SPEECH BY MR LEE YI SHYAN MINISTER OF STATE FOR TRADE & INDUSTRY AT THE FIREFLY SCHOLARSHIPS AWARD CEREMONY 2008 ON 14 AUGUST 2008 AT 1.30 PM AT THE JTC SUMMIT THEATRETTE 

Ladies and Gentlemen,

Good afternoon.

Introduction

It gives me great pleasure today to congratulate and welcome 28 FIREfly scholars to the MTI Family. Having gone through the FIREfly agencies’ rigorous selection, there is no doubt that we have chosen amongst the brightest and most outstanding officers to join the FIREfly agencies in contributing to Singapore’s economic future.

MTI has revised our growth forecast for 2008 to be 4 to 5 per cent.Singapore, like many other countries, is not immuned to external challenges such as the sub-prime crisis, high energy and commodity prices. While Consensus forecasts for the US, EU and Japan have come down, economic growth in Asian economies such as China and India remain reasonably optimistic to offer a balanced picture. In Singapore, we have built up a fairly strong pipeline of foreign investments and tourism projects to sustain our economy for the next 5-7 years.

Singapore has constantly ranked high against the world’s most competitive nations. This year, the International Institute for Management Development (IMD) World Competitiveness Yearbook ranks Singapore as the second most competitive economy in the world.However, we should remember that competitiveness is relative.We can improve but others can improve faster too.

Your Role in the Singapore Economy

The FIREfly agencies play an important role in maintaining Singapore’s global competitiveness. We are proactively seeking opportunities and innovative ways to ensure that Singapore remain attractive for businesses and entrepreneurship. In recent years, we have moved into high value-added sectors such as biomedical sciences, education, healthcare, wealth management, high-yield tourism and the creative industries. We have also made big push in entrepreneurship and now we see young people pursuing tech & non-tech ventures to realize their dreams.To stay competitive in the changing economic landscape, Singapore’s economic development requires commitment and dedication by all FIREfly officers, such as yourselves, to steer Singapore’s economy to higher growth.

As FIREfly scholars, you have been chosen for the qualities of being innovative, passionate, intelligent, enlightened, dynamic and most of all, ambition both for oneself and Singapore. When you return from your studies overseas, you will join us in ensuring that Singapore thrives within the global economy and stays as one of the world’s most competitive economies.

But even before you join the workforce, there are many opportunities for you to contribute to the economy. As you embark on your studies overseas, you should keep an open, inquisitive, and creative mind. Be passionate about exploring untapped fields of science, business and technology which may some day be another robust engine of growth for Singapore.You are welcomed to write to your CEO, Director HRs on what you see as new ideas that could benefit Singapore.

At the same time, an overseas education will enable you to build friendships with people from all over the world. You will be pursuing world-class education in countries like China, France, Germany and Japan.The ability to understand, communicate and connect culturally to our major economic partners will be invaluable in the work of the FIREfly agencies. The diversity in your fields of study – Economics, Engineering, Biochem/Biotech, Chemistry, Physics, Hotel Administration, Liberal Arts, Law, etc also add to the diversity of the future FIREfly leadership teams.

The road ahead of you, whilst not easy, will definitely be a very challenging, enriching and rewarding experience.

Commitments as a Scholar

Our society has always held scholars in high regard. Accepting the FIREfly scholarship not only accords prestige and financial sponsorship but carries an important responsibility with it. The FIREfly scholarships are primarily funded by the people of Singapore. By choosing a FIREfly scholarship, you have committed to serve Singapore and her people. We believe each of you, besides being bright and successful individuals, has integrity and a strong sense of duty to serve the nation.

To steer Singapore into the future would need you – talented leaders who excel in your own fields of pursuit with a heart for the larger society. Leaders not just with the head but also the heart, to pursue and achieve not just personal goals and dreams but also focusing on achievements that will make a difference to the lives of your fellow Singaporeans. As John Quincy Adams, the sixth President of the US said “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”

Conclusion

Let me once again extend my warmest congratulations to you and your parents. You have done well and can look forward to an exciting future. I wish you all the best in the journey ahead.

Thank you.