at the rate of 1 old Malaya and British Borneo dollar to 85.71 new Singapore cents. To avoid the long queue, many Singaporeans used their remaining old currency to buy up whatever they could, and goldsmith and jewellery shops reported brisk sales. By December 1967, the volume in circulation had amounted to more than S$178 million, signalling strong confidence in the new currency. A long queue formed outside the Board of Commissioner of Currencies at Empress Place. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 11

Female workers sorting rubber sheets at a factory. Women played a key role in Singapore’s industrialisation efforts. Source: Ministry of Information and the Arts Collection, Courtesy of National Archives of Singapore

07. EMPOWERING WOMEN TO WORK Part of Singapore’s industrialisation plan encouraged labourintensive light industries such as garment-, cosmetic- and hair wig-making. The photograph shows women working at a rubber factory. Rapid industrialisation had caused a labour shortage, so women were encouraged to enter the labour force. An act was passed on 21 December 1967 to make it legal for women to work in factories beyond midnight. The government also built more childcare centres and made it easier for factories to be located near housing estates. Part-time work was also encouraged to get more women employed.

Simple but bold, Neptune Orient Lines’ early logo symbolised its vision to look to the world as its market. Source: Neptune Orient Lines Limited

08. RIDING THE WAVES TO SECURE

OUR LIFELINE

The dependence on foreign carriers for the supply of our food and raw materials was risky, draining our limited reserves and thus further straining our then fledgling economy. Neptune Orient Lines (NOL) was started in 1968; the company’s vision is embodied in its early logo – a trident with seven waves to represent Neptune, the god and conqueror of the seven seas. Against all odds, NOL braved an initially Europeandominated business to increase shipping links with Singapore’s major trading partners such as Japan and the United States. Today, NOL is a world leader in global transportation services operating in 80 countries and employing over 7,400 workers.

50 MILESTONES 12

Singapore’s Central Business District in the 1960s. The two tallest buildings visible are the Bank of China (left) and the Asia Insurance building (right). Source: Arthur B Reich Collection, Courtesy of National Archives of Singapore

09. BEGINNINGS OF AN

INTERNATIONAL FINANCIAL CENTRE How did Singapore become an international financial centre? The story can be traced back to 1968 when Singapore created the Asian Dollar Market (ADM) to intermediate the flow of global and regional funds. By 2014, the ADM had grown to US$1.2 trillion from US$33 million when it first started. Singapore is now the world’s third largest foreign exchange market after London and New York. The ADM has been critical to Singapore’s role in financing regional growth and has also provided the early foundation for Singapore to become an international financial centre today.

50 MILESTONES 13

10. THE HUMBLE BEGINNINGS OF AN

ECONOMIC PILLAR

In 1968, the Development Bank of Singapore was formed to take over industrial financing activities from the Economic Development Board. The bank supported Singapore by extending loans and financial assistance that allowed companies to establish or upgrade their manufacturing and processing capabilities. Without such loans as capital, many companies would not be able to take off. As Singapore’s economy matured, the bank was renamed DBS Bank to reflect its move from development financing to global banking services. This invaluable pillar of Singapore’s development is also one of the world’s strongest commercial banks today. Chairman of Development Bank of Singapore (DBS), Mr Hon Sui Seng, after returning from manila where he attended a four-day meeting of heads of development banks in asia and signed agreement on asian development bank’s $30 million loan to DBS. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

11. MAKING

SINGAPOREANS MORE EMPLOYABLE

Parliament in session at the old Parliament House. The Employment Act was actively discussed before it was passed on 15 August 1968. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 14

Unemployment was high in the 1960s. The Employment Act was passed in 1968 after several heated parliamentary debates. The Act standardised employment conditions and stabilised Singapore’s labour market. Enticed by the improved labour conditions, foreign investments started to pour into the manufacturing sector. The unemployment rate decreased from 7.3% in 1968 to 4.8% in 1971. Till today, updates to the Employment Act continue to allow for better protection of workers and flexibility for employers. These timely reviews contribute to better workplaces and Singapore’s appeal as an investment destination.

1970s

In the 1970s, Singapore shifted towards skill-intensive industries. Confident about Singapore’s potential, multinational corporations partnered the government to set up training institutes. Workers who were trained overseas brought back valuable skills to Singapore. Our manufacturing sector began to produce more sophisticated products such as semiconductors, cameras and computer parts. In the late 1970s, the electronics sector led our economic growth. The policies implemented during this decade were critical to improving standards of living.

Gross Domestic Product in 1979: (current market price)

SGD

21,098.3 million

Number of people employed in 1979:

1,021,000

Average monthly wage in 1979:

SGD

612

Top three exported products for the 1970s:

Natural rubber products Semiconductors Transport equipment including structures of ships and boats

Trainees at Philips’ Government Training Centre in Jurong in 1976. This was the third centre jointly set up by the Economic Development Board and manufacturing concerns in Singapore. Source: Ministry of Information and the Arts Collection. Courtesy of National Archives of Singapore

12. LEARNING FROM OUR OVERSEAS PARTNERS

In the 1970s, we knew that technical education would be the bedrock of our industrialisation effort. To acquire the expertise, Singapore partnered Rollei of Germany, Philips of Holland, and Tata of India to form Joint Government Training Centres. Many enterprising graduates of these centres went on to start companies in supporting industries, which further attracted investments to Singapore. Today, many of these alumni continue to be driving forces in local engineering enterprises.

Then Chairman of Jurong Town Corporation, Ko Kheng Hwa, pouring sand into the sea to inaugurate Singapore’s land reclamation efforts to link Jurong Island to the mainland. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

13. ISLAND OPEN FOR BUSINESS When industrial land grew scarce on the mainland in the 1970s, Singapore envisioned the joining of the 7 seven sleepy islets off the coast of Jurong. Today, with a land mass of about 3,000 ha, the site of these once-tiny islands is home to approximately 100 companies from around the world with investments of over S$47 billion. With Jurong Island as the cornerstone of Singapore’s chemicals industry, the cluster as a whole now employs over 26,000 people.

50 MILESTONES 16

Policemen removing people participating in a strike outside Robinson’s department store in Raffles Place.

Container ships docked at Singapore. The use of standardised boxes has made shipping a more efficient industry.

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

14. STABILISING A TROUBLED

15. SEEING THE POTENTIAL IN A BOX

In the early days, Singapore faced a huge uphill struggle to stabilise the labour scene, which saw regular labour unrests threatening to cripple our economy. A tripartite arrangement between the government, employers and unions was urgently needed. In 1972, the National Wages Council was formed to hold open tripartite discussions on wage guidelines that were acceptable and fair to our workers. This arrangement has continued till this day, giving stability and security to our workers, and ultimately our economy.

In 1972, Singapore’s first container berths opened in Tanjong Pagar, after years of construction. Many considered this to be foolish, as no container ships plied the Europe-Asia route then. Singapore however saw the potential of containerisation. Previously, cargo crates in irregular shapes and sizes were used for the transport of goods. Containerisation replaced these irregular crates with boxes in standard sizes, which are still commonly used today. These boxes maximise storage space, ease handling and thus reduce shipping fees and time. Thanks to this foresight, Singapore’s port has led and benefitted from this efficiency.



LABOUR SCENE

50 MILESTONES 17

16. EASING CONGESTION AND

IMPROVING MOBILITY

By the 1970s, traffic congestion in the city centre was getting worse. A team of experts assembled by the government in 1972 recommended a rail mass transit system to ease the congestion and improve mobility around the island. On 7 November 1987, the Mass Rapid Transit (MRT) began operations with five stations over 6km. Today, the rail system is one of the most popular modes of transport for Singaporeans, with over 2.8 million passengers a day. The system has brought about improved mobility as well as multiplier effects such as enhanced investor confidence in Singapore.

17. A SUPERMARKET FOR

THE PEOPLE

Singapore’s fledgling economy experienced a severe setback when oil prices increased sharply in 1973, causing inflation to rise to an alarming 20%. The price of rice increased by more than 100%, and the cost of other basic necessities also rose steeply, making life very difficult for Singaporeans. However, Welcome, a supermarket started by NTUC, began selling rice and other necessities at controlled prices. After a year and a half, prices finally decreased and stabilised. The desire to ensure an affordable cost of living eventually led to the merger of Welcome and one other supermarket to form the now-familiar NTUC FairPrice. Workers preparing for a rice sale at the NTUC Welcome supermarket in Toa Payoh in 1973. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 18

18. DEPARTMENT STORE

SHOPPING COMES TO SINGAPORE The retail sector received a huge boost when Yaohan introduced a new shopping concept to Singapore in 1974. The S$13 million department store and supermarket spanned three floors in the brand-new Plaza Singapura. When a subsequent outlet opened in Katong, it had a queue 50 metres long even on its second day of business. Attracted by Singaporeans’ greater spending power especially on non-essentials such as cosmetics, retailers like Daimaru and Takashimaya also set up stores in Singapore. Crowds gathered at the opening of Yaohan Katong in 1977. Source: New Nation © Singapore Press Holdings Limited. Reprinted with permission

19. ONE OF OUR BEST INVESTMENTS

In 1977, some thought spending S$1.5 billion for an airport was excessive. However, Changi Airport would prove to be one of Singapore’s best investments. In 2014, it handled 54.1 million passengers – 10 times Singapore’s population! In 2017, one new terminal will be added to the existing three, and in 2018, the opening of the lifestyle destination Jewel Changi Airport will further cement Singapore’s position as a global aviation hub.

50 MILESTONES 19

20. TAPPING THE POWER OF ASEAN In 1976, the Association of Southeast Asian Nations (ASEAN) signed the Declaration of ASEAN Concord, which established a programme of ASEAN economic cooperation. If ASEAN was a country, by projections, it would be the world’s fourthlargest economy by 2050. The ASEAN market, home to over 600 million people, is an attractive one with its growing middle class. Various countries have signed free trade agreements with ASEAN to take advantage of its young population and close proximity to the Asian giants, China and India.

