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 Singapores economic
journey over the past 50 years through the Singapores Economic Miracle
Exhibition. This exhibition was the culmination of 18 months of hard work
by SPRING Singapore, EDB, IE Singapore and JTC.
The Singapores Economic Miracle Exhibition captures the spirit of enterprise
and contributions of our people and companies to our nations 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: Theres 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 Singapores 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 Singapores 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 entrept 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 Singapores
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 Singapores 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 countrys
potential for industrialisation. This visit started a
friendship that would last 36 years. As Chief Economic
Advisor, Winsemius played a major part in Singapores
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.
50 MILESTONES 9
03. THE BIRTH OF A

GLOBAL OIL
REFINING CENTRE
Prior to the opening of Shells 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.
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.
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.
50 MILESTONES 11
Female workers sorting rubber

sheets at a factory. Women
played a key role in Singapores
industrialisation efforts.
Source: Ministry of Information and
the Arts Collection, Courtesy of National
Archives of Singapore
07. EMPOWERING WOMEN TO WORK

Part of Singapores 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 companys 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 Singapores
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
Singapores 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 worlds third largest foreign exchange
market after London and New York. The ADM has been critical
to Singapores 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 Singapores
economy matured, the bank was renamed DBS Bank to
reflect its move from development financing to global banking
services. This invaluable pillar of Singapores development is
also one of the worlds 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 banks $30 million loan to DBS.
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.
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 Singapores 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 Singapores appeal as an
investment destination.
1970s
In the 1970s, Singapore shifted towards skill-intensive industries. Confident about Singapores 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.
SGD
21,098.3 million
1,021,000
SGD
612
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 Singapores land reclamation efforts to link Jurong Island
to the mainland.
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
Singapores chemicals industry, the cluster as a whole now
employs over 26,000 people.
50 MILESTONES 16
Policemen removing people participating in a strike outside Robinsons

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
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, Singapores 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, Singapores 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
Singapores 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.
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 Singapores best investments.
In 2014, it handled 54.1 million
passengers 10 times Singapores
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 Singapores 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 worlds 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 Singapores 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.
SGD
61,248 million
1,277,300
SGD
1,427
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, Singapores
transformation was nothing short of miraculous.
Now a souvenir piece, this 1982 edition of TIME Magazine was an early
worldwide signal that Singapores 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 Singapores Duke-NUS Graduate Medical School
could soon see a breakthrough. SARS kits and even Singapores
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*STARs 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

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. MASs sizeable foreign reserves and Singapores
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 SINGAPORES

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 governments 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.
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 Singapores 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
Singapores 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 Singapores 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: International Enterprise (IE) Singapore
27. HOME TO ONE OF THE WORLDS
28. CREATING A MAJOR TRADING HUB
In 1986, Singapores port was ranked as the worlds 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, Singapores 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 Singapores 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 inventions runaway success
elevated Singapores 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.
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 awards 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.
50 MILESTONES 26
1990s
The 1990s saw Singapores 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.
SGD
143,867.9 million
1,518,300
SGD
2,813
Computers
Hard disk drives
Semiconductors
31. SHARING OUR ECONOMIC MODEL

Singapore believes in growing together with our neighbours.
In 1990, key features of Singapores economic model
were launched in Indonesias 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 artists 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. Singtels 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.

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 Singapores 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.
34. SINGAPORE A SHOPPERS

PARADISE? ITS 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 Koeks Bazaar atOrchardRoadand CuppageRoadin
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 Nio 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.
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 Singapores 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 worlds 20 strongest
banks. The liberalisation of the financial sector has not only
made our banks bigger, but also stronger.
A recent report cites Singapores 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 worlds most tightly packed entrepreneurial ecosystem. We have
topped the World Banks 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 Singapores new economy.
SGD
390,089.1 million
2,103,500
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 Singapores economy.

To open up new markets and reduce barriers for Singapores
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 Singapores. 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

Singapores economic development, the Action
Community for Entrepreneurship (ACE) was launched
in 2003. The camaraderie at ACEs 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 ACEs
partners contributes to Singapores reputation as the
worlds 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 Singapores 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
50 MILESTONES 34
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 Ones

(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 2009s figures as that was an anomalous

year due to the recession.
Singapores 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
50 MILESTONES 35
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
Singapores new risk attitude best in an interview he gave in
2007: I dont like casinos, but the world has changed and if
we dont have an integrated resort well lose. Lets try and
still keep it safe and mafia-free and prostitution-free and
money-laundering-free. Can we do it? were going to give
it a good try.
Singapores 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 worlds 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 Singapores Cultural Medallion winner Ong Kim Seng, of
the Marina Bay Sands integrated resort which houses one of Singapores
two casinos
Courtesy of Ong Kim Seng
50 MILESTONES 36
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. Singapores
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 Asias first commercial underground storage facility
for liquid hydrocarbons. The caverns were constructed 130
metres below the seabed. This daring endeavour challenged
Singapores 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.
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 Banks 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 Singapores 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 Singapores 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 Singapores 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!

