SG50 Commemorative Report - Reflections:Perspectives from the American Business Community

Page 1

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground risk mitigation and support. Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

Integrity Risk •

Due Diligence and screening

•

Anti-corruption services

•

Investigations & compliance services

•

Strategic business intelligence

•

Legal technologies

Political Risk •

Consulting and analysis

•

Political and security risk reports and monitoring

•

Country Risk Forecast and PRIME

•

Project risk consulting

Security Risk For more information about how Control Risks’ can help your organisation, please contact Angela Mancini at:

•

Security consulting

•

Crisis management

Angela.Mancini@controlrisks.com

•

Business continuity planning

+65 9651 7220

•

Security design

+65 6671 9509

•

Travel security services

Managing Risk | Maximising Opportunity

www.controlrisks.com

Contents

3 0HVVDJH IURP WKH 0LQLVWHU IRU )RUHLJQ $Î?DLUV and Minister for Law

50 The Current Business Climate in Singapore 50 Introduction

5 Message from the U.S. Ambassador to Singapore

50 Singapore’s Advantages as a Business 'estination

7 Message from the Chairman of AmCham Board of Governors

51 Government Support for Businesses

8 Executive Summary 11 Preface 12 Looking Back at American Business in Singapore 12 The Early Years

52 Perceptions of the U.S. Contribution to Singapore 53 Current Operational Challenges in Singapore 54 Recruitment from the Local Talent Pool 56 )eedback on Key 'omestic and Regional Issues

14 Growing Business Partnerships

58 Interviews: 58 Lay Lim Teo, Accenture

16 Interviews: 16 Gan Seow Kee, ExxonMobil

60 'ave +oÎ?mann, Mc'onald’s

18 Michael Zink, Citi 20 Mark Nelson, Chevron 22 Iain McLaughlin, Coca-Cola 24 Stefan Jacoby, General Motors 26 The American Business Community Today 26 Introduction 26 ProČ´le of the American Business Community 29 :orkforce ProČ´le 32 Respondents' Role 33 Community Involvement

62 Ooi +uey Tyng, 9isa 64 Tim Cofer, MondelĂ•] International 66 Laurence Chin, United Airlines 68 Looking Ahead to ΅΃΅Έ Continuing to Strengthen the U.S.-Singapore Business Relationship 68 Introduction 69 Management Outlook 72 Challenges in the Next 'ecade 73 Productivity Focus 74 Supporting Local Talent 75 Concluding Remarks

36 Interviews: 36 Bala Nadarajah, United Technologies Corporation

76 Interviews: 76 Sam Kim, Procter & Gamble

38 Janet Ang, IBM

78 Jessica Tan, Microsoft

40 JeÎ?rey +ardee, Caterpillar

80 Jane Lau, Starbucks

42 Ng Tian Chong, +ewlett-Packard

82 George Tanasijevich, Marina Bay Sands

44 +sing +o, 'uPont

84 Brian Rogove, Cognita

46 SME Panel: Killick 'atta, International Brand Partners Alison Eyring, 2rganisation Solutions Chris Milliken, Peng:ine JeÎ? :eisel, Celadon +ealth 9entures

86 Acknowledgements

1

Let your money go places, instantly. FREE INSTANT FUND TRANSFERS BETWEEN CITI ACCOUNTS, GLOBALLY. To start a Citi banking relationship, SMS <citiclient> to 72484.