50 MILESTONES 20

1980s

The 1980s saw Singapore’s miraculous economic transformation from a Third World country into a developed nation. This involved upgrading our workers’ skill levels as well as the value of our products and services. We moved into high-tech industries, such as the manufacture of disk drives, wafers and personal computers. However, as we transitioned towards a high-wage policy, the world slipped into an economic slowdown, and Singapore slumped into a recession. To pull through, Singapore diversified into services like banking and finance, business and legal services, and logistics management, so as to provide a Total Business Centre for companies locating here. We also began to develop local enterprises.

Gross Domestic Product in 1989: (current market price)

SGD

61,248 million

Number of people employed in 1989:

1,277,300

Average monthly wage in 1989:

SGD

1,427

Top three exported products for the 1980s:

Electrical apparatus Natural rubber products Semiconductors

21. ECONOMIC MIRACLE In 1982, TIME Magazine ran a cover story crediting then Prime Minister Lee Kuan Yew with transforming “a scruffy tropical seaport into the most prosperous, cleanest and safest citystate in the world”. Only petroleum-producing countries had previously managed the 10.2% growth rate that Singapore attained in 1980. Considering our double-digit unemployment rate upon independence just 17 years before, Singapore’s transformation was nothing short of miraculous. Now a souvenir piece, this 1982 edition of TIME Magazine was an early worldwide signal that Singapore’s hard work was starting to pay off. Source: SPRING Singapore

22. ADVANCING INTO

BIOMEDICAL SCIENCES

In 1982, Singapore unveiled her intent to foster the biomedical sciences industry. Today, seven of the global top ten pharmaceutical companies manufacture here, and size of the top ten drugs by sales are produced in Singapore. From the manufacture of drugs, Singapore is moving into biomedical research and development (R&D) to enhance competitiveness and productivity. In 2014 alone, biomedical sciences produced an impressive output of S$21.5 billion. Dengue vaccine research by Singapore’s Duke-NUS Graduate Medical School could soon see a breakthrough. SARS kits and even Singapore’s first locally developed cancer drug are further examples of R&D contributing to better healthcare and protection for Singaporeans. Sir Paul Girolami, Executive Chairman of Glaxo and Dr Chris Tan at the signing ceremony of the Glaxo-IMCB. Source: A*STAR’s Institute of Molecular and Cell Biology (IMCB)

50 MILESTONES 22

In easily understandable cartoon style for the public to learn about the recession, this infographic features a familiar face; present Prime Minister Lee Hsien Loong in the lower-right corner.

23. SINGAPORE DEFENDS

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

HER CURRENCY

The Monetary Authority of Singapore (MAS) faced its first significant challenge when international investors launched a speculative attack on our currency during our first recession in 1985. To maintain long-term confidence in the currency and economy, then MAS Deputy Chairman Goh Keng Swee resolved to support the Singapore Dollar “at all cost”. To defend the Singapore Dollar, MAS decisively sold US$100 million in foreign reserves on 16 September 1985. The attack stopped almost instantly. Speculators suffered capital losses, as their expectations of a weakened Singapore Dollar did not materialise. MAS’s sizeable foreign reserves and Singapore’s economic fundamentals successfully fended off the attack. Dr Goh Keng Swee was instrumental in the founding of the Monetary Authority of Singapore. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 23

24. PULLING THROUGH SINGAPORE’S

FIRST RECESSION

The sharp and sudden change in the economic situation in 1985 caught many Singaporeans off guard. Nearly 20 years of strong growth had not prepared Singapore for this downturn. Many companies went bankrupt and more than 90,000 workers were laid off. Published in The Straits Times, the pictured infographic set out to explain the economic situation and the government’s new economic direction, “To Diversify and Upgrade Our Economy”, in order to pull Singapore through her first recession.

A pig farm in Punggol. As can be seen from the photograph, pig farming requires a large land area. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

25. PHASING OUT PIG FARMING

26. NURTURING LOCAL ENTERPRISES

In 1983, the numerous pig farms in Singapore produced 903,650 pigs and provided fresh pork for approximately 2 million people. However, the government decided to phase out pig-farming because it used up too much land and water, both of which had become increasingly scarce. Waste from the farms polluted the rivers and strained the freshwater supply. Imposing pollution levies did not alleviate the problem, so the farms had to be gradually closed to make way for more sustainable industries to be set up.

In wake of the global recession in the 1980s, policies favouring small and medium enterprises (SMEs) were implemented as part of Singapore’s “second industrial revolution”. The Association of Small and Medium Enterprises was created to advance SME interests, strengthen their bonds with the government, and nurture entrepreneurship. Grants were offered to help SMEs develop their human resources, adopt technology and expand overseas. In 2014, SMEs contributed nearly half of our Gross Domestic Product (GDP) and employed 66% of workers. SMEs continue to form the backbone of Singapore’s economy, and many have gone on to become global players.

50 MILESTONES 24

An aerial view of the Tanjong Pagar Terminal managed by PSA International. PSA operates Singapore’s 57 container berths.

Old habits die hard. Most traders still turned to submission counters to hand in their trade documents when TradeNet was first launched.

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

Source: International Enterprise (IE) Singapore

27. HOME TO ONE OF THE WORLD’S

28. CREATING A MAJOR TRADING HUB

In 1986, Singapore’s port was ranked as the world’s busiest and continues to handle one of the highest shipping volumes today. A ship arrives at or departs from our port every two to three minutes. At any one time, at least 1,000 ships are at our port. On a daily basis, 60,000 containers are being loaded and unloaded. Singapore has few natural advantages, but we make the best of them.

By the late 1980s, Singapore’s port was handling an astonishing 10,000 daily trade declarations on paper, each requiring up to seven days to be processed. We had to be more efficient in handling the increasing volume to support Singapore’s growth as a major trading hub. In 1989, TradeNet was launched. This fully computerised system shortened processing time to two minutes and was available 24 hours a day. To encourage the use of TradeNet, manual submission fees were increased and the number of counters was reduced to make queues unbearably long. This persuaded companies to computerise their operations, which helped to save around S$1 billion annually.





BUSIEST PORTS

50 MILESTONES 25

WITH TECHNOLOGY

29. CHANGING THE WORLD OF

COMPUTERS THROUGH SOUND

The world-famous Sound Blaster sound card was invented and launched by Sim Wong Hoo of Creative Technology in 1989. In less than a year after its launch, the Sound Blaster became the top-selling expansion card for personal computers. Geeks and gamers around the world had to have it, or risked being considered uncool. The invention’s runaway success elevated Singapore’s profile globally. In a country not known for raising inventors, this inspired other budding inventors and entrepreneurs to innovate, which was critical as Singapore moved towards a knowledge-based economy.

Creative Technology CEO Sim Wong Hoo being interviewed about his world-famous invention, the Sound Blaster. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

30. INNOVATING IN THE WATER INDUSTRY

“I have no money, no technology to sell, and no customers, but I feel that it is a sunrise business and I can do something for the environment.” With these words and only S$20,000, Olivia Lum left a highpaying job at a pharmaceutical giant in 1989 to set up what was to become Hyflux, a global company now recognised for innovation in the water industry. In 2011, Olivia won the Ernst & Young World Entrepreneur of the Year award, beating 48 other international nominees to become the first female winner in the award’s 11-year history. Hyflux CEO Olivia Lum with her Ernst & Young Singapore Entrepreneur of the Year award. She subsequently went on to win the World Entrepreneur of the Year award in 2011. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 26

1990s

The 1990s saw Singapore’s economy becoming more sophisticated and diversified through the adoption of technologies and upskilling of our workforce. We increased investments in research and development, while also reinforcing key pillars such as engineering and petrochemicals. At the same time, we developed the services industry. The 1990s was a time of growth. More foreign companies were drawn to Singapore, while Singaporean companies gained repute overseas. However, the 1990s was also a decade of ups and downs with two financial crises that left a lasting impact.

Gross Domestic Product in 1999: (current market price)

SGD

143,867.9 million

Number of people employed in 1999:

1,518,300

Average monthly wage in 1999:

SGD

2,813

Top three exported products for the 1990s:

Computers Hard disk drives Semiconductors

31. SHARING OUR ECONOMIC MODEL Singapore believes in growing together with our neighbours. In 1990, key features of Singapore’s economic model were launched in Indonesia’s Batamindo Industrial Park. Subsequently, similar enterprises co-developed and managed by both the government and private companies include the Singapore-Suzhou Industrial Park, Vietnam-Singapore Industrial Park, Tianjin Eco-City, Iskandar Malaysia, and now Andhra Pradesh in India. While each project may differ in terms of its economic focus, Singapore enters every partnership with the same aim – to create a mutually beneficial relationship with the host city. An artist’s impression of Tianjin Eco-City. A collaboration between the governments of Singapore and China to transform a formerly barren and polluted area into a model for sustainable development. Source: International Enterprise (IE) Singapore

32. A NATIONAL GIANT MADE HISTORY

On 1 November 1993, more than 1.4 million Singaporeans became the direct shareholders of a giant national utilities company traded on the then Stock Exchange of Singapore. Singtel’s public listing, with a share capital of 15.25 billion shares made history on many counts. In the 1990s, various government-linked companies and boards were corporatised so as to enhance their competitiveness and to allow the state to focus on its regulatory role. Many, like Singapore Technologies Engineering and CapitaLand have since become formidable players.