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
BRANDS THAT DARED TO DREAM 42
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 Singapores 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
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
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 regions 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
ONES OWN CONVICTION.
Dick Chia
CEO
IT TAKES COURAGE
TO DREAM, BUT
MORE IMPORTANTLY
HARD WORK WITH
DETERMINATION
TO MAKE IT COME
TRUE SO IT DOESNT
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
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&Ms 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
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 worlds 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 worlds best-known
brands in its field.
SINGPOSTS 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 regions e-commerce logistics hub. By striving to stay ahead,
SingPost stays relevant and on top of the game.
What started as an adventure to help other investors avoid

the founders 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
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 worlds 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
50
BRANDS THAT MADE

A DIFFERENCE
BRANDS
WE GREW
UP WITH
In 1908, Great Eastern Lifes founder AH Fair invited three prominent Chinese
businessmen to help him form Singapores 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.
Singapores 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.
BRANDS WE GREW UP WITH 54
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 Guans red and white logo is present in over 40 countries around the
world, including North America and the Middle East.
Raffles Hotel is the grand old dame that bridges Singapores 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 centres 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.
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 Singapores 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.
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 Singapores 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 Singapores landscape as
well as gazetted National Monuments.
Amidst Orchard Roads 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 worlds busiest shopping
streets. Despite its present contemporary Asian identity, shopping at TANGS
is nostalgically etched in the memories of many Singaporeans!
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
faade featuring the brands 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.
Projects by construction company Woh Hup (WH) mirror Singapores 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 todays 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 Singapores growth.
Most youths are familiar with Polars 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 Caf at 51 High Street, a favourite amongst
professionals working nearby. The caf 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 Singapores
longest-surviving cake chain and also one of her biggest.
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 Yeos 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 Yeos drinks, personal favourites of many.
50
BRANDS THAT MADE

A DIFFERENCE
BRANDS
THAT MARKED
US ON THE MAP
Ayam Brands 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 Pacifics top 500 consumer brands,
Ayam Brand brings Singapore food to the
international dining table.
BRANDS THAT MARKED US ON THE MAP 66
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.
With its sleekly designed outlets and quirky

product names, BreadTalk is credited with
revolutionising Singapores 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. BreadTalks 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.
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.
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 worlds
largest shopping mall with over 1,200
shops. In 2015, Building Design magazine
ranked DP Architects as the worlds tenth
largest architecture practice. Employing
1,200 people in 15 offices worldwide, DP
Architects has put Singapore in global
cityscapes through its iconic designs.
Olam International is one of the worlds

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 worlds
food supply. As host to the companys
headquarters, Singapore plays an
important role in the management of its
global operations to feed the world in a
sustainable manner.
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 Exchanges 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 Singapores high-quality
healthcare model to the world.
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.
Acknowledged by many as the Worlds

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.
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 Pacifics only club to regularly feature
amongst the worlds top 10 clubs. Mention
Zouk and Singapore is brought up too, in
the same breath.
50
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 Singapores transformation from
a labour-intensive to knowledge-based
economy, Ascendass development of
Singapore Science Park in 1980s was
instrumental.
1
2
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.
BRANDS THAT MOVED THE ECONOMY 78
Singapores CapitaLand is one of Asias

largest real estate companies. With
over 12,000 employees internationally,
CapitaLands revenue in 2014 exceeded
S$3.9 billion.
1
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 Singapores
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 Asias leading
fund managers.
1. Ascott Raffles Place

Winner of the prestigious Worlds Leading Serviced
Apartment in the 2014 World Travel Awards.
3
5
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 Singapores main shopping street.
5. Capital Tower
Conferred a Green Mark Platinum in 2013, the highest
accolade for sustainable buildings.
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 worlds
seventh strongest bank and Asias safest.
The bank not only epitomises Singapores
financial stability and reliability, but also
Singapores 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.
2. The new flagship branch at the Marina Bay Financial

