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Looking Back - Political Milestones Leading to the Birth of the Republic
Making Friends and Defending Our Sovereignty
The Story of an Economic Miracle
Caring for the Nation
Living Together in Harmony |
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THE STORY OF AN ECONOMIC MIRACLE
Suddenly bereft of its closest economic partner from the Common Market, Singapore was faced with surmounting unemployment and stark questions of survival, complicated by the British military withdrawal from 1968 to 1971. Minister for Finance, Dr Goh Keng Swee, and his successors, Lim Kim San and Hon Sui Sen, aided by Singapore’s economic advisor from the Netherlands, Dr Albert Winsemius, led the economic transformation of Singapore from Third World to First.
Jurong was once dubbed “Goh’s Folly” by critics of Dr Goh’s plan to develop the swampland into Singapore’s prime industrial estate. However, Dr Goh eventually proved his critics wrong by expanding Jurong to become Singapore’s largest industrial estate.
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Industrialisation became the key word, as pioneer industries and factories manufacturing locally-produced goods were encouraged to start up. Efforts to maintain peaceful industrial relations fanned economic growth, while residents benefited from improved public utilities infrastructure. Enhancements were also made to sea, air and land communication to provide greater regional access and raise internal efficiency – container shipping was introduced, SIA inaugurated, and plans for Changi Airport and the MRT system were initialised towards the end of the first decade of Independence. In time, Singapore was established as a financial hub in Southeast Asia which handled world-wide transactions in stocks and foreign currencies.
Source: Beyond Boundaries: The First 35 Years of the NOL Story, 2004
Singapore's shipping line, Neptune Orient Lines (NOL), started operations in 1968 with only five vessels. Established by the government to secure low freight rates for local industries and boost export of local products, it is the largest shipping and transportation company listed on the Singapore Stock Exchange (SGX) today, posting a revenue of US$7.3 billion in 2006. Shown here is the “Neptune Taurus”, the first tanker ship owned by NOL in 1971. |
The success of Changi International Airport today stems from a bold decision in 1975 to go beyond Paya Lebar Airport by building an entirely new airport at Changi, on land vacated by the British army. Despite conservative reactions over the project’s scale and cost, the government foresaw that the initial plan to expand Paya Lebar Airport and build a second runway would only cause serious urban congestion and noise pollution and not address the growing demand in air traffic.
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The MRT system lasted 20 years in the making, from the initial feasibility studies conducted in 1967 as part of City Planning and numerous technical surveys in the 1970s, up to the running of the first trains in 1987.
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Source: PUB Annual Report 1968
Electric ovens and stoves were made available for rent at $1.70 per month in 1968, as part of government policy to encourage households to move away from high fire-risk cooking methods such as burning firewood and charcoal. |
Source: PUB Annual Report 1968
Between 1965 to 1975, the length of highways, streets and rural roads illuminated with streetlights almost tripled from 892km to 2,281km. To meet the island’s power needs, planning for Singapore’s second power station at Senoko started even as Jurong Power Station was under construction. |
Source: NAS
The number of standpipes in use in Singapore dwindled from about 2,500 in 1965 to just two in 1975 as rapid improvements to the water supply chain brought clean water directly to people’s homes. |
Source: NAS
Sentosa would probably have become an oil refinery or military base today if not for Dr Winsemius’ foresight to fight to reserve the island to propel the tourism industry as a pillar of economic growth. Shown here is a map of Blakang Mati (Sentosa) in 1895. It remained part of the British military base and was sparsely populated by barracks and a few kampongs up to the 1960s. |
Source: MICA
Source: Wei Sin Public School, 1958
The mailbox system designed for HDB flats was first displayed at the 1973 Made in Singapore Goods Exhibition at National Stadium Complex. It has since become a standard facility not only for HDB estates but in many private-housing flats as well. Export of other locally produced goods such as insect repellent, medicated oil, soft drinks, condensed milk and biscuits was pushed through trade fairs, exhibitions and trade missions at home and abroad.
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Singapore’s status as a financial hub grew from its strategic geographical location which allowed it to plug the time gap between the closing of San Francisco’s financial market and opening of Zurich’s the next day. Singapore’s entry would create, for the first time, a 24-hour round-the-world service in money and banking.
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Source: Lim Kim San Collection, NAS
Singapore’s first currency – the Orchid series, was issued on 12 June 1967 and bore the signature of Finance Minister Lim Kim San. The Singapore dollar today remains of equal value and is interchangeable with the Brunei dollar because of an Interchangeability Agreement signed in 1967 to ensure ease in trade. |
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