Audit assistants sorting out Singtel share applications for processing. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 28

33. STAYING ATTRACTIVE

TO INVESTORS

Lowering the corporate tax rate is one of the strategies to attract investors. To stay competitive as an investment destination, Singapore has lowered the corporate tax rate gradually over the years, from 30% in 1993 to 17% today. Such reductions have been possible because of Singapore’s fiscal prudence, which has prevented budget deficits and high taxes. Singapore today is a thriving hub for investment, which has brought about a wider range of jobs and opportunities for our people. A cartoon of the merlion having to consider trimming its tax bill. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

34. SINGAPORE A SHOPPER’S

PARADISE? – IT’S OFFICIAL

Shopping is one of our national pastimes, and Singapore is also regarded as a shopping paradise to the rest of the world. In 1994, the first Great Singapore Sale (GSS) opened with much fanfare, promising a complete shopping experience. The event was marketed to neighbouring countries and a record 664,000 visitors visited Singapore during the GSS. Despite unanticipated events such as the Asian Financial Crisis and SARS over the years, the GSS has helped to establish Singapore as a regional shopping hub and brought in billions in sales annually. Hawkers at ‘Koek’s Bazaar’ at Orchard Road and Cuppage Road in 1905. Even back then, Orchard Road was already bustling with shoppers. Source: National Archives of Singapore

50 MILESTONES 29

35. HAZY SKIES OVER SINGAPORE

Singapore experienced one of the worst hazes in 1997 due to the abnormally dry weather caused by the El Niño phenomenon. The haze in 2013 would prove far worse, when the Pollutant Standards Index reached a record 401 and residents were advised to stay indoors. One hospital reported a 30% increase in emergency asthma cases. In a country where tourism accounts for about 5% of the Gross Domestic Product, the annual haze situation casts gloomy skies over the tourism sector as tourists avoid travelling to Singapore during the haze season. The Singapore skyline on 20 June 2013, when the Pollutant Standards Index hit 371 at 1pm. Source: The Business Times © Singapore Press Holdings Limited. Reprinted with permission

36. A REGIONAL CRISIS HITS HOME The Asian Financial Crisis hit in 1997 and Singapore was not spared. Foreign investors pulled out of Asian equity markets. The Straits Times Index fell by almost 60% to 805 points in September 1998, from a year ago. The Singapore Dollar depreciated by 19% against the US Dollar, and the value of private property plunged by 40% in one year. The number of unemployed rose to 62,100. While we made a quick recovery, we continue to be vulnerable to external conditions and have to be vigilant about protecting our economy. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 30

38. BURSTING OF THE

DOTCOM BUBBLE

In 1994, the internet had 13.5 million users. By 1995, it had risen to 16 million before ballooning to 195.2 million in 1999. As a key manufacturer of electronics and IT equipment, Singapore rode on the phenomenal growth of the internet. Flushed with euphoria, local electronics companies invested bullishly, expecting continuous growth. In 2001, however, the bubble burst and the landing was hard. The global electronic chip sector shrank by 32%. Many companies folded and 88,000 Singaporeans were out of work. This was one of the most difficult chapters in our economic journey. A comical depiction of Singapore’s dotcom industry on life-support. It also speaks of the difficult conditions faced by many Singaporeans at that time. Source: The Business Times © Singapore Press Holdings Limited. Reprinted with permission

37. STRENGTHENING OUR

LOCAL BANKS

To strengthen our local banking sector, a series of mergers and acquisitions consolidating the banks occurred from 1998 onwards. DBS merged with POSB. UOB bought over OUB. OCBC acquired Keppel TatLee. When the dust settled, three local banks emerged in 2002. Were they big enough to stave off competition from bigger foreign banks when the banking sector was fully liberalised? In 2014, our three local banks were ranked by Bloomberg to be among the world’s 20 strongest banks. The liberalisation of the financial sector has not only made our banks bigger, but also stronger. A recent report cites Singapore’s big three as being among the top ten most valuable brands in the country. Source: SPRING Singapore

50 MILESTONES 31

2000s

From the 2000s, Singapore continued to invest in knowledge-based and innovation-intensive activities, including exciting sectors such as water, the environment, and interactive and digital media. The World Economic Forum ranked Singapore second in Intellectual Property protection, while The Economist has identified Singapore as home to “the world’s most tightly packed entrepreneurial ecosystem”. We have topped the World Bank’s Ease of Doing Business Index for eight years running. At this new chapter of our economic journey, we would like to invite you to think about the ways we can develop ourselves and be part of Singapore’s new economy.

Gross Domestic Product in 2014: (current market price)

SGD

390,089.1 million

Number of people employed in 2014:

2,103,500

Average monthly wage in 2014:

SGD

4,727

Top three exported products for 2000 to 2014:

Chemical & chemical products Computers Semiconductors

39. IT STARTED WITH A GAME

OF GOLF

Trade has traditionally been a driver of Singapore’s economy. To open up new markets and reduce barriers for Singapore’s exports, we established a strong network of 21 Free Trade Agreements (FTAs) and economic partnership agreements with 32 trading partners. However, it has not always been easy to convince countries to sign FTAs with us. International trade negotiation requires both deep technical knowledge and diplomatic ties. In fact, the United States-Singapore FTA was first discussed in the year 2000 during a game of golf in Brunei played between former Prime Minister Goh Chok Tong and then US President Bill Clinton. Then Prime Minister Goh Chok Tong with his US counterpart President Bill Clinton playing a game of golf at 2am. Source: Lianhe Zaobao © Singapore Press Holdings Limited. Reprinted with permission

40. PROTECTING INTELLECTUAL PROPERTY

Intellectual Property (IP) protection is critical in a knowledgebased economy like Singapore’s. In 2001, the Intellectual Property Office of Singapore (IPOS) was established to help IP developers protect and profit from their own ideas and knowledge. The latest reports show that 396,305 trademarks, patents and industrial designs have been registered or are currently in force here. Just a year before IPOS was established, local company Trek 2000 did not manage to protect its IP adequately when it first launched its signature product, the ThumbDrive. However, the company has since gained awareness of IP protection and successfully applied it to a whole host of subsequent products like the Flucard. The Flucard® Ultra wireless SD card by Trek 2000. Designed to work with most cameras and video cameras, it allows for wireless transfers of photographs and videos from the cameras. Source: Trek 2000 International Limited

50 MILESTONES 33

41. HELPING OUR

ENTREPRENEURS TO THRIVE

With entrepreneurship identified as being key to Singapore’s economic development, the Action Community for Entrepreneurship (ACE) was launched in 2003. The camaraderie at ACE’s opening ceremony demonstrated the belief in developing entrepreneurial activity through partnership rather than competition. For more than a decade, this private-public partnership worked tirelessly to transform the entrepreneurial landscape in Singapore by organising blue-sky events for networking and idea exchange, matching entrepreneurs with funding sources, and lobbying on behalf of entrepreneurs. Today, close collaboration between ACE’s partners contributes to Singapore’s reputation as the world’s easiest place to do business. The 2003 launch of the Action Community for Entrepreneurship by then Minister of State for Trade and Industry Raymond Lim, who was also its first Chairperson (second from left). Source: Action Community for Entrepreneurship (ACE) Limited

42. CELEBRATING CHAMBERS OF COMMERCE

In 2006, the Singapore Chinese Chamber of Commerce and Industry (SCCCI) celebrated its 100th anniversary. Apart from SCCCI, there are other chambers, including the Singapore International, Indian and Malay chambers, whose members share contacts, knowledge and experiences with one another to grow their businesses in Singapore and overseas. Through close collaboration among the chambers, local enterprises can widen their networks to better build their businesses, and in the process, contribute to Singapore’s economy. Issued in 2006, these commemorative stamps celebrated the 100th anniversary of the Singapore Chinese Chamber of Commerce and Industry. This was the first-ever set of stamps issued by Singapore Post on behalf of a local business organisation. Source: Singapore Chinese Chamber of Commerce & Industry

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43. THE WORST RECESSION

44. JOINING THE RACING CIRCUIT

In 2008, Singapore experienced the worst recession since 1965. After the collapse of banking giant Lehman Brothers triggered a global economic crisis, many people lost their savings overnight. As an open economy, Singapore became the first in Asia to slide into recession. Our Gross Domestic Product (GDP) fell by a record 11.5% in early 2009, compared to the same period the year before. Despite the severity of the crisis, we managed to be one of the earliest countries to emerge from it, in part due to a S$20.5 billion stimulus package provided by the government.

In 2008, Singapore hosted the first night race in Formula One’s (F1) history. While opinion was divided over the value of hosting this event, over 430 million television viewers around the world have followed the first five races. The Singapore Grand Prix has generated about S$150 million in additional tourism receipts per race*, and established itself as a must-see event on our calendar. In terms of economic returns, a recent study has shown, 70 to 90% of business owners and top management of mid-sized companies have improved perceptions of Singapore due to F1. Of these, some 5 to 10% are now keen to invest and do business here.

One of the more than 500 people who showed up at Speakers’ Corner on 11 October 2008 to seek redress for their losses linked to Lehman Brothers’ bankruptcy.

* With the exclusion of 2009’s figures as that was an anomalous year due to the recession.

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

Singapore’s F1 race track at night. Post-race activities include the traditional ‘track invasion’ where spectators can go onto the track to experience the bright lights and drivers’ views of the track. Source: Singapore Tourism Board

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45. NEW MILESTONES FOR OUR

46. AN INDUSTRY TAKES FLIGHT

ECONOMIC SKYLINE

The decision to host two integrated resorts with casinos left Singaporeans divided between supporting economic progress and safeguarding societal values. Supporters of the integrated resorts stressed their potential for tourism and job creation. Perhaps former Minister Mentor Lee Kuan Yew summed up Singapore’s new risk attitude best in an interview he gave in 2007: “I don’t like casinos, but the world has changed and if we don’t have an integrated resort … we’ll lose. Let’s try and still keep it safe and mafia-free and prostitution-free and money-laundering-free. Can we do it? … we’re going to give it a good try.”

Singapore’s economy received a significant boost when the inaugural Singapore Airshow was launched in 2008. In 2014, US$32 billion in contracts were signed at the show, which has grown into one of the world’s most important aerospace and defence events. Hosting such an international show has helped position Singapore as a hub for the aerospace industry, and showcased our expertise in maintenance, repair and overhaul operations. The aerospace industry in Singapore has truly taken flight from its early beginnings in 1974, when aerospace manufacturer Sundstrand constructed a US$60 million plant for aircraft equipment parts.