Centre optimises with innovations and technology to
redefine the banking experience.
2
3. Counter staff of POSB. POSB was acquired by DBS

in 1998.
ExxonMobils 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
Singapores largest foreign manufacturing
investors.
The Singapore refinery and petrochemical
complex is ExxonMobils largest integrated
manufacturing site in the world. Singapore is
also ExxonMobils Asia Pacific headquarters
for the sales and marketing of fuels,
lubricants, chemicals and specialty
products.
ExxonMobil has Singapores 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. ExxonMobils 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 ExxonMobils 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 Chemicals largest
integrated petrochemical complex in the world.
By the 1990s, Singapore had become an

expensive location for manufacturing.
However, the countrys continued support
for manufacturing as well as research
and development has encouraged global
semiconductor giants like Micron to
remain here.
1
2
Microns 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.
Singapore is where some of the worlds

most powerful aircraft jet engines for the
Airbus A380 and Boeing 787 are tested
and developed. Rolls-Royces work in
Singapore puts us on the map for aerospace
manufacturing.
Rolls-Royces S$700 million aero-engine

facility at Seletar Aerospace Park is the
companys 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 Singapores
aerospace output. Together, they employ
more than 2,200 workers, and are
expected to contribute over S$1.5 billion to
Singapores economy in 2015.
1. Singapore Airlines A380 airplanes are powered by
Rolls-Royces Trent 900 engines.
4
2. The Rolls-Royce Seletar Campus located at

Seletar Aerospace Park is the Groups 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.
Established in the 1970s as an electrical

subcontractor, Rotary Engineering seized
the opportunities presented by Singapores
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.
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 Singapores 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
Sembcorps 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
Sembcorps corporate volunteer efforts

foster environmental stewardship, and the
company aims to improving the quality of
life in communities where it operates.
1. Sembcorps 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.
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.
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.
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.
Singtels services today include 4G
coverage, fibre broadband and pay TV. It
has played a pivotal role in Singapores
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 Singapores
mobile market with a 47% market share.
3
Infineon Technologies, one of the worlds

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, Infineons Asia-Pacific operations
which are overseen by the Singapore-based
headquarters, generated 1,845 million
43% of its worldwide revenue.
Among Infineons operations in Singapore
are its global final test manufacturing
and innovation, a design centre, and
Infineons first Business Analytics Centre of
Competence.
1
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 Infineons regional headquarter for
Asia-Pacific.
50
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 drugs 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.
BRANDS TO SHAPE THE FUTURE 90
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 tomorrows mobile technologies,
thus positioning Singapore as a world leader for the
semiconductor sector.
Prostate cancer is Singapores

third, and the worlds 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 iSRobot 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 Surgicals medical technology can shape
the future of medicine worldwide.
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 Hospitals pathology department, established the
regions first Circulating Tumour Cell Centre of Research
Excellence to understand the genetic make-up of cancer cells.
The company advances Singapores efforts in personalised
medicine, which has been gaining much interest.
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 companys 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 companys
proprietary technology and solutions can help to safeguard the
environment and public health for the future.
Today, Novartis is one of Singapores 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 Singapores 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
companys outstanding contributions and commitment to Singapore,
the Government of Singapore conferred on Novartis the Distinguished
Partner in Progress Award 2013.
In 2014, Procter & Gamble (P&G),

the worlds 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.
RedMarts decision to enter Singapores

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 Singapores 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. Todays busy consumers want the flexibility to buy
anytime, anywhere. Online groceries may be the next big change in
the Singaporeans lifestyle.
Incorporated in 1991, home-grown

brand Rigel is a leading provider
of green bathroom solutions.
Given Singapores 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 countrys commercial buildings, Rigels
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 worlds water management and
contribute to a sustainable future for the planet.
Given Singapores 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.
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 wouldnt have imagined
this back then. I didnt even think I would see Singapore banks
overseas!

Mdm Lillian Yeo
HANDS THAT BUILT THE NATION 102
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 Singapores
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. Singapores 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 entrept 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
worlds strongest. Numerous big international banks are also present here. In 2014,
Singapore was ranked the fourth-most competitive financial centre in the world.
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,
theres 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
TRADE
NTUC Welcome

Trade has historically been Singapores economic lifeblood
Trading has long been Singapores 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.

this sector?
Singapores 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 Singapores
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.

