Business community lauds Mr Lee for transforming S’pore into global hub

SINGAPORE — Business federations and companies yesterday paid tribute to founding Prime Minister Lee Kuan Yew, whom they called an instrumental figure in transforming Singapore into the global business and financial hub that it is today.

The tributes and condolences poured in through social media and statements to the media from local brands, such as Hong Leong Group Singapore, as well as leading multinational companies that have established a presence here, such as Anglo-Dutch oil giant Shell and United States bank Citigroup.

Apex business chamber Singapore Business Federation (SBF) urged companies here to continue the legacy of Mr Lee, who led the country’s transformation from a Third World nation to a vibrant First World city state.

“Under his stewardship, Singapore earnt the reputation as a key regional and global centre for businesses, supported by world-class infrastructure and a highly efficient government. With a pro-business environment and a committed highly skilled workforce, many businesses call Singapore home and have progressed with the nation and its people,” the SBF said in a statement.

Mr Kwek Leng Beng, executive chairman of Hong Leong Group Singa­pore and a prominent figure in the real-estate scene here, thanked Mr Lee for laying the foundation that created an environment in which businesses can thrive.

“Mr Lee played an instrumental role in nurturing corporate Singapore. The private sector and the business community benefited tremendously from his pro-business policies and vision to establish Singapore as a major business hub for Asia. This enabled many of Singapore’s homegrown conglomerates, like our group, to thrive locally and globally,” Mr Kwek said in a condolence letter to Prime Minister Lee Hsien Loong.

Sharing Mr Kwek’s sentiments are Shell and Citi, which expressed gratitude to Mr Lee for playing a part in their growth in Singapore and the region.

Ms Goh Swee Chen, chairperson of the Shell companies in Singapore, said: “The eldest son of a Shell employee, Mr Lee had a long-standing relationship with Shell. He was instrumental in getting his government of the day to attract multinational companies like Shell to locate their Asian headquarters in Singapore.

“At our 120th anniversary celebrations in 2011, he addressed a range of questions at the Shell dialogue, including one on his perspective of life. Over the decades, Shell has benefited from his stewardship.”

Mr Michael Zink, head of ASEAN and Citi country officer of Singapore, said: “Singapore is an extraordinary success story of our modern world, much admired beyond its shores because of the vision of Mr Lee Kuan Yew. Singapore will continue to thrive for many years to come because of the strong foundation that he has laid.

“Between 2006 and 2008, Citi had the privilege of having Mr Lee as a special adviser to our senior management and its board of directors on strategic and international matters. His astute insights of the world and business landscape were truly unmatched.”

The Association of Small and Medium Enterprises (ASME) said the three economic thrusts — free trade, political stability and internationalisation — championed by Mr Lee since Singapore’s early days had been crucial for the survival of the SME community.

Quality job opportunities for Singaporeans came alongside economic progress, and Mr Lee had a strong hand in ensuring fair employment practices here, said the Singapore National Employers Federation (SNEF).

“Mr Lee Kuan Yew’s commitment and resolve in engaging the labour movement and employers as tripartite partners brought about lasting industrial peace in Singapore. This has turned out to be a key national strength for sustainable economic and social progress. Even after he stepped down as Prime Minister, Mr Lee continued to keep watch over the state of labour management relations in Singapore,” said Mr Stephen Lee, the immediate past president of the SNEF.

Several organisations, such as Business China and the Singapore Chinese Chamber of Commerce and Industry, also praised Mr Lee’s foresight in fostering stronger Singapore-China relations.

“Mr Lee’s dedication to Business China over the past eight years has allowed some 50,000 Singaporeans to benefit greatly from his invaluable insights and astute observations of China and the world,” said Mr Chua Thian Poh, chairman of Business China, of which Mr Lee was the founding patron.

President and chief executive of the US-ASEAN Business Council, Mr Alexander Feldman, said Mr Lee’s support for the council was instrumental in strengthening the bond between Singa­pore and the US, and it played a key role in the success of the Association of South-east Asian Nations community.