From Gardens by the Bay East, 2015 A watercolour by Singapore’s Cultural Medallion winner Ong Kim Seng, of the Marina Bay Sands integrated resort which houses one of Singapore’s two casinos Courtesy of Ong Kim Seng

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47.

THANKING OUR MIGRANT WORKERS

48. A DARING ENDEAVOUR

In 2014, Singapore celebrated International Migrants Day with a strong message of community engagement and social integration. The highlight of the event was a heart-shaped installation of over 3,000 thank-you cards from Singaporeans to express their appreciation for the contributions of foreign workers. This installation entered the Singapore Book of Records as our largest heart formation to date. Singapore’s economic success has been forged with the contributions of Singaporeans and foreigners alike across the various sectors of our economy, from service to manufacturing to construction.

2014 saw the official opening of the Jurong Rock Caverns, Southeast Asia’s first commercial underground storage facility for liquid hydrocarbons. The caverns were constructed 130 metres below the seabed. This daring endeavour challenged Singapore’s resolve and tested our creativity in overcoming land constraint. The construction of the facility required rigorous geological investigation, and fire safety vigilance. We are a small country with ambitions to take our petrochemical expertise to greater heights; the know-how that JTC Corporation gained from building these caverns is also now one of our exportable skills.



Wearing construction helmets and smiles, three migrant workers and a boy pose for a photograph. Many such workers are sole breadwinners for their families back home. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

INTO THE DEEP

Inside the tunnels of the Jurong Rock Caverns, which are about 27m high, 20m wide and 340m long; a capacity equivalent to about 600 Olympic-sized swimming pools. Source: JTC Corporation

50 MILESTONES 37

49. COMPETING BY MAKING

50. TOWARDS A SMART AND

Singapore topped the World Bank’s Ease of Doing Business Index for the eighth year running in 2014. This meant that our regulatory environment is the most conducive to business globally based on factors like the ease of obtaining construction permits, trading across borders and resolving insolvency. In Singapore, companies can be legally operational in less than 15 minutes, with minimal entry barriers. Contracts are enforced transparently, corruption is not tolerated and corporate tax is low. As a small country, Singapore has enhanced her economic standing by making herself relevant to the global economy.

On Singapore’s 50th anniversary of nationhood, our people continue to be our most important resource. SkillsFuture was launched this year to give Singaporeans lifelong opportunities to master skills and develop their potential to the fullest. SkillsFuture complements Singapore’s vision to build a Smart Nation, where technology will support better living, increase opportunities for all and forge stronger communities. Together, these national movements will drive Singapore’s next stage of progress to become an advanced economy and inclusive society. We have accomplished much in the last 50 years, and together, we can make the next 50 even better!





BUSINESS EASIER

SKILLED FUTURE

Celebrating happiness, prosperity and progress with our nation! Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

50 MILESTONES 38

These 50 defining events embody the hopes, challenges, and triumphs of Singaporeans over the last 50 years.

50

BRANDS THAT MADE A DIFFERENCE

BRANDS THAT DARED TO DREAM

Ho Kwon Ping was convinced that an Asian company could be a global brand. In 1994, he founded Banyan Tree to marry Asian hospitality with the local cultures of the places his resorts are located in, so they impart a true sense of place to their guests. Defying the conventions of Euro-American hotels, Banyan Tree has grown from a single boutique resort in Phuket into a global operator of 37 resorts and hotels, 70 spas, three golf courses and numerous retail galleries today. Having introduced the world to Asian hospitality, Ho continues to pursue his dream of building a truly global brand by adding to the Banyan Tree string of jewels worldwide

“YOU NEVER SHOULD TRY TO BE WHAT YOU ARE NOT. WHAT YOU HAVE... YOU HAVE TO CREATE SOMETHING UNIQUE OUT OF.” Ho Kwon Ping Executive Chairman

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Lacking alternative ways of selling their pre-loved belongings, Quek Siu Rui, Marcus Tan and Lucas Ngoo started Carousell, a social platform where users can easily list items and transact using private chat. Carousell, with over eight million listings and an average of eight transactions per minute, is one of the largest and fastest-growing peer-to-peer marketplaces on mobile, and one of Singapore’s favourite shopping apps. Over two million items have been sold since its inception in 2012, and Carousell has bigger dreams to go global.

“NEVER LIMIT YOURSELF. BELIEVE IN YOUR DREAM AND WORK REALLY HARD TO ACHIEVE IT. YOU CAN INVENT THE FUTURE.” Lucas Ngoo, Marcus Tan & Quek Siu Rui Co-founders

BRANDS THAT DARED TO DREAM 43

For 136 years, Eu Yan Sang has been the household brand for traditional Chinese medical (TCM) products. In the 1980s, however, its popularity suffered due to competition from Western pharmaceutical companies and their TCM partners. TCM was then regarded as a sunset industry, as younger people were embracing Western medicine. To appeal to them, the company modernised its image and created herbal supplements conveniently packaged as pills and powders. Today, Eu Yan Sang continues to aspire towards new health and wellness solutions by collaborating with knowledge partners such as Nanyang Polytechnic.

“AIM FOR A STRETCH GOAL WHICH MIGHT SEEM UNATTAINABLE AND VISUALISE A CLEAR PATH TO LEAD TO THAT DREAM.” Richard Eu Group CEO

BRANDS THAT DARED TO DREAM 44

In 1993, Dick Chia sold his condominium to purchase Helu-Trans, a relocation company, which he would remake into an art transportation specialist. As art handling and moving was virtually non-existent in Singapore then, he had to learn about the niche industry from scratch. Who would have expected his company to thrive? Today, Helu-Trans has a presence in Singapore, Hong Kong, Beijing and Shanghai, and its clients include the region’s biggest collectors, museums and auction houses with the most exacting standards. The company has shown that dreams do come true.

“NOTHING IS IMPRACTICAL. IT IS SPOTTING NEW MARKETS AND FORGING AHEAD, ARMED WITH ONLY ONE’S OWN CONVICTION.” Dick Chia CEO

BRANDS THAT DARED TO DREAM 45

“IT TAKES COURAGE TO DREAM, BUT MORE IMPORTANTLY HARD WORK WITH DETERMINATION TO MAKE IT COME TRUE SO IT DOESN’T BECOME JUST A FANTASY.” After leaving a soaring career with a pharmaceutical giant, Olivia Lum established what would become Hyflux, a global company recognised for providing water treatment solutions, in 1989. Its capabilities span the entire value chain, including research and development in membrane technology and manufacturing, plant design and construction, as well as operations and maintenance. Hyflux has successfully revolutionised desalination by providing cost-effective membrane-based technology. Its numerous breakthroughs in innovation have shown that Hyflux is constantly pushing boundaries and pursuing bigger dreams.

Olivia Lum Executive Chairman & Group CEO

BRANDS THAT DARED TO DREAM 46

Beginning as a small ship repair yard in 1968, Keppel Offshore & Marine (Keppel O&M) is today a world leader in offshore rig design, construction and repair, ship repair and conversion, and specialised ship-building. Braving difficult natural environments, it has continually established yards of the highest standards, in Latin America, the Gulf of Mexico, the Caspian Sea and Asia. In 2013, Keppel O&M’s Singapore yard set the Guinness World Record for being the “largest manufacturer of offshore rigs”, having delivered 21 in just 365 days! With courage and determination, Keppel O&M proves that no dream is too big.

“OUR SUCCESS TODAY IS DUE TO OUR CAN DO! SPIRIT, WHICH DRIVES US IN OVERCOMING NEW CHALLENGES AS WE GROW OUR BUSINESS.” Chow Yew Yuen CEO

BRANDS THAT DARED TO DREAM 47

“FOR GAMERS. BY GAMERS.” Tan Min-Liang CEO

Razer was co-founded by Tan Min-Liang, who left the legal profession to pursue his gaming passion. Frustrated that the ordinary desktop mouse could not provide gaming precision, he introduced the world’s first gaming-specific mouse, the Razer Boomslang. After pioneering an industry in high-performance gaming, Razer has expanded into gaming laptops and other accessories. Having consecutively won prestigious awards since 2011, and being subscribed to by 20,000 new gamers daily, Razer has now over 7 million fans. Its courage to dream makes it one of the world’s best-known brands in its field.

BRANDS THAT DARED TO DREAM 48

“SINGPOST’S JOURNEY MIRRORS THAT OF SINGAPORE AS IT CONTINUES TO INNOVATE AND STAY RELEVANT AND SURVIVE THE GLOBAL MAIL DECLINE.” Lim Ho Kee Chairman

While postal services elsewhere may be seeing a decline, SingPost recorded a S$157.6 million profit in the last financial year. Having predicted the changes in technology and lifestyle trends, the company was early to offer innovative mobile apps, web booking, article registration and tracking, as well as POPStations – a customercentric 24/7 parcel collection, posting and return service. It is investing S$182 million to set up an integrated facility, which will be the region’s e-commerce logistics hub. By striving to stay ahead, SingPost stays relevant and on top of the game.

BRANDS THAT DARED TO DREAM 49

What started as an adventure to help other investors avoid the founder’s own stock market missteps is today the number one finance app in 91 countries! Started in 2012, TradeHero is a gamified financial learning and virtual trading app. It empowers users with trading and investment tips from more knowledgeable traders known as ‘heroes’. In just three years, it has attracted millions of users. TradeHero has had its fair share of challenges, such as a failed debut in China. Unfazed, the company intensified its localisation efforts and has managed to acquire 300,000 new Chinese users monthly. It is aiming for expansion into the United States by 2016.