Fund transfer here refers to Citibank Global Transfer via Citibank Online. Available in participating countries with no processing fee. Standard foreign currency exchange rates apply. Subject to a maximum daily outgoing limit of SGD65,000. Depending on the country where the funds are being remitted to, a lower limit may apply. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For more information, please refer to SDIC’s website at www.sdic.org.sg. By responding to 2 this advertisement and providing your personal data, you consent to Citibank contacting you within the next 90 days to market Citibank Singapore Ltd’s Global Banking products and services including via the telephone. Visit www.citibank.com.sg for more details. THE WORLD’S CITI is a service mark of Citigroup Inc. Citibank full disclaimers, terms and conditions apply to individual products and banking services. ©2015 Citibank. Citi, Citi and Arc Design are registered service marks of Citigroup Inc. Citibank Singapore Limited Co. Reg. No. 200309485K Printed on 06/2015

0HVVDJH IURP WKH 0LQLVWHU IRU )RUHLJQ $൵DLUV DQG 0LQLVWHU IRU /DZ 6LQJDSRUH FHOHEUDWHV LWV ൥ൠWK DQQLYHUVDU\ RI LQGHSHQGHQFH WKLV \HDU $PHULFDQ FRPSDQLHV KDYH VKDUHG LQ RXU MRXUQH\ FRQWULEXWLQJ WR 6LQJDSRUH¶V HFRQRPLF GHYHORSPHQW DQG WUDQVIRUPDWLRQ LQWR WKH PRGHUQ SURVSHURXV DQG OLYHDEOH FLW\ ZH VHH WRGD\ ๠H VWURQJ EXVLQHVV OLQNV EHWZHHQ 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV UHÀHFW D ORQJ VWDQGLQJ UHODWLRQVKLS EXLOW RQ PXWXDO WUXVW DQG D FRPPLWPHQW WR LQYHVWLQJ LQ HDFK RWKHU¶V IXWXUHV 2XU VKDUHG EHOLHI LQ WKH YDOXH RI VWURQJ UXOH RI ODZ LQQRYDWLRQ DQG JRYHUQPHQW SROLFLHV WKDW IDFLOLWDWH DQG HQFRXUDJH EXVLQHVV LV HPERGLHG LQ WKH ඎ ඌ ±6LQJDSRUH )UHH 7UDGH $JUHHPHQW ඎඌඌൿඍൺ ZKLFK KROGV WKH VSHFLDO SODFH RI EHLQJ WKH 8QLWHG 6WDWHV¶ ¿UVW WUDGH DJUHHPHQW ZLWK DQ $VLDQ FRXQWU\ $ GHFDGH RQ WKH ඎඌඌൿඍൺ UHPDLQV DQ DQFKRU DQG SDWK¿QGHU IRU WKH 8QLWHG 6WDWHV¶ VWUDWHJLF HQJDJHPHQW RI WKH UHJLRQ ๠H VXFFHVVIXO FRQFOXVLRQ RI WKH 7UDQV 3DFL¿F 3DUWQHUVKLS ZLOO IXUWKHU HQWUHQFK WKLV HQJDJHPHQW ZKLFK KDV XQGHUSLQQHG UHJLRQDO VWDELOLW\ SURVSHULW\ DQG SURJUHVV RYHU WKH ODVW ൧ൠ \HDUV ๠H HFRQRPLF VXFFHVVHV DQG DWWUDFWLYHQHVV RI 