An honorable member of the Coffee Shop Has Just Posted the Following:
Over the past fifty years, Singapore's economic miracle has taken it from a fishing village to a regional financial power center, building a stable of large government-linked companies (GLCs).
For the next 50, the country is trying to shift its model to encouraging entrepreneurship. But it isn't clear how well that will serve the city-state.
"There clearly is a role for entrepreneurship in Singapore," Ho Kwon Ping, the executive chairman of luxury resort chain Banyan Tree, said at the DBS Asian Insights Conference on Friday.
"If we over-romanticize entrepreneurship and think that by breeding a whole bunch of Steve Jobs and Bill Gates we can actually fire up the economy and forget about GLCs and forget about multinational companies, I think that would be foolishly romantic."
Those large companies certainly have heft in the city-state's economy. Currently, foreign countries and the GLCs combined account for 70 percent of SGX's market capitalization, according to Morgan Stanley data.
But Singapore's leaders have been working to shift its model away from centralized control toward encouraging new businesses, including providing venture capital to start-ups.
Meanwhile, some of the centralized picks have stumbled, hurt in part by increased globalization of industries, competition and technological disruption. In the city-state's stock market, shipping, ship-builder and commodity plays once made up a large portion of the market capitalization, but now many of those stocks have slipped; some of them have been cut from the benchmark Straits Times Index.
http://www.cnbc.com/2015/07/10/dbs-a...singapore.html
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12-07-2015, 08:40 AM
Ass Ho Kwon Ping:"We don't need a bunch of Steve Jobs and Bill Gates, we need GLCs"