“DARE TO DREAM, TO ME, MEANS NOT TO TREAD A PATH THAT OTHERS HAVE TROD, BUT TO CREATE MY OWN AND LEAVE A TRAIL BEHIND FOR OTHERS TO FOLLOW.” Dinesh Bhatia CEO & Co-founder

BRANDS THAT DARED TO DREAM 50

James Teh wanted to design a jacket to simulate the comfort of a hug and to calm anxiety, especially for autistic young people. Although he lacked the technical expertise, Teh did not let critics affect his dream. Together with two colleagues, he raised S$50,000 to create the world’s first ‘cuddle jacket’ in 2011. Today, their invention is used for stress relief and therapy, and deployed in early intervention centres and schools for autistic children. In daring to dream, T.Ware not only won the top prize at the 2014 Asian Entrepreneurship Award, but also created an innovation that enhances lives.

“COMMITTED TO ACHIEVE THE UNACHIEVABLE TO MAKE THE WORLD A BETTER PLACE.” James Teh, Lai Sep Liang & Lin Wei Liang Founder & Co-founders

BRANDS THAT DARED TO DREAM 51

50

BRANDS THAT MADE A DIFFERENCE

BRANDS WE GREW UP WITH

In 1908, Great Eastern Life’s founder AH Fair invited three prominent Chinese businessmen to help him form Singapore’s first assurance company. As insurance was then alien to the population, they had to be educated about its importance. This was not easy. By 1978 only 8% of Singaporeans had been insured. Today, however, Singaporeans are no strangers to insurance. Singapore’s oldest and largest insurance company has evolved from being just a traditional life insurer offering protection for families, to a company that aspires to do its part for the betterment of the community and the country.

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Khong Guan reminds many of us of teatime during childhood. The joy of a warm drink and our favourite biscuit from a tin with a generous assortment can be a source of comfort and nostalgia. Khong Guan began as a humble operation in 1947 selling hand-made biscuits. Its big break came when it created a semi-automated biscuit production line, improvised with the use of bicycle chains and scraps of war-damaged biscuit-making machines. Today, Khong Guan’s red and white logo is present in over 40 countries around the world, including North America and the Middle East.

BRANDS WE GREW UP WITH 55

Raffles Hotel is the grand old dame that bridges Singapore’s past and present. The hotel started as a 10-room bungalow-style building in 1887. Various redevelopments culminated in a recognisably colonial-style building that is today one of our city centre’s most distinctive and beautiful. Even 128 years after its founding, the Raffles has retained its status as a charming and elegant old-world oriental hotel. The home of the Singapore Sling and host to many internationally-renowned writers and other famous guests, Raffles Hotel is still the pride of Singaporeans and a place of fond memories for many.

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First published in 1845 as a weekly for British colonials as the privately owned Straits Times and Singapore Journal of Commerce, The Straits Times is now read by 1.37 million daily, making it Singapore’s most-circulated newspaper. The newspaper has seen Singapore through The Great Depression, Japanese Occupation, race riots, and even its independence. Through it all, The Straits Times has survived and thrived to tell the stories. Be it in traditional print or now on smartphone, The Straits Times continues to be companion to our morning kopi and commutes.

BRANDS WE GREW UP WITH 57

The name Swan and Maclaren may not be familiar to most Singaporeans. The same, however, cannot be said of the famous buildings built by this 123- yearold architectural firm, which was once Singapore’s largest. Its architectural gems include Raffles Hotel (1899), Teutonia Club (1900; now Goodwood Park Hotel), Victoria Memorial Hall (1905), Singapore Cricket Club (1907), Tao Nan School (1912; now the Peranakan Museum), Sultan Mosque (1928), the Singapore Railway Station at Keppel Road (1937) and Ocean Building (1970). Many of these buildings are now permanent icons of Singapore’s landscape as well as gazetted National Monuments.

BRANDS WE GREW UP WITH 58

Amidst Orchard Road’s ever-changing landscape, the green-tiled roof, firecracker-red columns and oriental palace-inspired structure of TANGS at Tang Plaza remain familiar sights. This iconic store is the cornerstone of Singapore shopping. Its founder CK Tang arrived in this country in 1923, and sold lace and linen door-to-door till he opened his first River Valley store in 1932. In 1958, the store relocated to Orchard Road. The new store became the first retail presence in what is now one of the world’s busiest shopping streets. Despite its present contemporary Asian identity, shopping at TANGS is nostalgically etched in the memories of many Singaporeans!

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The Aw brothers first sold Tiger Balm in Singapore in 1923. When the popularity of the ointment surged, they built the Eng Aun Tong factory, with its original façade featuring the brand’s signature ‘springing tiger’. To advertise the ointment, co-founder Aw Boon Haw frequently drove his unforgettable Tiger Balm Car around Singapore. Today, Singaporeans continue to use the balm as a cure-all for headaches, pains and muscle strains. In fact, Tiger Balm is now used by millions, both young and old, in more than 100 countries. Be it on traditional ointment, muscle rubs, plasters or sprays, the Tiger Balm brand is still a common sight in our medicine cabinets.

BRANDS WE GREW UP WITH 60

Projects by construction company Woh Hup (WH) mirror Singapore’s economic journey. In the industrialising 1960s, WH built public infrastructure. In the 1970s, with rising affluence among the population, the company was involved in building many of today’s iconic shopping complexes. With our economy looking outwards in the 1980s, WH took on projects in Malaysia, Sri Lanka and Thailand. In the 1990s, landmarks like the SAFTI Military Institute and Tuas Checkpoint were constructed. In 2000, following the drive to acquire foreign technology and expertise, WH sought foreign partners for public projects like the MRT Circle Line. The brand is integral to modern Singapore’s growth.

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Most youths are familiar with Polar’s original Sugar Roll – a Swiss roll coated with fine sugar. However, older patrons remember its fusion curry puff – a French pastry with an Asian flavour – of which Polar sells eight million annually. Many of them also remember Polar Café at 51 High Street, a favourite amongst professionals working nearby. The café was started in 1926 by Chan Hinky, who had earlier arrived in Singapore with little money. Having served quality pastries for three generations, this home-grown brand is today Singapore’s longest-surviving cake chain and also one of her biggest.

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Established by Yeo Keng Lian in 1900, Yeo Hiap Seng first established itself as a producer of quality soya sauces. In 1953, the company experimented with bottled soya bean drinks, under the Yeo’s brand. They were a hit with consumers and this led to the bottling of chrysanthemum tea, another popular local drink. In the 1960s, the company replaced glass bottles with lightweight Tetra Brik containers. This compact and convenient format has become a mainstay, and Yeo’s drinks, personal favourites of many.

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50

BRANDS THAT MADE A DIFFERENCE

BRANDS THAT MARKED US ON THE MAP

Ayam Brand’s canned sardines are a favourite among Singapore households. However, few are aware that the brand was originally created by Frenchman Alfred Clouet in 1892. The brand stood out for its distinctive rooster logo, leading locals to affectionately dub it ‘Ayam Brand’, as ayam means rooster in Malay. Cleverly incorporating the popular name into his product, Clouet turned a colonial brand into a local favourite. Today, this centuryold brand is distributed in over 30 markets, from Sydney to Paris. Ranked amongst Asia Pacific’s top 500 consumer brands, Ayam Brand brings Singapore food to the international dining table.

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In Singapore, Bee Cheng Hiang has become synonymous with bak kwa, or barbequed meat. It was first created in 1933, when founder Teo Swee Ee peddled his homemade barbequed meat from a cart in Chinatown. With 82 years of history, Bee Cheng Hiang is today a household name enjoying 100% brand recall locally. Including the 44 outlets in Singapore, it has a total of 289 outlets across 10 territories. Bak kwa, which is traditionally a Chinese New Year treat, has become a snack that is enjoyed beyond our borders for all seasons.

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With its sleekly designed outlets and quirky product names, BreadTalk is credited with revolutionising Singapore’s traditional mom-and-pop bakeries. Its signature Flosss bun sparked a craze when it was first launched in 2000. Over 100 million of them have been enjoyed worldwide. The BreadTalk Group has also expanded to include food and beverage concepts like Toast Box, Din Tai Fung and Food Republic. Its total stores number nearly 1,000 across 17 territories. BreadTalk’s recent wins at the World Retail Award 2014 and World Branding Forum 2014/2015 have propelled ‘born in Singapore’ products onto the international retail scene.

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CHARLES & KEITH started in 1996 with a single shop at Amara Hotel and a vision to create innovative footwear with a clear design aesthetic. Today, the brand has over 400 stores worldwide and an extensive accessories line. Its 70 in-house designers travel the world regularly in search of upcoming trends, and create more than 1,000 original footwear and accessory designs annually. Today, CHARLES & KEITH can be found in major cities such as Dubai, Tokyo and Paris, bringing Singapore fashion to the world.

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What do Esplanade – Theatres on the Bay, Singapore Sports Hub, Paragon Shopping Centre and Mandarin Gallery have in common? Well, they were all designed by DP Architects. Established in 1967, DP has a portfolio that also includes international landmarks like Dubai Mall, the world’s largest shopping mall with over 1,200 shops. In 2015, Building Design magazine ranked DP Architects as the world’s tenth largest architecture practice. Employing 1,200 people in 15 offices worldwide, DP Architects has put Singapore in global cityscapes through its iconic designs.

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Olam International is one of the world’s largest agri-businesses. Its operations in 65 countries range from cultivation and processing, to supplying food and industrial raw materials to over 13,800 international customers. It boasts S$19.42 billion in sales revenue and 23,000 employees. Its portfolio of 44 products includes cashew, almond, cocoa, coffee, sesame, wheat and rice. The company is known for dealing directly with farmers, rather than through middlemen. This enables the company to better safeguard the welfare and sustainability of communities and environments that generate the world’s food supply. As host to the company’s headquarters, Singapore plays an important role in the management of its global operations to feed the world in a sustainable manner.

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MedicalGroup

Your Trusted Partner for Health

Armed with high aspirations, Drs Loo Choon Yong and Alfred Loh purchased a two-clinic general practice in 1976. This would become Raffles Medical Group. They expanded their practice to more than 80 multi-disciplinary clinics islandwide. In 2000, the group listed on the Singapore Exchange’s Main Board to fund the 380-bed Raffles Hospital. Today, Raffles also runs medical centres in Hong Kong and Shanghai. Next year, it will build its first overseas hospital in Shanghai modelled after Raffles Hospital Singapore, thus bringing Singapore’s high-quality healthcare model to the world.