6LQJDSRUH DV ERWK DQ LQYHVWRU DQG LQYHVWPHQW GHVWLQDWLRQ DUH LPSRUWDQW IDFWRUV ZK\ RWKHU FRXQWULHV LQFOXGLQJ WKH 8QLWHG 6WDWHV DUH NHHQ WR HQJDJH 6LQJDSRUH 6PDOO DV 6LQJDSRUH LV DV D FRXQWU\ LW ZDV WKH ൡ൦WK ODUJHVW WUDGLQJ QDWLRQ JOREDOO\ ODVW \HDU ZLWK D WRWDO WUDGH RI ඌ ൩൨ൢ ൧ ELOOLRQ 6LQJDSRUH ZDV WKH 8QLWHG 6WDWHV¶ ൣUG ODUJHVW $VLDQ LQYHVWRU LQ ൢൠൡൣ ZLWK DQ LQYHVWPHQW VWRFN RI ඎඌ ൢൠ ELOOLRQ 6LQJDSRUH FRPSDQLHV KDYH FUHDWHG FORVH WR ൤ൠ ൠൠൠ MREV LQ WKH ඎ ඌ 8 ඌ H[SRUWV RI JRRGV DQG VHUYLFHV WR 6LQJDSRUH DOVR KHOSHG WR FUHDWH PRUH WKDQ ൢൠൠ ൠൠൠ MREV LQ WKH ඎ ඌ ZKLFK LV HTXLYDOHQW WR ൦ ൥ RI WKH MREV FUHDWHG WKURXJK WUDGH ZLWK WKH $VLD 3DFL¿F UHJLRQ ๠LV PDNHV 6LQJDSRUH WKH ൡൣWK ODUJHVW MRE FUHDWRU LQ WKH ඎ ඌ WKURXJK RYHUVHDV WUDGH $W WKH VDPH WLPH $PHULFDQ LQYHVWPHQW LQWR 6LQJDSRUH FRQWLQXHV WR ÀRZ LQ DW UHFRUG OHYHOV ZLWK WKH 8QLWHG 6WDWHV PDLQWDLQLQJ LWV SULPH SRVLWLRQ DV 6LQJDSRUH¶V ODUJHVW IRUHLJQ GLUHFW LQYHVWRU 6LQJDSRUH R൵HUV D EDVH IRU $PHULFDQ FRPSDQLHV WR UHDFK RXW WR WKH ZLGHU 6RXWKHDVW $VLDQ UHJLRQ ZLWK D PDUNHW RI ൦൤ൠ PLOOLRQ SHRSOH :LWK WKH HVWDEOLVKPHQW RI WKH ൺඌൾൺඇ (FRQRPLF &RPPXQLW\ E\ HQG ൢൠൡ൥ ൺඌൾൺඇ ZLOO EH LQWHJUDWHG DQG WUDQVIRUPHG LQWR D VLQJOH UHJLRQ PDUNHW DQG 6LQJDSRUH LV ZHOO SRVLWLRQHG WR EHFRPH WKH NH\ KXE LQ WKH UHJLRQ ± WKH ³1HZ <RUN RI ൺඌൾൺඇ ´ ๠HUH DUH SUHVHQWO\ RYHU ൣ ൦ൠൠ $PHULFDQ FRPSDQLHV LQ 6LQJDSRUH PDQ\ RI ZKLFK KDYH JURZQ ZLWK XV RYHU WKH \HDUV WDSSLQJ RQ 6LQJDSRUH¶V VWUDWHJLF ORFDWLRQ FRQQHFWLYLW\ QHWZRUNV DQG UHOLDELOLW\ 2WKHUV DUH WDNLQJ WKHLU ¿UVW VWHSV LQ EXLOGLQJ ZKDW , DP FRQ¿GHQW ZLOO EH DQ HQGXULQJ DQG PXWXDOO\ EHQH¿FLDO UHODWLRQVKLS , ORRN IRUZDUG WR VHHLQJ WKHVH SDUWQHUVKLSV JURZ DV ZH ZRUN WRJHWKHU WR SXUVXH RSSRUWXQLWLHV LQ ൺඌൾൺඇ DQG WKH EURDGHU $VLDQ PDUNHW $V ZH FRPPHPRUDWH RXU VWUDWHJLF SDUWQHUVKLS ZLWK WKH 8QLWHG 6WDWHV RYHU 6LQJDSRUH¶V ¿UVW ൥ൠ \HDUV RI LQGHSHQGHQFH ZH ORRN IRUZDUG WR HOHYDWLQJ RXU FRRSHUDWLRQ WR HYHQ JUHDWHU KHLJKWV LQ WKH \HDUV WR FRPH , FRPPHQG WKH $PHULFDQ &KDPEHU RI &RPPHUFH $P&KDP IRU LWV H[FHOOHQW ZRUN LQ VHUYLQJ WKH 8QLWHG 6WDWHV EXVLQHVV FRPPXQLW\ LQ 6LQJDSRUH , DOVR WKDQN $P&KDQ IRU WKH LPSRUWDQW UROH LW KDV SOD\HG LQ QXUWXULQJ WKH FORVH WLHV EHWZHHQ RXU EXVLQHVV FRPPXQLWLHV

