Ngiam: Singapore is Jurong Island or Shenton Way?

[Cheepo]

Singapore 'should nurture wealth creators, not just wealth managers'

04:45 AM May 17, 2012

by Cheow Xin Yi

 

SINGAPORE - Singapore has to decide, going forward, whether it aims to be a "Jurong Island" or a "Shenton Way", said retired top civil servant Ngiam Tong Dow at a forum yesterday.

 

Pitting the two models against each other and as metaphors of "wealth creators" and "wealth managers", Mr Ngiam expressed concern that Singapore might be nurturing more of the latter, at the expense of the former.

"I believe that, while many Singaporeans are competent in our jobs, few among us are brilliant," said Mr Ngiam, the former Ministry of Finance permanent secretary, who is now Pro-Chancellor at the National University of Singapore.

 

What would differentiate the wealth creator from a wealth manager, he felt, would include attributes such as tremendous reserves of energy, the ability to think out of the box and "seeing possibilities where others can only see rocks".

Speaking to a group of around 250 engineering students, academics and industry representatives at NUS Engineering Auditorium, Mr Ngiam was asked during the one-hour dialogue why Singapore could not possess both wealth creators and wealth managers. He replied that a job in the technology sector has got more multiplier effects than one in the services sector.

 

"Even if you take banking and wealth management, there's no reason why people should come to Singapore to manage their funds. It can be in the middle of the Indian Ocean with a computer. The barriers to entry are very low," said Mr Ngiam.

 

Lauding the late Dr Goh Keng Swee's contribution to the wealth creation of Singapore, Mr Ngiam noted how Dr Goh, who was Defence Minister, had established Sheng-Li Holdings to build up Singapore's defence technology. Sheng-Li was later renamed Singapore Technologies (ST) Holdings.

Under Dr Goh, Mr Ngiam said that ST engineers refurbished fighter aircraft and built battle tanks, which were comparable to others internationally.

 

"After Dr Goh retired from the Government in 1986, there is no one to replace him as our wealth creator," he added. "The Government of Singapore Investment Corporation and Temasek (Holdings) are sovereign wealth managers for our national savings and reserves. They are not wealth creators."

Temasek in particular, Mr Ngiam felt, is supposed to be a wealth creator, but are just being "fund managers".

Going forward, Mr Ngiam said the direction Singapore takes will have an impact on its political, economic, educational and labour policies.

 

Asked what Singapore can do now to nurture wealth creation, Nr Ngiam said: "The engineering faculty should be given more resources." Later, he suggested that the Government could provide funding for university final year students of any discipline to start their business aspirations.

"At the end of the day, if 10 per cent succeed out of 100, there will be 10 future companies," said Mr Ngiam.

[Unidentified]

easy,who want to work at air polluted place and potential explosive hazard place like jurong place compared to high flying place like shenton way where OL wear their short and sexy skirts and work in skyscraper!

 

 

[Ender]

They should get image consultant to make engineering more glam... Now being a chef also can be quite glam, like having tv show..

[Celicar]

Now is wealth creation by wealth management lor. Use money to make money (may also lose money).

[Jpcc]

Imho, ever since 2000, I feel Ngiam's words carries more substance/ value and truth than old man.

[Acemundo]

Now is wealth creation by wealth management lor. Use money to make money (may also lose money).

 

very good point. no chips how to invest and create wealth?

 

this is like the real problem facing a lot of us who do not come from family with decent financial backing. there are not many businesses that can be started just by having a good idea and working our socks off it.

[Acemundo]

Imho, ever since 2000, I feel Ngiam's words carries more substance/ value and truth than old man.

 

yep, i still remember fondly his phrase that "pap has believe their own propaganda"

 

http://www.facebook.com/notes/theonlinecit...da/395224663963

[The_Bear]

very good point. no chips how to invest and create wealth?

 

this is like the real problem facing a lot of us who do not come from family with decent financial backing. there are not many businesses that can be started just by having a good idea and working our socks off it.

 

What about rent seeking behaviour by GLCs?

[Acemundo]

What about rent seeking behaviour by GLCs?

you mean GLC seeking to collect rental income? or renting (instead of buying) an office/plant for their operation?