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From its humble beginnings in a family shophouse in the 1940s, Seng Heng Engineering has grown into a preferred global supplier of industrial fasteners to giants like General Electric, Shell and Chevron. Its products are critical to the safety of large-scale installations like offshore drilling rigs and subsea wellhead systems. A blowout preventer, for example, can help to avert dangerous explosions caused by gas flares from a well. With 130 employees, the company is one of the ten companies in the world to attain the API Q1 certification, having met the exacting demands of the petroleum industry. Seng Heng Engineering punches above its weight against global competitors, and in doing so earns Singapore recognition for the strictest adherence to international standards.

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Acknowledged by many as the ‘World’s Best International Airline’, loyal customers may find it hard to believe that Singapore Airlines (SIA) began as a lofty ambition for Singapore, then a poor and unknown nation, in 1972. Despite having limited resources, the newly independent Singapore was determined to develop a world-class airline that facilitated international routes. By maintaining a young fleet, championing new technologies and challenging itself to deliver consistently impeccable service, SIA is today a worldclass airline and a Singapore icon which is recognised globally, connecting this little red dot to the rest of the world.

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In 2014, Zouk drew over 10,000 locals and tourists weekly. This was no small feat in a country that once had a barren nightlife. Continually pushing the boundaries of dance music culture, the club has even developed its own subculture; club regulars are known as Zoukers and Zoukettes. It was founded in 1991 when three warehouses along the Singapore River were transformed into a nightspot. It is currently Asia Pacific’s only club to regularly feature amongst the world’s top 10 clubs. Mention Zouk and Singapore is brought up too, in the same breath.

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BRANDS THAT MADE A DIFFERENCE

BRANDS THAT MOVED THE ECONOMY

From real estate planning, development, management to fund management, Singapore company Ascendas delivers comprehensive real estate solutions that catalyse economic development and creates value for businesses and stakeholders. To drive Singapore’s transformation from a labour-intensive to knowledge-based economy, Ascendas’s development of Singapore Science Park in 1980s was instrumental.

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Today, Ascendas manages over S$16 billion worth of space and serves more than 2,400 customers across 10 countries. Its iconic projects include Dalian Ascendas IT Park in China, International Tech Park Bangalore in India, Changi City in Changi Business Park as well as significant developments in one-north and International Business Park.

1. ONE at Changi City, Changi Business Park, Singapore The nine-storey ONE@Changi City features contiguous floor plates of up to 80,000ft2 per floor, the largest of its kind in Singapore. 2. International Tech Park Bangalore (ITPB), India Located just 18km from the city centre, ITPB catalysed the growth of Whitefield as a flourishing suburban district of Bangalore.

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Singapore’s CapitaLand is one of Asia’s largest real estate companies. With over 12,000 employees internationally, CapitaLand’s revenue in 2014 exceeded S$3.9 billion. 1

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CapitaLand has a portfolio across 120 cities in over 20 countries, with assets totalling about S$45 billion. Its operating portfolio includes five Raffles City integrated developments, 86 shopping malls, around 26,000 serviced residence units, and 10 quality office buildings. In 2002, CapitaLand launched Singapore’s first real estate investment trust (REIT). Now with five REITs and managing 16 real estate private equity funds in Singapore and overseas, CapitaLand is one of Asia’s leading fund managers.

1. Ascott Raffles Place Winner of the prestigious ‘World’s Leading Serviced Apartment’ in the 2014 World Travel Awards. 3 5

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2. Raffles City Singapore Built on the site of a former school, Raffles City Singapore is an integrated development comprising a shopping mall, an office tower, a convention centre and two hotels. 3. Clarke Quay In transforming Clarke Quay into a lifestyle destination, CapitaLand has kept the uniqueness of this conserved historical landmark located along the Singapore River. 4. Plaza Singapoura One of the 20 malls managed by CapitaLand and located along Singapore’s main shopping street. 5. Capital Tower Conferred a Green Mark Platinum in 2013, the highest accolade for sustainable buildings.

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Serving generations of customers since 1968, DBS is well known amongst Singaporeans. Many are also realising its growing presence worldwide. It now has over 280 branches across nearly 20 markets. Providing accessible and secure services, DBS serves more than 200,000 corporate customers and over 6 million retail and wealth management customers globally. Its total assets are worth S$441 billion. In 2014, DBS was ranked as the world’s seventh strongest bank and Asia’s safest. The bank not only epitomises Singapore’s financial stability and reliability, but also Singapore’s aspirations towards providing services with a global reach. 1. DBS was the first Singapore bank to set up a locallyincorporated subsuduary in China in May 2007.

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2. The new flagship branch at the Marina Bay Financial Centre optimises with innovations and technology to redefine the banking experience. 2

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3. Counter staff of POSB. POSB was acquired by DBS in 1998.

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ExxonMobil’s history in Singapore began in 1893, when it sold mainly kerosene. Today, the company has over US$15 billion in fixed asset investments and more than 3,300 local employees, making it one of Singapore’s largest foreign manufacturing investors. The Singapore refinery and petrochemical complex is ExxonMobil’s largest integrated manufacturing site in the world. Singapore is also ExxonMobil’s Asia Pacific headquarters for the sales and marketing of fuels, lubricants, chemicals and specialty products. ExxonMobil has Singapore’s largest network of petrol service stations, which are operated by its alliance partner NTUC FairPrice. The company is also involved in various community programmes that span education, the environment, and the arts.

3 1. ExxonMobil’s Esso petrol stations are a familiar sight in Singapore, with over 60 stations across the island. 2. A new cogeneration facility, to be completed in 2017 is being built at ExxonMobil’s Singapore Refinery at Pioneer Road. Electricity produced by the new facility will produce enough electricity to power 150,000 4-room HDB flats*. *Based on 2014 average household electricity consumption data. 3. Singapore is home to ExxonMobil Chemical’s largest integrated petrochemical complex in the world.

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By the 1990s, Singapore had become an expensive location for manufacturing. However, the country’s continued support for manufacturing as well as research and development has encouraged global semiconductor giants like Micron to remain here.

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Micron’s broad portfolio of highperformance memory technologies includes DRAM, NAND and NOR Flash. In 2015, Micron broke ground for its S$5.5 billion 3D NAND flash memory fabrication facility, which will add 225,000ft2 of clean space. The company is expected to contribute over S$1 billion of value-add to the economy each year after the rampup. Micron has a current staff strength of more than 7,000 at four major facilities in Singapore, its largest manufacturing footprint in the world. With 3D NAND flash technology, consumers can now store more pictures, videos, music and documents in their tablets, smartphones, music players and cameras. 1. Operators in their ‘bunny suits’ inside a strictly controlled environment where memory wafer is produced. 2. Close up shot of a memory chip.

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Singapore is where some of the world’s most powerful aircraft jet engines for the Airbus A380 and Boeing 787 are tested and developed. Rolls-Royce’s work in Singapore puts us on the map for aerospace manufacturing.

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Rolls-Royce’s S$700 million aero-engine facility at Seletar Aerospace Park is the company’s most modern production, assembly and test site for large commercial aero-engines and fan blades. At this facility, they are built to the highest quality to be supplied to the world. Rolls-Royce and its joint venture partners, account for over 15% of Singapore’s aerospace output. Together, they employ more than 2,200 workers, and are expected to contribute over S$1.5 billion to Singapore’s economy in 2015. 1. Singapore Airlines A380 airplanes are powered by Rolls-Royce’s Trent 900 engines. 4

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2. The Rolls-Royce Seletar Campus located at Seletar Aerospace Park is the Group’s most modern manufacturing, training and research facility to date. 3. Rolls-Royce Trent 1000 engine is the only engine optimised to power the Boeing 787 Dreamliner family of aircraft. 4. Trent 1000 engine being assembled at the Rolls-Royce Seletar Campus.

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Established in the 1970s as an electrical subcontractor, Rotary Engineering seized the opportunities presented by Singapore’s industrialisation and extended its core business activities to include civil, structure and mechanical works in the 1980s. In 1993, to raise money for overseas expansion, Rotary Engineering was listed on the Singapore Exchange. By 2000, it had secured its first single S$100 million contract, followed by a US$750 million contract in Saudi Arabia in 2009. With over 7,000 employees in Asia and the Middle East, Rotary Engineering recorded a revenue of S$687.7 million in 2014. Moving forward, it aspires to be a major turnkey contractor for bulk liquid storage terminal and petrochemical facilities. 1. A project completed by Rotary Engineering on Jurong Island in 2013. 2. In 2014, Rotary Engineering completed the construction of 34 storage tanks with a total capacity of 1.1 million cbm in Fujairah, UAE. 3. An on-going project in Rayong, Thailand undertaken by Rotary Engineering to expand an existing LNG Receiving Terminal.

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4. Rotary Engineering was the main contractor to build the export refinery tank farm in Jubail, Saudi Arabia.

Sembcorp Industries is a mover and shaker of Singapore’s economy. In 2014, the company was valued at over S$8 billion. It employs over 8,000 workers in 15 countries across six continents. Some Singaporeans are familiar with Sembcorp’s household waste disposal services. But it does much more. The group has an established presence in utilities, and marine and urban development. Sembcorp is also a world leader in marine and offshore engineering. 1

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Sembcorp’s corporate volunteer efforts foster environmental stewardship, and the company aims to improving the quality of life in communities where it operates. 1. Sembcorp’s facilities on Jurong island. The company supplies energy, water and onsite logistics to companies across the whole of the petrochemical hub. 2. The Sembcorp NEWater Plant contributes towards water sustainability in Singapore.