K. Shanmugam

MINISTER FOR FOREIGN AFFAIRS AND MINISTER FOR LAW, SINGAPORE

3

0HVVDJH IURP WKH 8 6 $PEDVVDGRU WR 6LQJDSRUH :HOFRPH WR WKH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH¶V VSHFLDO UHSRUW FRPPHPRUDWLQJ WKH ൥ൠWK DQQLYHUVDU\ RI 6LQJDSRUH V LQGHSHQGHQFH ๠H 8QLWHG 6WDWHV—RXU SHRSOH RXU EXVLQHVVHV DQG RXU JRYHUQPHQW— DUH SURXG WR EH SDUW RI 6LQJDSRUH V UHPDUNDEOH MRXUQH\ IURP D \RXQJ FLW\ VWDWH WR WKH SURVSHURXV QDWLRQ ZH ZLWQHVV WRGD\ $V ZH ORRN WR WKH QH[W ൥ൠ\HDUV , ¿UPO\ EHOLHYH ඎ ඌ FRPSDQLHV ZLOO FRQWLQXH WR EH VWURQJ DQG DFWLYH SDUWQHUV WKURXJK LQFUHDVHG LQYHVWPHQW HPSOR\PHQW RSSRUWXQLWLHV DQG WHFKQRORJLFDO FROODERUDWLRQ ๠LV VSHFLDO DQQLYHUVDU\ UHSRUW KLJKOLJKWV WKH LPSRUWDQFH 6LQJDSRUH KROGV IRU WKH ඎ ඌ SULYDWH VHFWRU LQ WKH $VLD 3DFL¿F UHJLRQ ๠H UHSRUW V IRFXV RQ HGXFDWLRQ DQG WKH ZRUNIRUFH LOOXPLQDWHV DQ LPSRUWDQW DUHD ZKHUH ZH FDQ H[SDQG RXU FRRSHUDWLRQ 2XU UREXVW FRPPHUFLDO UHODWLRQVKLS ZLOO GHHSHQ DV ZH XQFRYHU QHZ ZD\V WR OHYHUDJH NQRZOHGJH IRU RXU PXWXDO EHQH¿W 6KDUHG YDOXHV DQG GLYHUVLW\ DUH SDUW RI WKH ൽඇൺ RI $PHULFDQ EXVLQHVVHV DQG EXVLQHVVHV ZLWK VLJQL¿FDQW OLQNDJHV WR WKH 8QLWHG 6WDWHV ๠HVH TXDOLWLHV DUH D VRXUFH RI VWUHQJWK WKDW LV EULOOLDQWO\ FDSWXUHG E\ WKH ർൾඈ LQWHUYLHZV IHDWXUHG LQ WKH UHSRUW , MRLQ WKH $PHULFDQ &KDPEHU RI &RPPHUFH LQ VDOXWLQJ 6LQJDSRUH DQG ZLVK 6LQJDSRUH DQRWKHU ൥ൠ\HDUV RI VXFFHVV

