Singapore from poverty to prosperity-1

Singapore goes from poverty to prosperity

With an area of ​​only 725 square kilometers, no natural resources, no clean water supply, no cultivated land … but Singapore has a thriving economy, employment rates and long life expectancy. than many big countries.

At the age of 17, Fauja Singh left his parents’ home in a small village of Punjabi, India to go to Singapore. Life with newcomers to Singapore is not easy. Many other migrants from China also come to Singapore to work and live in cramped, dirty housing.

Fauja Singh does everything from night watch to selling milk and lending money. Once he made enough money, he returned to his hometown to welcome relatives to Singapore. The Fauja couple has 8 children. The eldest son, Kernail, has excellent academic records and is admitted to the prestigious Raffles School. Kernail went on to win a scholarship at university and after graduating joined the government of a nascent and newly formed country.

Singapore. Photo: AP

The story rising from the empty hands of Fauja Singh and Kernail is similar to Singapore itself. From a country number 0, with no natural resources, no support, Lion Island has become one of the richest countries in the world.

Singapore’s population in 1960 was less than 2 million, but is currently 5.6 million. Initially, because there were so many poor people, Singapore had the most slums in the world, with a GDP less than $ 1 billion. However, Singapore’s GDP is currently 447.3 billion USD; in 1960, per capita income was 427 S $ a year, but currently this figure is 76,863 (income year 2017), more than Germany and France. and even Japan.

The foresight and the wisdom of the leader

When Mr. Lee Kuan Yew took over the leadership role of Singapore, this was one of the most corrupt countries, political instability was a matter of dinner. However, Singapore currently ranks 7th in the list of effective anti-corruption countries.

Singapore from poverty to prosperity-2

Mr. Lee Kuan Yew. Photo: BI

Singapore’s economic and financial policies are both aimed at preventing corruption and political instability. Instead of letting the money fall in the wrong bags, they are distributed among the people out of poverty. All the additional payments were used to make Singapore a successful country, even surpassing many Eurasian countries.

Lee Kuan Yew has restricted the operations of foreign banks and prevented the internationalization of the Singapore dollar. Therefore, international companies must take advantage of this opportunity to establish themselves in Singapore. The leader also emphasized the development of the technology sector and as a result international companies have turned Singapore into their regional hub.

He promotes free trade, helping Singapore receive more foreign investment and from multinational giants such as Sony Corporation, Microsoft, Apple, Google, Panasonic. In 1971, the US separated the dollar from gold and Singapore seized the opportunity, turning itself into a regional foreign exchange center, bringing great benefits to the country.

To make people happy, Mr. Lee Kuan Yew established the Economic Development Department and Housing Development Department, in which the Housing Development Department has turned Singapore into a great city, helping people escape from the favelas. filthy mice, coming to live in planned housing and improved living conditions.

One of the main reasons behind Singapore’s success is pragmatism. The practical leadership policy of Mr. Lee Kuan Yew has allowed Singapore to develop economically. This leader accepts multinationals while most other countries seek to avoid such companies.

English also contributes to making Singapore an economic powerhouse, a place for international trade and also a top study abroad destination for international students, especially Southeast Asian students. English is also largely thanks to Lee Kuan Yew’s reasonable vision and bilingual policy.

Singapore from poverty to prosperity-3

Singapore’s GDP per capita from 1960-2020. Photo: CEC

Steps to the top of success

After leaving the Federation of Malaysia, Singapore really did not have the natural resources to deal with its economy.

However, the government of this country has steadfastly built a sustainable economic development policy and process. They demolished all the outdated, less profitable businesses and replaced them with more robust, profitable models. The government has focused on using the meager natural resources in a rational way to better serve the needs of many people.

A series of programs and initiatives have been launched to develop the country’s economy.

Economic Development Board was established, with the main task is to guide industries and develop new fields to invest, and promote international companies to invest in the economy of this country. Next is the Strategic Economic Plan with the primary task of educating people to become a highly skilled human resource and ensure export quality.

The Headquarters of Operations (OHQ) Initiative was launched to develop the service industry. OHQ focuses on encouraging more local companies to use Singapore as the hub for providing quality services to others based in Singapore or outside of Singapore.

The Singapore government has also developed the Creative Business Program to promote fields such as arts, crafts, fashion and media … Initially, this program operated as a strategic business unit. service. Now, it promotes investment in innovative sectors and develops new business opportunities.

Singapore from poverty to prosperity-4

Photo: StraitsTimes

Singapore has also transformed itself into a new technology hub. The country is already at the forefront of the world in innovation and research. The government helps companies develop sustainable business models, helping startups grow their businesses. Many local companies such as V-Key, ViSenze have led the global market.

In the mid-1970s, Singapore focused on encouraging investment in the information technology industry, electronic medical equipment, automobile components …. In the period 1980-1990, Singapore focused on developing electronics and transportation. sea. By the 2000s, the country switched to new technologies such as biotechnology, financial technology …

Currently, Singapore seeks to shift investment from a production-oriented economy to innovation, attracting labor-based industries by providing skilled, low-cost workers and renting out-of-land. sea.

Tourism revenue also plays an important part in the prosperity of Singapore. In 2019, the country attracted 19.11 million visitors. This country has many famous tourist destinations, while it is close to some other destinations in Southeast Asia such as Malaysia, Thailand, Indonesia … Many tourists have come to Singapore to visit these countries.

With a thriving and stable economy, Singapore currently has the lowest unemployment rate in Asia. Foreign investment in Singapore continues to grow and international companies are continuing to use Singapore as their primary hub.

Hoai Linh


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