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3. The Sembcorp-VSIP Quang Ngai Water Initiative provides clean water at 10 school sites in central Vietnam. 4

4. Located at Tuas View Extension in the west of Singapore, the Sembcorp Marine Tuas Boulevard Yard is a state-of-the-art new yard facility.

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In 1993, Singtel became a public company. It is the largest listed Singapore company on the Singapore Exchange by market capitalisation. Today, Singtel counts more than one million Singaporeans amongst its retail shareholders.

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In 2014, Singtel recorded an operating revenue of S$16.85 billion. It employs more than 23,000 workers worldwide and serves over 500 million mobile customers across three continents. Singtel’s services today include 4G coverage, fibre broadband and pay TV. It has played a pivotal role in Singapore’s development as a communications hub. 1. In 2014, Singtel was listed as one of the Top 100 Ideal Employers. 2. Telephones were introduced in Singapore in 1879. By 1990, Singapore installed its one millionth phone line. 3. As of 2014, Singtel is the leader in Singapore’s mobile market with a 47% market share. 3

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Infineon Technologies, one of the world’s largest semiconductor manufacturers, has operated in Singapore since opening a production plant here in 1970. Singapore continues to grow in importance for Infineon. In 2014, Infineon’s Asia-Pacific operations which are overseen by the Singapore-based headquarters, generated € 1,845 million – 43% of its worldwide revenue. Among Infineon’s operations in Singapore are its global final test manufacturing and innovation, a design centre, and Infineon’s first Business Analytics Centre of Competence. 1

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In growing with Singapore, Infineon has also won prestigious local awards. It was named, one of the Best Companies for Mums in 2014. 1. Infineon has a 40-year manufacturing presence in Singapore. 2. Singapore is Infineon’s regional headquarter for Asia-Pacific.

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BRANDS THAT MADE A DIFFERENCE

BRANDS TO SHAPE THE FUTURE

Consumer drugs generally require 10 years of development. In the early years, most studies on a drug require cell proteins, which are the drug targets, to be in a stable and consistent format. This ensures a drug’s safety for human trials. These studies are time-consuming and expensive. With its unique artificial cell membrane technology however, Singapore company ACM Biolabs has shortened this lengthy process, potentially lowering drug development costs and entry barriers for smaller firms looking to develop drugs. This could make future drugs more affordable for patients.

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Consumers want more powerful smartphones. Spearheading this technology is Applied Materials, a global leader in providing manufacturing equipment and solutions to the semiconductor industry. The company has established its first research and development centre for advanced wafer-level chip packaging at Singapore Science Park II. Here, engineers develop equipment and processes to make smaller, faster, more functional chips. This allows speedier, more powerful and compact phones with wider features and longer battery-life. The centre is expected to accelerate global development of 3D packaging technology and enable tomorrow’s mobile technologies, thus positioning Singapore as a world leader for the semiconductor sector.

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Prostate cancer is Singapore’s third, and the world’s second most common male cancer. The most common procedure for cancer confirmation, by collecting prostate tissue through the rectum, has limited targeting accuracy and a higher infection risk. Today, Singapore medical robotics company Biobot Surgical has developed the iSR’obot Mona Lisa, a robot with an intelligent image-guided system to target and collect prostate tissue through the perineum. This is clinically proven to significantly increase detection, with lower infection risks. The rise of such high-performing robots in assisted surgery demonstrates how home-grown Biobot Surgical’s medical technology can shape the future of medicine worldwide.

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Cancer is a leading worldwide killer. Home-grown company ClearBridge BioMedics aims to bring clarity to cancer with the ClearCell® FX System, which retrieves circulating tumour cells from a blood sample. Retrieved cells allow easy diagnosis of the type and stage of cancer, facilitating timely, tailored treatments and the proactive monitoring of cancer before it progresses. In 2014, Clearbridge BioMedics, together with the National Cancer Centre and Singapore General Hospital’s pathology department, established the region’s first Circulating Tumour Cell Centre of Research Excellence to understand the genetic make-up of cancer cells. The company advances Singapore’s efforts in personalised medicine, which has been gaining much interest.

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While other companies may avoid dealing with bad smells discharged from industrial activities, EnviPure has successfully built a niche in odour and air pollution control. The local environmental engineering company’s proprietary air treatment systems clean polluted air to comply with the highest global emission standards. It also provides solutions that produce high-purity water for a broad range of applications, and to clean wastewater which meets environmentally-safe standards. EnviPure has delivered more than 100 plants in over 20 countries worlwide. Amid rapid industrialisation in many developing countries, the company’s proprietary technology and solutions can help to safeguard the environment and public health for the future.

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Today, Novartis is one of Singapore’s top pharmaceutical investors with capabilities across research and development, manufacturing and commercial activities. The Novartis Institute of Tropical Diseases was the first corporate research laboratory to be established at the Biopolis during the nascent growth phase of Singapore’s biomedical research sector. Notably, Novartis’ latest investment is a US$500 million commercial scale biologics facility that will manufacture life-saving drugs for patients in Singapore and around the world. In recognition of the company’s outstanding contributions and commitment to Singapore, the Government of Singapore conferred on Novartis the Distinguished Partner in Progress Award 2013.

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In 2014, Procter & Gamble (P&G), the world’s largest household and personal care company, opened its Singapore Innovation Centre at Biopolis. Its work includes research on future technologies such as 3D bioprinting. This new technology opens up the possibility of creating more realistic cells to better test the effects of P&G products on human tissue for safety and effectiveness. With the presence of P&G, Singapore is in a stronger position to capture growth opportunities in the emerging area of 3D bioprinting.

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RedMart’s decision to enter Singapore’s small market, given its residents’ notoriety for supermarket browsing, surprised many. However, the attractive factors for this e-shopping website include our busy, tech-savvy population, the regional presence of consumer goods manufacturers, and Singapore’s compact size and dense population, which simplify logistical operations. RedMart provides unique services like re-stocking alerts, click and collect points, and, of particular importance for manufacturers, customer behaviour data analytics. Today’s busy consumers want the flexibility to buy anytime, anywhere. Online groceries may be the next big change in the Singaporean’s lifestyle.

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Incorporated in 1991, home-grown brand Rigel is a leading provider of green bathroom solutions. Given Singapore’s limited water resources, many Rigel products include features to save water and cleaning. These include intelligent reduced-flushing to optimise water use in busy washrooms, anti-bacterial sanitary ware, and a cistern which recycles water from handwashing to flush a toilet. Supplying over half the country’s commercial buildings, Rigel’s products are also used in over 30 countries. With more than S$1 million per year earmarked for research and development, Rigel wants to improve the world’s water management and contribute to a sustainable future for the planet.

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Given Singapore’s tropical climate, solar power is probably our most viable source of clean, renewable energy. However, the cost of installing a solar system may deter some. Traditionally, when a system is bought, the consumer pays upfront for years of power, in the hope of eventually recovering the investment. To make clean energy more affordable, local company Sunseap provides leasing solutions whereby building owners pay only for what they consume, at rates competitive with traditional energy prices. With over 80 megawatts of contracts in the government and private sectors, Sunseap is heeding the call for clean, low-cost energy solutions that reduce carbon emissions for the benefit of future generations.

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HANDS THAT

BUILT

THE

NATION

Early 1960s Singapore had a high 14% unemployment rate that was expected to worsen with the proposed British troop withdrawal. The withdrawal was projected to make a further 20,000 people jobless. With industrialisation and job creation as the goals, Singapore identified five key sectors - Trade, Manufacturing, Shipbuilding and Ship Repair, Oil and Finance - to jumpstart its economy. The men and women employed in these sectors toiled with discipline and resilience. They laboured in often difficult conditions. Their efforts, together with the bold foresight of their leaders built our nation. Here are their stories.

“IN THOSE DAYS, IT WAS VERY COMMON FOR CUSTOMERS TO COME TO THE BANK TO DEPOSIT $2, OR TO WITHDRAW 50¢.”

“I joined the Post Office Savings Bank (POSB) in 1972 when I was 19. My starting monthly pay was $175. It could cover daily expenses, allow me to have a nice meal and still have money left over for savings. When I first started working there, we used oldfashioned money-counting machines. Later, we had electronic calculators, and now, online banking. Today, I can transfer money through my mobile phone. I wouldn’t have imagined this back then. I didn’t even think I would see Singapore banks overseas!”

Mdm Lillian Yeo

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FINANCE

Post Office Savings Bank (POSB)

Why was this a key sector in the 1960s? Singapore already had a basic Financial Sector in the 1960s In the 1960s, there were about 30 banks in Singapore. However, these tended to provide short-term commercial credit. The foreign banks served mainly Western companies. There were also various local banks that generally serviced their own associated ethnic or cultural communities. With industrialisation becoming Singapore’s goal during the 1960s, the financial sector played a bigger role. Banks were now encouraged to be more involved in financing economic development, especially the growth of new industries.

What were the challenges in developing this sector? Singapore needed help in boosting its Financial Sector Singapore in the 1960s was unattractive to the big international banks. Most people could not provide strong borrowing collateral. Home-grown industries were relatively small, and there were few of them. Furthermore, the local labour force was untrained for banking. In 1968, the Development Bank of Singapore (DBS) was created to take the lead in industrial financing. Singapore’s ability to create the Asian Dollar Market – an international money and capital market for foreign currencies – in the same year also sparked its ambition to become an international provider of financial services.

How has the sector evolved? From simply supporting entrepôt commerce to becoming a global financial force After a major 1980s recession, banking and finance were identified as having tremendous potential to move Singapore forward. The focus would be on growing local financial companies while attracting global corporations. Facing intense international competition, Singapore developed this sector through the complementary approaches of liberalisation and changes to regulation. Today, our local banks are some of the world’s strongest. Numerous big international banks are also present here. In 2014, Singapore was ranked the fourth-most competitive financial centre in the world.

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“I WOULD KEEP A LITTLE NOTEBOOK WITH ME, JOTTING DOWN THE THINGS I LEARNT, SUCH AS THE ORIGINS OF PRODUCTS, RECIPES, COOKING TIPS AND SHOPPING TRENDS.”