Kirk W. Wagar

AMBASSADOR OF THE UNITED STATES OF AMERICA, SINGAPORE

5

0HVVDJH IURP WKH &KDLUPDQ RI $P&KDP %RDUG RI *RYHUQRUV +DSS\ ൥ൠWK ELUWKGD\ 6LQJDSRUH ๠H $PHULFDQ &KDPEHU RI &RPPHUFH SURXGO\ VDOXWHV 6LQJDSRUH V DQQLYHUVDU\ ZLWK RXU FRPPHPRUDWLYH SXEOLFDWLRQ 5HÀHFWLRQV 3HUVSHFWLYHV IURP WKH $PHULFDQ %XVLQHVV &RPPXQLW\ 6LQJDSRUH KDV R൵HUHG D ZHOFRPLQJ KRPH DQG D VWHDGIDVW SDUWQHUVKLS ZLWK EXVLQHVV WKDW LV XQULYDOHG LQ WKH ZRUOG $PHULFDQ EXVLQHVV KDV FRQWULEXWHG LQ ODUJH DQG LPSRUWDQW ZD\V WR 6LQJDSRUH¶V HFRQRPLF GHYHORSPHQW DQG SURVSHULW\ VLQFH ORQJ EHIRUH LQGHSHQGHQFH 6LQJDSRUH¶V HFRQRP\ LV LQ WKH PLGVW RI VLJQL¿FDQW WUDQVLWLRQ WKDW EULQJV SROLF\ DQG RSHUDWLRQDO FKDOOHQJHV WR JRYHUQPHQWV DQG EXVLQHVVHV DOLNH ,Q LWV VL[WK GHFDGH 6LQJDSRUH LV VHWWLQJ WKH SDWK IRU WKH QH[W KDOI FHQWXU\ ๠LV DQQLYHUVDU\ UHSRUW FRQWULEXWHV D IRUZDUG ORRNLQJ DQDO\VLV RI ZKHUH 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV FDQ ZRUN WRJHWKHU LQ WKH \HDUV DKHDG WR PHHW WKH FKDOOHQJHV WR WKH JUHDWHVW PXWXDO DGYDQWDJH $V UHYHDOHG LQ RXU VSHFLDO ඌ඀൥ൠPHPEHU VXUYH\ DQG LQWHUYLHZV ZLWK FRUSRUDWH OHDGHUV ZH LQ WKH $PHULFDQ EXVLQHVV FRPPXQLW\ DQWLFLSDWH FRQWLQXHG H[SDQVLRQ RI RXU LQYHVWPHQWV DQG ZRUNIRUFHV LQ 6LQJDSRUH 2XU FRPPRQ LQWHUHVW LQ IXWXUH JURZWK DQG SURVSHULW\ PDNHV VXSSRUWLQJ D IXWXUH UHDG\ 6LQJDSRUH ZRUNIRUFH D SULRULW\ IRU WKH JRYHUQPHQW DQG SHRSOH RI 6LQJDSRUH DQG $P&KDP PHPEHUV DOLNH :H ORRN IRUZDUG WR RQJRLQJ FROODERUDWLRQ LQ WKLV LPSRUWDQW HQGHDYRU 0D\ , R൵HU VSHFLDO WKDQNV WR HYHU\RQH ZKR FRQWULEXWHG WR WKLV UHSRUW²WKH ർൾඈV ZKR ZHUH LQWHUYLHZHG WKH $P&KDP PHPEHUV ZKR SDUWLFLSDWHG LQ WKH VSHFLDO ඌ඀൥ൠVXUYH\ WKH FRPSDQLHV ZKR VHDUFKHG WKHLU DUFKLYHV IRU SKRWRJUDSKV DQG PHPRUDELOLD WKDW YLVXDOO\ FDSWXUH RXU KLVWRU\ DQG WKH VSRQVRUV ZKR JHQHURXVO\ PDGH WKH SURMHFW SRVVLEOH , ZRXOG DOVR OLNH WR FRPPHQG DQG WKDQN WKH $P&KDP H[HFXWLYH VWD൵ DQG &RQWURO 5LVNV IRU WKHLU RXWVWDQGLQJ ZRUN SURGXFLQJ 5HÀHFWLRQV , LQYLWH \RX WR VWDUW WXUQLQJ WKH SDJHV DQG KRSH WKDW \RX ZLOO ¿QG 5HÀHFWLRQV ERWK LQIRUPDWLYH DQG WKRXJKW SURYRNLQJ

