The period between 1966 and 1973 saw the fastest growth in Singapore's history.

Large numbers of foreign managers and unskilled workers were brought in. Our entrepôt economy was replaced by a diversified economic structure based on manufacturing, trade and finance. Full employment was soon achieved.

The emphasis then switched to higher skilled jobs and the production of better quality products, for example shipbuilding and repair, and tourism.

Four keys to the success of this policy

1. Administration: an able and stable administration

2. Workforce: a hardworking and enterprising workforce which is well-educated and English-speaking

3. Position: a strategic position in South-East Asia

4. Port: a good deep-water port

Other steps taken by the government:

1972 saw the National Productivity Board (renamed in 1996 as the Productivity & Standards Board (PSB)) being set up to conduct courses and seminars on productivity techniques, in-plant training and management consultancy services.

The government encouraged private enterprise and capital through:

1. concessions (such as the granting of pioneer status to companies which were just starting up, tax reliefs, tax concessions on export profits and training subsidies)

2. building more industrial estates with appropriate and adequate infrastructural facilities (for example, flatted factories for high-tech, skill intensive light industries near densely populated areas)

3. ensuring a favourable investment climate (including encouraging a responsible trade union movement).

Part 1: The Problems and Challenges
Part 2: Jurong can't be wrong

Reproduced with permission from the site formerly known as 'No Place Like Home', © Kenneth Y T Lim 1995-9