Press Statement on the appointment of the new designated Minister in charge of Entrepreneurship and Chairman of ACE

Dr Vivian Balakrishnan was appointed as the Minister in charge of Entrepreneurship and Chairman of the Action Community for Entrepreneurship (ACE) on 13 August 2004. He has served as the Government's key representative to the private sector to foster and develop a more entrepreneurial Singapore through ACE. As Dr Vivian Balakrishnan will be leaving the Ministry of Trade & Industry, Minister of State Mr Lee Yi Shyan will take over as the new designated Minister in charge of Entrepreneurship and Chairman of ACE with effect from 30 May 2006.

Under his leadership, Dr Balakrishnan has succeeded in fostering a pro-enterprise culture in Singapore. ACE has seen a marked improvement in the business environment and recorded the highest number of start-ups ever. Entrepreneurial activity has also reached a new peak since 2000.

MTI thanks Dr Vivian Balakrishnan for his invaluable contributions in leading the public-private partnership to promote greater entrepreneurship in Singapore.

30 May 2006
MINISTRY OF TRADE AND INDUSTRY