Dr. James R. Andrade CHAIRMAN AMCHAM BOARD OF GOVERNORS

7

([HFXWLYH 6XPPDU\ 5H√АHFWLRQV 3HUVSHFWLYHV IURP WKH $PHULFDQ %XVLQHVV &RPPXQLW\ KLJKOLJKWV аґО аґМ FRPSDQLHV¬ґ RSWLPLVP DERXW SURVSHFWV LQ 6LQJDSRUH 6XUYH\ UHVSRQGHQWV DQG LQWHUYLHZHHV DUH JUDWHIXO IRU KDYLQJ KDG WKH RSSRUWXQLW\ WR JURZ WRJHWKHU ZLWK 6LQJDSRUH RYHU WKH SDVW ¬њYH GHFDGHV DQG DQWLFLSDWH IXUWKHU VXFFHVVHV LQ WKH IXWXUH $PHULFDQ ¬њUPV KDYH EHHQ SUHVHQW LQ 6LQJDSRUH IRU PRUH WKDQ D FHQWXU\ ає†H JURZWK RI WKH VL]H DQG VFRSH RI WKHLU RSHUDWLRQV KDV PLUURUHG WKH XSZDUG WUDMHFWRU\ RI WKH 6LQJDSRUH HFRQRP\ :LWK WKH 6LQJDSRUH JRYHUQPHQW¬ґV DFWLYH HаµµRUWV WR DWWUDFW IRUHLJQ LQYHVWPHQW WKH $PHULFDQ EXVLQHVV SUHVHQFH LQ 6LQJDSRUH JUHZ UDSLGO\ DIWHU ൰൩൶ൕ DQG LWV HYROXWLRQ PLUURUHG 6LQJDSRUH¬ґV RZQ MRXUQH\ IURP D ODERU LQWHQVLYH PDQXIDFWXULQJ FHQWHU WR D UHJLRQDO KXE KRVWLQJ FDSLWDO DQG NQRZOHGJH LQWHQVLYH KLJK WHFKQRORJ\ RSHUDWLRQV $PHULFDQ FRPSDQLHV KDYH LQYHVWHG LQ WKHLU ZRUNIRUFHV SURYLGLQJ HGXFDWLRQ XSVNLOOLQJ DQG OHDGHUVKLS GHYHORSPHQW ає†H\ KDYH FRQWULEXWHG WR WKH FRPPXQLWLHV LQ ZKLFK WKH\ OLYH DQG ZRUN LQFOXGLQJ WKURXJK LQGLYLGXDO FRUSRUDWH VRFLDO UHVSRQVLELOLW\ SURJUDPV DQG WKURXJK SDUWLFLSDWLRQ LQ WKH аґО аґМ (PEDVV\ $P&KDP 6LQJDSRUH KRVWHG &RUSRUDWH &RPPXQLW\ 'D\ WKH ODUJHVW VLQJOH GD\ YROXQWHHU HYHQW LQ WKH QDWLRQ $ORQJ WKH ZD\ $PHULFDQ FRPSDQLHV KDYH UHFHLYHG D ZLGH UDQJH RI 6LQJDSRUH DZDUGV IRU H[FHOOHQFH LQFOXGLQJ WKH аґЗаґМаґНаµї 7HFKQRORJ\ $ZDUG аґМаґЖаµЊ $VLD $ZDUG 'LVWLQJXLVKHG 3XEOLF 6HUYLFH 6WDU 1DQ\DQJ (QWUHSUHQHXU $ZDUG %HVW аґБаґЛ /HDGHU $ZDUG DQG аґМаґВаµЇ $UFKLWHFWXUDO 'HVLJQ $ZDUG 2XU PHPEHUV LQGLFDWH WKDW 6LQJDSRUH¬ґV JUHDWHVW DGYDQWDJHV DUH WKH HDVH RI FRQGXFWLQJ EXVLQHVV VWDEOH SROLWLFDO HQYLURQPHQW VRXQG LQIUDVWUXFWXUH DQG IDYRUDEOH WD[ UDWHV ає†HVH FRXSOHG ZLWK LWV VWUDWHJLF ORFDWLRQ LQ WKH FHQWHU RI WKH IDVW JURZLQJ аµЇаґМаµЊаµЇаґЗ UHJLRQ PDNH 6LQJDSRUH DQ DWWUDFWLYH LQYHVWPHQW GHVWLQDWLRQ $V WKH 6LQJDSRUH JRYHUQPHQW FRQWLQXHV WR ¬њQH WXQH LWV HFRQRPLF SROLFLHV WR PDNH LWV EXVLQHVV HQYLURQPHQW PRUH KRVSLWDEOH WR EXVLQHVVHV IURP DOO VHFWRUV PDQ\ UHVSRQGHQWV UHSRUW KDYLQJ UHFHLYHG KHOS IURP WKH JRYHUQPHQW WKURXJK YDULRXV VFKHPHV ає†H WRS WKUHH IDFWRUV EXVLQHVV OHDGHUV FLWH DV SRWHQWLDO FKDOOHQJHV WR FRQWLQXHG JURZWK LQ WKH QH[W GHFDGH DUH WKH FRVW RI GRLQJ EXVLQHVV DYDLODELOLW\ RI ORFDO WDOHQW WR ¬њOO OHDGHUVKLS SRVLWLRQV DQG ULVLQJ FRPSHWLWLRQ IURP RWKHU HFRQRPLHV LQ WKH UHJLRQ ає†H SUR¬њOH RI $PHULFDQ FRPSDQLHV LQ 6LQJDSRUH¬≤UHJLRQDO KHDGTXDUWHUV VRSKLVWLFDWHG LQWHOOHFWXDO SURSHUW\ LQWHQVLYH RSHUDWLRQV UHVHDUFK DQG GHYHORSPHQW FHQWHUV KLJK WHFK LQQRYDWRUV¬≤PHDQV WKDW WKHLU GHPDQG IRU JOREDOO\