Singapores 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 countrys
Global Trader Programme has also encouraged some of the worlds largest commodity
trading companies to establish themselves locally. In 2014, Singapores total external
trade figured at over S$900 billion. It is now poised to expand further as a major
trading hub.
IT WAS THE REFINERYS 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 40C. Safety was foremost, given the type of
substances we handled. Essos 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
OIL
ExxonMobil

Singapore was already a key petroleum storage, trans-shipment and
distribution centre
In the 1960s, the oil refineries neighbouring Singapore could not fulfil the regions
demand. International oil companies however sensed the islands 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 Singapores 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.

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, Singapores military vulnerability,
resulting from the British troop withdrawal, also worried foreign investors.

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 industrys cyclical nature.
As a result, Singapore diversified into producing and trading petrochemicals. In
2014, besides implementing pioneering energy-conservation and emission-reducing
processes, Singapores petroleum and petrochemical sectors contributed over S$88
billion to its Gross Domestic Product. Our country is also one of the worlds top export
refining and oil and gas trading centres.
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
MANUFACTURING
Nippon Miniature Bearings

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 Singapores existing trade in raw
materials. This created a win-win situation for both industries.

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 Singapores 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.

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 worlds 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 Singapores 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 Singapores Gross Domestic Product, amounting to a staggering S$67.8 billion.
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
SHIPBUILDING AND
SHIP REPAIR
Sembcorp Marine

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 Singapores
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.

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.

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 worlds 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.
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,
Cassandra Goh
Head, Food Services
Wirdayu Binte Safie

Manager,
Ng Cuili
Senior Manager,
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 SINGAPORES 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

Singapore Economic Miracle

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Singapore Economic Miracle

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FOREWORD

Singapore is often lauded as a remarkable economic miracle. Within a

SINGAPORE today has a vibrant and diversified economy that

50 BRANDS THAT MADE A DIFFERENCE

BRANDS THAT DARED TO DREAM

BRANDS WE GREW UP WITH

BRANDS THAT MARKED US ON THE MAP

BRANDS THAT MOVED THE ECONOMY

BRANDS TO SHAPE THE FUTURE

HANDS THAT BUILT THE NATION

Gross Domestic Product in 1969: (current market price)

Number of people employed in 1969:

Average monthly wage in 1969:

Top three exported products for the 1960s:

01. INDUSTRIALISING TO SURVIVE

02. SINGAPORE MAKES AN

One of the earliest friends Singapore made was

03. THE BIRTH OF A

Prior to the opening of Shells S$30 million

04. BOOSTING INVESTOR CONFIDENCE

05. MARKING THE START OF OUR

9 August 1966 was a day of pride for all Singaporeans.

06. A NEW CURRENCY FOR A

Female workers sorting rubber

07. EMPOWERING WOMEN TO WORK

08. RIDING THE WAVES TO SECURE

The dependence on foreign carriers for the supply of our food

Singapores Central Business District

10. THE HUMBLE BEGINNINGS OF AN

In 1968, the Development Bank of Singapore was formed to

Unemployment was high in the 1960s. The

Gross Domestic Product in 1979: (current market price)

Number of people employed in 1979:

Average monthly wage in 1979:

Top three exported products for the 1970s:

Natural rubber products

Trainees at Philips Government Training Centre in Jurong in 1976. This was

12. LEARNING FROM OUR OVERSEAS

In the 1970s, we knew that technical education would be the

13. ISLAND OPEN FOR BUSINESS

Policemen removing people participating in a strike outside Robinsons

14. STABILISING A TROUBLED

15. SEEING THE POTENTIAL IN A BOX

In the early days, Singapore faced a huge uphill struggle to

In 1972, Singapores first container berths opened in Tanjong

16. EASING CONGESTION AND

By the 1970s, traffic congestion in the city centre was getting

17. A SUPERMARKET FOR

Singapores fledgling economy experienced

18. DEPARTMENT STORE

19. ONE OF OUR BEST

In 1977, some thought spending S$1.5

20. TAPPING THE POWER OF ASEAN

Gross Domestic Product in 1989: (current market price)

Number of people employed in 1989:

Average monthly wage in 1989:

Top three exported products for the 1980s:

21. ECONOMIC MIRACLE

22. ADVANCING INTO

In 1982, Singapore unveiled her intent to foster the biomedical

23. SINGAPORE DEFENDS

The Monetary Authority of Singapore (MAS) faced its first

24. PULLING THROUGH SINGAPORES

The sharp and sudden change in the economic situation in