Singapore's Cabinet was sworn in today (Oct. 1) at the Istana, with a total of 31 out of 37 office-holders taking their oaths in front of President Tony Tan.

Below is a summary of the speech delivered by Prime Minister Lee Hsien Loong at the swearing-in ceremony:

1. Election Result sent an important signal to the world: Multi-National Corporations watched Singapore politics more closely, to see which way it is heading. After GE, EDB told PM Lee that an MNC that has been here for many years had just decided to increase its stake in Singapore and make another billion-dollar investment here.

2. Assembling the best team for Singapore: First objective in forming the Cabinet is to provide the most effective government for Singapore. PM Lee decided to appoint Coordinating Ministers to oversee work in three major areas -- national security, economic and social policies, and infrastructure. The Cabinet comprises both experienced Ministers to provide steady hands, with young Ministers bringing new perspectives and ideas.

3. Leadership renewal: PM Lee made a decisive move, with nearly all Ministries having new Ministers, Ministers of State and Parliamentary Secretaries. His overriding goal is to have a new team ready to take over soon after the next GE.

4. Reviewing Singapore's economy: PM Lee has appointed new Finance Minister Heng Swee Keat to chair a committee on "The Future Economy" to study how enterprises, especially SMEs, can adapt to a lean workforce and build links with the region and the world.

5. Conclusion: Singaporeans have reposed their trust in PM Lee and his team. His team will take Singaporeans' trust and their responsibility seriously, and will continue to earn, honour and grow the trust.

Top photo from Channel NewsAsia Twitter.

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