8

DGHSW SURIHVVLRQDOO\ DFFRPSOLVKHG DQG KLJKO\ VNLOOHG HPSOR\HHV LV KLJK DQG OLNHO\ WR EHFRPH VWLOO KLJKHU :KLOH WKH PDMRULW\ RI FRPSDQLHV LQGLFDWH WKDW 6LQJDSRUHDQV KHDG PDMRU EXVLQHVV XQLWV LQ WKHLU 6LQJDSRUH RSHUDWLRQV WKHLU FRQ¿GHQFH WKDW WKH\ FDQ UHFUXLW HQRXJK TXDOL¿HG 6LQJDSRUHDQV LQ WKH IXWXUH GHFOLQHV DV WKH SRVLWLRQV LQFUHDVH LQ VHQLRULW\ DQG RU VNLOO OHYHO 2XU PHPEHUV HQFRXUDJH WKH GHYHORSPHQW RI D JOREDO RXWORRN DQG VWURQJ OHDGHUVKLS VNLOOV DPRQJ WKHLU 6LQJDSRUHDQ HPSOR\HHV ๠H\ KRSH WKH JRYHUQPHQW ZLOO FRQWLQXH WR SULRULWL]H LQYHVWLQJ LQ ORFDO WDOHQW ZKLOH DOVR UHFRJQL]LQJ WKH LPSRUWDQFH RI DWWUDFWLQJ IRUHLJQ WDOHQW WR VXSSRUW JURZWK 5HJLRQDOO\ FRPSDQLHV KRSH WKH JRYHUQPHQW ZLOO FRQWLQXH WR SURPRWH UHJXODWRU\ KDUPRQL]DWLRQ across ൺඌൾൺඇ DQG PXOWLODWHUDO WUDGH OLEHUDOL]DWLRQ /RRNLQJ DKHDG VL[ RXW RI WHQ UHVSRQGHQWV H[SHFW WKDW WKHLU FRPSDQLHV ZLOO LQFUHDVH WKHLU LQYHVWPHQW LQ 6LQJDSRUH 7ZR WKLUGV DQWLFLSDWH WKDW WKHLU ZRUNIRUFH LQ 6LQJDSRUH ZLOO H[SDQG RYHU WKH QH[W GHFDGH ๠H\ IRUHVHH KLULQJ PRUH ORFDO WDOHQW YHUVXV IRUHLJQ ZRUNHUV DOPRVW ൩ൠRI FRPSDQLHV SUHGLFW WKDW H[SDWULDWHV ZLOO EH D ORZHU RU VLPLODU SHUFHQWDJH RI WKHLU ZRUNIRUFH ๠H GHPDQG IRU VNLOOHG WHFKQLFDO ODERU ZLOO OLNHO\ UHPDLQ VWURQJ DV DOPRVW DOO UHVSRQGHQWV LQGLFDWH WKDW WKH SHUFHQWDJH RI VXFK HPSOR\HHV ZLOO OLNHO\ ULVH RU VWD\ WKH VDPH ๠H 6LQJDSRUH JRYHUQPHQW KDV PDGH D GHFLVLYH VKLIW WRZDUGV SURGXFWLYLW\ GULYHQ JURZWK LQ WKH SDVW ¿YH \HDUV DQG ¿UPV KDYH OLNHZLVH GHHPHG LW D SULRULW\ ൩ൠRI VXUYH\HG H[HFXWLYHV UHSRUW WKDW SURGXFWLYLW\ PHDVXUHV ZLOO OLNHO\ EH RI VLJQL¿FDQW LPSRUWDQFH WR WKHLU ¿UPV LQ WKH QH[W ¿YH \HDUV ๠H\ SODQ WR VXSSRUW WKH 