There is no doubt that Singapore transformed tremendously and beyond anyone's expectations. It was the determination, the resolve and the vision of a few good men and led by an exceptional individual. Many of us are where we are because of what transpired. The run was good and in the mid 1980s, CPF reached the magical figure of 50% (25+25).
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thanks.... that validates my point.
"Industrial History of Singapore
1960s: Economic Uncertainty
Due to its strategic location on major sea lanes, Singapore was always dependant on entrepot trade. During the 1960s it was a small country with no natural resources, with a small manufacturing base, poor infrastructure, little industrial know how and domestic capital. There was little or no direct foreign investment. However, there was soon a shift in economic policy resulting in the emergence of 'import substitution.' This was a key strategy for the nation's economic development. It encouraged industrial growth in order to reduce the import of manufactured goods, save foreign exchange, provide jobs and reduce dependency on other nations. Thus began the development of Jurong Industrial Estate which was to house Singapore's factories and industries. The Jurong Town Corporation was created in 1968 to manage this development. Singapore's path towards industrialisation had begun. Factories started producing garments, textiles and toys. However, with Singapore gaining Independence from Malaysia in 1965, it lost its source of raw materials as well as a domestic market for its goods. The focus now shifted on export-oriented industries by attracting foreign investment in Singapore to develop its manufacturing and financial sectors.
1970s: Skill-intensive Industries
The 1970s saw the expansion of Singapore's industrial base. Unemployment was no longer a problem and infrastructure had developed. Factories were built ahead of demand and skilled labour-force was readily available. Singapore started manufacturing more sophisticated products such as computer parts, silicon wafers and semi-conductor circuits. The electronics industry began to see unprecedented growth. Many MNC's shifted their R&D centers to Singapore. Nationalised companies such as Singapore Airlines, Development Bank of Singapore and Sembawang Shipyard were set up. Manufacturing sector's share of GDP grew from 14% in 1965 to 24% by 1978 and it had become the largest sector in the economy, surpassing trade.
1980s: Knowledge-intensive Industries.....and so on"