[Scb11980]

easy,who want to work at air polluted place and potential explosive hazard place like jurong place compared to high flying place like shenton way where OL wear their short and sexy skirts and work in skyscraper!

 

it is a figurative speech

 

 

[Soya]

if we go by NTD's definition, sweatshops could be considered the best wealth creators. farmers too.

 

but we all know that $$ is multiplied by the retailers/supermarkets and 'wealth managers' aka banks that finance these bizness.

 

shenton way all the way.

[2BDriver]

Imho, ever since 2000, I feel Ngiam's words carries more substance/ value and truth than old man.

It's sad that retired top civil servant Mr.Ngiam Tong Dow is not our Country Leader, he speaks differently with those "toe the party line" existing Mp's & Minister's in Parliament House.

Mr.Ngiam Tong How previous speech in "Auto Pilot System" had deeply impressed me, and now with his "Wealth Creator" message does carries the values and the fault line in our country progresses.

Imagine our nearest neighbours are manufacturing "National Cars" to exporting around the world, we Singapore exporting our uesd cars due to the miserable constraints in "Low Resale Value With 10 Years Car Life-Span", it is absolutely wastage of our country and peoples resources, foreign countries used cars importer are blessed with these lucrative used car business developments.

To me, some well addressed Policies are just "Revenues Generating In Disguise", many years has gone by with it's implementation and we're yet to see these Policies effectively resolving the addressed problems.

 

[Scb11980]

It's sad that retired top civil servant Mr.Ngiam Tong Dow is not our Country Leader, he speaks differently with those "toe the party line" existing Mp's & Minister's in Parliament House.

Mr.Ngiam Tong How previous speech in "Auto Pilot System" had deeply impressed me, and now with his "Wealth Creator" message does carries the values and the fault line in our country progresses.

Imagine our nearest neighbours are manufacturing "National Cars" to exporting around the world, we Singapore exporting our uesd cars due to the miserable constraints in "Low Resale Value With 10 Years Car Life-Span", it is absolutely wastage of our country and peoples resources, foreign countries used cars importer are blessed with these lucrative used car business developments.

To me, some well addressed Policies are just "Revenues Generating In Disguise", many years has gone by with it's implementation and we're yet to see these Policies effectively resolving the addressed problems.

well said

 

 

[2BDriver]

What about rent seeking behaviour by GLCs?

Double Posting and Deleted

Edited May 17, 2012 by Fongmy

[2BDriver]

What about rent seeking behaviour by GLCs?

You've just reminded me about LTA tender out our National MRT System to Public Listed Temasek Holding than to sub-tenderer Private Company SMRT for 30 years lease term.

SMRT engaged Duty-Free-Shops Madame Saw for her expertise in retails industry to expanding favourably MRT Stations retail outlets and advertisements businesses with attractive super pluses bottom lines to look good glorified, but Madame Saw had forgoten to address the importance of The Trains Maintenance Programmes where we're now facing frequent MRT system breaksdown, currently paying and inviting Foreign Trains Experts to sit in our High Court to makes their highlights and judgements just again wasting our country resources.

Edited May 17, 2012 by Fongmy

[Relacklabrudder]

They should get image consultant to make engineering more glam... Now being a chef also can be quite glam, like having tv show..

 

 

from Documentary, in japan, to encourage science and technology, they come up with Astro Boy comic and cartoons. dat's call tinking outta box. our multi mil $ ministars? all trap in box

[Scion]

nice one Mr Ngiam... it's an indirect way to say Temasek and GIC are incompetent

[CKP]

you mean GLC seeking to collect rental income? or renting (instead of buying) an office/plant for their operation?

 

 

Rent seeking has a layman meaning of landlords collecting rental income from land

 

and the other economics theory of rent-seeking which may include but is not limited by the above meaning.

 

 

This rent seeking behavoiur in SG is a very valid point. For example, phenomenon of rent seeking in monopolies.

 

Hopefully more people like Ngaim would (dare to) bring this up to public attention.

 

Edited May 17, 2012 by CKP