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Singapore now aims to become Switzerland of Asia
SINGAPORE. Feb 15: On January 1. the Organisation for Economic Cooperation aqd Development (OECD) officially recognised Singapore as a developed countiy. "So what is new"? Would be the response of many visitors to this affluent city-state.
Singapore marked its 30th anniversary of statehood in 1995. It split from Malaysia in 1965 — an event that put the country on the launching pad for economic lift off. Since then. Singapore's annual per capita income has soared 20-fold to 23.000 US dqllars. says IPS
The country is today the second richest nation in Asia after Japan, and a role-model for many of its neighbours
The architect of this economic miracle is Lee Kuan Yew Who. until November
1990. was Singapore's Prime Minister. After heading office to his protege Goh Chok Tong M Lee — now a senior minister — still exerts a strong influence in the running of the country's affairs
And having put Singapore firmly at the coinmunica tlons, trading and financial hub of East Asia — the fastest growing region in the world — Lee's next goal is to make Singapore the Switzerland of Asia. The OECD s reclassifica tion is official recognition that tiny Singapore is now in the big league
The country Is also a driving force behind next year's planned summit of European and East Asian leaders in Thailand
Since Independence, and up until 1990. Singapore's
economy has for the most part zoomed at 8.5 per cent growth a year In 1994. growth touched 10 per cent, and this year, brisk international computer sales indicates even further improvement.
Singapore, with a population of 2.7 million, produces nearly half of the world's total output of hard disk drives, and Is the largest manufacturer of computer sound cards and semi-conductors.
Still. Singapore's leaders are a cautious lot. forever warning citizens not to be complacent and reminding them of the fragile ground on which their tiny country has been built. They cite the example of the 1985 recession that exposed the country's economic vulnerability to ex-
ternal factors.
Goh recently said Singapore would not be throwing a party to celebrate the country's elevation to rich nation status.
The restraint is uniform. Lee's son and one-time heir-apparent. Deputy Prime Minister Lee Hsien Loong. often tells Singaporeans they have to be conscious that things could easily go wrong.
"However favourable economic prospects may appear, circumstances can change suddenly ... we must be pre-, pared for temporaiv setbacks. or indeed, totally unexpected developments." he told a recent meeting here.
Lee aaid Singapore still needs to catch up with ita economic mentors — Japan and Switzerland — In the ar-
eas of higher education skills training and investments abroad.
Singapore's success has also been tempered by the strong debate this year that followed the publication of an article by economist Paul Klugman in the foreign affairs journal' that East Asian Bowth Is mainly due to bour and capital inputs — and improvement In productivity.
Klugman took Singapore as a case study and said that Its experiment could not be replicated.
Singapore's foreign investment-led growth Is dominated by transnational companies and local state-run inqnopoliea. Klugman wrote, adding his now-famous line: "the miracle turns out to be based on perspira-
tion rather than on inspiration."
Faced with limits to its domestic growth. Singapore is increasingly using foreign markets as a prop; Going the way the Taiwanese and Koreans went boldly before. Singaporean companies' investments abroad shot past the 35 billion US dollars mark in 1994. and continues to grow in leaps and bounds.
Previously. Indonesia waa the main target for investors. but Lees pet projects close to Shanghai have seen China take over that top slot. Goh. meanwhile, has been making forays into India. while the country invested 272 million US dollars tn Myanmar In 1994. being the main investor in that country.