Tripartism, involving the cooperation of Government, employers and unions, was another of Mr Lee's key contributions, the Trade and Industry Minister says.
SINGAPORE: The "Singapore Story" of the city-state being transformed from third world to first in a single generation is part of the lasting legacy of the late Mr Lee Kuan Yew', said Trade and Industry Minister Lim Hng Kiang on Saturday (Mar 28).
He was speaking at an event where the Republic's business community honoured the country's founding Prime Minister for all he had done in propelling Singapore into an advanced economy in under 50 years. The event was attended by about 1,500 business leaders.
Mr Lim said: "Mr Lee will always be remembered for always thinking of Singapore’s future. He sought not just the improvements in the first instance. He was also intent in making sure to embed in our society and in our institutions the values and the ethos that would make sure the Singapore Story carried on strong even after his time."
Mr Lim also noted: "Mr Lee often said that no one owed us a living. He was confident that Singapore would be able to survive on our resourcefulness and the hard work of our people. He pushed to never be complacent, never rest on our laurels, work hard and always put in that extra effort."
The minister also called Mr Lee a realist who understood that Singapore is too small to be self-sufficient. Thus, the Republic liberalised and embraced an open market-based economy, able to draw in investment, talents and ideas from around the world.
Additionally, he recalled Mr Lee's legacy in the creation of tripartism, where the Government, employers and unions could come together to promote harmonious industrial relations. "He was aware that frequent labour disputes would destablise Singapore, decrease productivity and hurt the investment climate."
This, Mr Lim said, is a valuable and cherished institution that will continue to benefit businesses, workers and the economy.
Present at the tribute event was Mr Lee's younger son, Mr Lee Hsien Yang, and his wife. The Singapore Business Federation, various trade associations and various chambers of commerce also paid tribute to Mr Lee at the event.Mr Thomas Chua, president of the Singapore Chinese Chamber of Commerce and Industry, said: "He gave many Chinese businessmen an opportunity to take part, to build the economy, and expand their businesses into robust local enterprises."
Mr R Ponnampalam, vice-chairman of the Singapore Indian Chamber of Commerce and Industry, commented: "He focused purely on the objective of doing business irrespective of whether you are a Chinese, Indian, or a Malay. And he encouraged that participation. He said - all of you participate in the economy, development of this country."
At the tribute event, a condolence book was presented to Mr Lee Hsien Yang. And a minute of silence was observed at the end - as respect for the man who helped create an environment for enterprises to flourish today.
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