S'pore adopts new formula for next level of development

S'pore adopts new formula for next level of development

Summed up in World.Singapore, the new approach has four attributes

(SINGAPORE) We will be hearing a lot of 'World.Singapore' - the growth formula named for the first time yesterday before an international advisory panel of eminent chief executives.

Mr Teo: Trust is why people come to us. Knowledge, why they work with us. Connected, why people team with us. And life, why they stay with us.

Describing it to be 'invigorating and changing the way we think, work and live', Defence Minister Teo Chee Hean, in his capacity as the panel's chairman, said that World.Singapore builds on Singapore's core strength to take it to the next level of development.

Singapore needs a new thrust to propel it forward, he told members of the Economic Development Board's International Advisory Council, who are expected to help fine-tune the new formula.

The 'East plus West' growth formula which worked for Singapore - when it opened its door wide to multinational corporations to bring in the capital, technology, management know-how and global markets - is now copied by everyone.

Mr Teo said that the need for a new growth formula is given greater urgency by the rise of Asia's two economic powerhouses - China and India - which has sharpened competition for resources, investment dollars and global talent.

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Click here for the full text of Mr Teo Chee Hean's speech

World.Singapore means that it 'will not be easy for others to simply adopt this same formula', he said. 'It has taken us many years to build up these qualities to a level where they have gained recognition and resonance as qualities that define Singapore.' The new formula, nearly two years in the making, has already spun new initiatives like the export of public-sector expertise to other countries and speeding up Singapore's move to become a global schoolhouse and healthcare hub.

World.Singapore rests on four attributes - 'trust', 'knowledge', 'connected' and 'life'. Mr Teo said that 'trust' expresses the Singapore character of trustworthiness, integrity, quality, reliability, productivity, rule of law, respect for intellectual property and a strong stand against corruption. 'Singapore delivers on what we promise; we are people of our word,' he said. 'In a world of uncertainty and volatility, trust is an asset that is much valued.'

'Knowledge' reflects Singapore's standing in the knowledge economy, its commitment to high levels of education and skills, complex manufacturing, high value-added services, technological savvy, IT competency, research and development and creativity.

'This is a knowledge and talent hub where people in different fields create, grow and exchange ideas; where Chinese and Indian companies internationalise; where American and European companies make their entry into Asia; where views on the future of Asia and the growth of China and India can be discussed with the clarity that comes from being close to the action but distant enough from it to maintain objectivity,' Mr Teo said.

'Connected' is not just the physical linkages or market connectivity Singapore is known for. 'More than these, by 'connected', we mean the network of family, friends and fans of Singapore,' Mr Teo said. 'Connected refers to the emotional attachment of family, friends and fans who stand up for Singapore, speak out for Singapore and feel for Singapore, and in this way help investors and talent decide in favour of Singapore.'

'Life' stands for Singapore as a great place to live, learn, work and play in - which can be a big draw in itself for investors and global talent. 'To put it in simpler terms, trust is why people come to us,' Mr Teo said. 'Knowledge will be why they work with us. Connected is why people team with us. And life will be why they stay with us.'

World.Singapore is the civil service's baby, conceived in 2005. Mr Teo, who is also Minister-in-Charge of the Civil Service, said that the government has adopted World.Singapore as a vision for the future. 'It is the key organising idea that commits all ministries and statutory boards to work together to achieve this vision.'