PM Lee: S'poreans now have more to lose, but important to take risks to make it big

Huge.

Belmont Lay | January 23, 2017, 09:51 AM

Speaking at a 70-minute dialogue organised by the Economic Development Board Society and The Straits Times on Jan. 20, Prime Minister Lee Hsien Loong said it is still important to take risks in order to make it big, given that the people in Singapore now have more to lose because the country is no longer “broke”.

He made this comment in response to the perception that Singapore lacks policies to support entrepreneurship and noted that efforts have been made over the years to promote this area and have brought results.

This include the setting up of incubators, such as JTC Launch pad to loans and funding.

The risk-taking trait also applies to the civil service as well.

PM Lee said those in the civil service cannot be backing down after having failed and experienced any public outcry, but must maintain the gumption and confidence to try new things.

This was said in response to a question on how an environment of risk-taking can be fostered in the civil service given that it is perceived as risk-averse, and more so when compared to the earlier generation.

He said:

“I would say in the earlier generation, it was a smaller organisation, and you have several key people who have an enormous impact on the whole system. People like (former ministers) Goh Keng Swee, Hon Sui Sen, Lim Kim San ... in that generation they were the ones that were 'big Buddhas', but they were also mavericks. And of course Philip Yeo, who was in EDB for a long time, and you could push and you can make things happen.”

“Now it’s a big organisation ... it’s not quite so easy to push and make things happen because it’s bigger, it’s more settled.”

Yeo was the former EDB chairman and a veteran civil servant, as well as being perceived as a maverick by many.

ST editor-at-large Han Fook Kwang, who was the dialogue moderator, quipped that someone like Yeo would not be able to survive today’s bureaucracy, amid laughters from the audience.

In response, PM Lee said: “I’m not sure that is true. He may not emerge, but I have no doubt that Philip Yeo today would survive.”

" frameborder="0" allowfullscreen>

During the dialogue, the prime minister also reiterated that Singapore is no longer in a phase where its workforce is expanding rapidly and achieving 2 to 3 percent annual growth for the next decade will be an indication of doing well.

 

You can watch the videos of the dialogue session here.

H/T Today

Top photo via Lee Hsien Loong Facebook

If you like what you read, follow us on Facebook and Twitter to get the latest updates.