“I started out as a trainee store supervisor with NTUC Welcome supermarket in 1977. Every day, I would walk through the aisles to look through the products, and talk to co-workers and suppliers so that I knew what we were offering to customers. In the ’70s, we stocked rice mainly from Thailand. Today, there’s more variety and customers can choose rice from other countries such as Cambodia, Vietnam and Myanmar. We used to have just two types of rice – fragrant and non-fragrant – but there are now many different brands.”

Mr Gerry Lee

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TRADE

NTUC Welcome

Why was this a key sector in the 1960s? Trade has historically been Singapore’s economic lifeblood Trading has long been Singapore’s economic lifeblood. The island is blessed with an ideal geographic location for trade. As a colony, Singapore was a free port and functioned mainly as a sorting house for natural produce from the region. It enjoyed bustling local commerce. Before the 1960s, the trade sector was already employing more than 100,000 workers. Continuing to promote and develop trade was a natural decision.

What were the challenges in developing this sector? Singapore’s role as regional trade middleman was threatened Neighbouring countries had once channelled goods through Singapore for redistribution. By the mid-1960s, they had limited doing so. These countries were trying to grow their economies and wanted to increase their direct trade. They also worked to improve their port infrastructure. Such factors threatened Singapore’s relevance as a trade middleman. Furthermore, although Singapore had traditionally flourished as a regional trading hub, it was neither a large consumer market nor a key producer. This too made it easier for traders to bypass the island.

How has the sector evolved? Singapore’s limitations did not stop her from becoming a major trading nation Given the restrictions of regional trade, Singapore set its sights higher. It would become an international trading centre instead. Free trade agreements were diligently pursued to give Singapore products easier entry to foreign markets. The country’s Global Trader Programme has also encouraged some of the world’s largest commodity trading companies to establish themselves locally. In 2014, Singapore’s total external trade figured at over S$900 billion. It is now poised to expand further as a major trading hub.

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“IT WAS THE REFINERY’S POLICY THAT EVERY MORNING WE FILLED OUR STANDARD-ISSUE WATER BOTTLES, AND EVERY HOUR WE STOPPED WHATEVER WE WERE DOING TO TAKE A WATER BREAK.”

“I started work as an Esso Refinery Technician in 1970, at age 23. My starting salary at $400 was high compared with salaries in other industries. Working hours were long, and all the plant staff had to work the three shifts. Daily temperatures in the plant could exceed 40°C. Safety was foremost, given the type of substances we handled. Esso’s decision to invest in Singapore in the late 1960s gave me the opportunity to advance for 41 years through the company, which later became ExxonMobil.”

Mr Chia Pee Seng

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OIL

ExxonMobil

Why was this a key sector in the 1960s? Singapore was already a key petroleum storage, trans-shipment and distribution centre In the 1960s, the oil refineries neighbouring Singapore could not fulfil the region’s demand. International oil companies however sensed the island’s potential to do so. Thanks to its geographic location and efficient port, Singapore was already a major regional centre for the petroleum industry. To add to Singapore’s advantage, the trend in the region was to tighten restrictions on foreign oil companies. In contrast, Singapore made itself attractive to international investors with incentives such as tax rebates and exemptions.

What were the challenges in developing this sector? Political uncertainties in 1960s Singapore held back the Oil Sector An oil industry needs a stable socio-political environment to operate in, as it depends on expensive capital investment and a long run-up to profit-making. Singapore in the 1960s was however highly unstable. It had racial riots and labour unrest. The failure of merger with Malaysia revived fears that tiny Singapore would not survive as an independent state. The communist threat meant that the assets of private oil corporations could potentially be confiscated. Finally, Singapore’s military vulnerability, resulting from the British troop withdrawal, also worried foreign investors.

How has the sector evolved? From oil refining to an integrated energy and petrochemical hub The oil sector in the 1960s focused on oil refining for the fuelling of ships. The 1970s oil shocks however revealed the need to buffer against the industry’s cyclical nature. As a result, Singapore diversified into producing and trading petrochemicals. In 2014, besides implementing pioneering energy-conservation and emission-reducing processes, Singapore’s petroleum and petrochemical sectors contributed over S$88 billion to its Gross Domestic Product. Our country is also one of the world’s top export refining and oil and gas trading centres.

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“I LIKED THE NIGHT SHIFT BECAUSE THE PAY WAS BETTER, AND I COULD DO HOUSEHOLD CHORES DURING THE DAY.” “I started working as an operator at Nippon Miniature Bearings in 1976, when I was about 16. My job was to sort ball bearings for furniture drawers from the production line. My starting monthly pay was $180. Most of my colleagues were women as our kind of work needed a lot of patience and attention to detail. There were about 300 to 400 employees altogether. I worked in manufacturing for about 31 years. My job allowed me to help my husband with our household expenses and pay for my kids’ education, and gave me independence.”

Mdm Paridah bte Sulaiman

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MANUFACTURING

Nippon Miniature Bearings

Why was this a key sector in the 1960s? In the 1960s, export-driven manufacturing was the way out of a dire economic situation Early 1960s Singapore had a young and mostly unskilled population, and a significant 14% were jobless. It was believed that export-oriented manufacturing, to be led by multinational corporations (MNCs), could absorb many of the unemployed. Furthermore, these MNCs had immediate access to overseas markets, which Singapore did not have. The corporations also brought capital, management and technical expertise, which were all lacking in Singapore. In addition, a booming manufacturing industry added to and benefited from Singapore’s existing trade in raw materials. This created a win-win situation for both industries.

What were the challenges in developing this sector? Multinational corporations needed much convincing that Singapore was worth investing in When officers of the Economic Development Board (EDB) went knocking on the doors of MNCs, they were greeted with much scepticism. Singapore was then perceived as a Third World economy with no track record as a manufacturing base. As Singapore was little known, it even had to be pointed out on the CEOs’ globes as “a little dot on the tip of the Malay Peninsula”. Key factors like Singapore’s streamlined administrative processes, well-planned infrastructure and disciplined workforce eventually proved to be good reasons for the MNCs to invest here. Even then, not all corporations were convinced that Singapore was worth locating in.

How has the sector evolved? From simple consumer goods to high-value industrial and medical products In the 1960s, Singapore manufactured simple products like hair wigs, mosquito coils and textiles. By the early 1990s, it was producing about 50% of the world’s hard drives and was considered its hard drive capital. This leap in manufacturing capability also laid a foundation for strong small and medium enterprises. Even in Singapore’s present developed economy, the manufacturing sector continues to be key. Today, the sector has shifted to higher value-added products such as specialty chemicals, synthetic heart valves and pharmaceuticals. In 2014, manufacturing was the biggest contributor to Singapore’s Gross Domestic Product, amounting to a staggering S$67.8 billion.

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“A SMALL SHIP REPAIR JOB WOULD NEED 100 TO 200 WORKERS. A BIG ONE WOULD REQUIRE ABOUT 700 MEN!” “I joined Jurong Shipyard because I wanted a hands-on job. In the 1970s, we were always very busy because we usually had about 30 ships in the yard. Singapore was a one-stop shop for all kinds of repair work then. We had a joint venture with the Japanese, who trained our local staff. Today, our company, which is now Sembcorp Marine, has a modern training facility where we train our own staff for one month before they start working in the yard. We used to do simple repairs; now, we build the most advanced storage and refinery vessels!”

Mr N Mariappan

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SHIPBUILDING AND SHIP REPAIR

Sembcorp Marine

Why was this a key sector in the 1960s? Singapore had geographic and economic advantages for developing shipbuilding and repair By the 1920s, Singapore had become a busy port which attracted over 5,000 ships per year. Its deep harbour, sheltered waters and location at the international crossroads meant that shipbuilding and repair held enormous potential for Singapore’s development. In 1960, the sector employed more than 9,000 people. The British withdrawal from Singapore, which was to take place from the late 1960s onwards, was originally thought to be an economic setback. Unexpectedly, it enabled the government to convert their naval base into a commercial shipyard.

What were the challenges in developing this sector? A lack of capital and local expertise made developing the Shipbuilding and Repair Sector very challenging Shipbuilding and repair is a sector requiring enormous capital and advanced technical and managerial expertise. Unfortunately, these necessary factors were sorely lacking in 1960s Singapore. Companies struggled to develop local expertise, at times obtaining it from more experienced foreign staff or partners. The intent was to eventually anchor the management locally.

How has the sector evolved? From basic shipbuilding and repair to advanced rig building and design From the 1980s onwards, in anticipation of rising wages, shipbuilding and repair companies expanded into related, higher-value areas such as the conversion of ships into floating oil-storage units and the building and custom-design of offshore oil rigs. Reflecting this increased technological sophistication was a name change to the Marine and Offshore Industry. In 2014, Singapore companies commanded nearly half the world’s offshore jack-up rig market. The sector boasted a total turnover of more than S$15 billion in 2013. Working continually on more sophisticated products and technologies, it now delivers rigs for ultra-deepwater and harsh environments.

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SG50 Economic & International Committee (SPRING Singapore)

Ted Tan Deputy Chief Executive

Chin Sau Ho Director, Corporate Communications

Jayasutha Samuthiran Manager, Innovation, Internationalisation & Entrepreneurship

Charissa Eng Manager, Corporate Communications

Cassandra Goh Head, Food Services

Wirdayu Binte Safie Manager, Corporate Communications

Ng Cuili Senior Manager, Corporate Communications

Grace Soon Manager, Human Resources & Organisation Development

The SG50 Economic & International Committee would like to express our heartfelt appreciation to the many companies, partners and individuals for making this exhibition a reality. The SINGAPORE’S ECONOMIC MIRACLE EXHIBITION is made possible by:

Organisers:

Media Partner:

Curated By:

Venue Partner:

Produced By:

Book Designed By:

Liang Qiao Senior Manager, Advanced Manufacturing