6LQJDSRUH JRYHUQPHQW¶V SURGXFWLYLW\ REMHFWLYHV E\ LPSURYLQJ WKH VNLOOV RI WKHLU HPSOR\HHV UH¿QLQJ PDQDJHPHQW SUDFWLFHV DQG GHYHORSLQJ QHZ DQG LQQRYDWLYH SURFHVVHV ๠H 8QLWHG 6WDWHV LV WKH ODUJHVW VRXUFH RI IRUHLJQ GLUHFW LQYHVWPHQW LQ 6LQJDSRUH DQG $P&KDP PHPEHUV HPSOR\ WHQV RI WKRXVDQGV RI 6LQJDSRUHDQV ๠H\ KDYH HQMR\HG JURZLQJ ZLWK WKH FRXQWU\ RYHU WKH ODVW ൥ൠ\HDUV DQG FRQWLQXH WR H[SDQG WKHLU EXVLQHVVHV WRGD\ ๠H\ VHH D EULJKW IXWXUH IRU 6LQJDSRUH DQG WKH\ ZHOFRPH IXUWKHU FRRSHUDWLRQ ZLWK WKH JRYHUQPHQW DQG WKH ORFDO FRPPXQLW\ WR WDNH IXOO DGYDQWDJH RI WKH RSSRUWXQLWLHV WKDW OLH DKHDG :LWK ZDUP FRQJUDWXODWLRQV WR 6LQJDSRUH XSRQ WKH RFFDVLRQ RI LWV ൥ൠWK DQQLYHUVDU\ ZH R൵HU 5HÀHFWLRQV DV KHOSLQJ VHW WKH VWDJH IRU WKH QH[W KDOI FHQWXU\ RI FROODERUDWLRQ EHWZHHQ 6LQJDSRUH DQG WKH $PHULFDQ EXVLQHVV FRPPXQLW\

9

SOAR

TAKE FLIGHT

Small moments at Singapore American School put Alex Fortmann in front of the big screen. Thanks to inspiring middle school film teacher David Hevey, Fortmann picked up a camera for the first time at age 13 and discovered a passion for filmmaking. Eventually, he used his skills to write the script, create the score, and shoot the footage for “Flight.” The short film won film-festival awards and, along with his 4.15 GPA, served as his ticket to New York University’s Tisch School of the Arts. Fortmann has always been one to reach for the stars, but Singapore American School helped him take flight.

Resources

Beginning as early as sixth grade, students formally learn the art of story telling, along with technical skills such as camera operation, video editing, and audio mixing in well equipped classrooms and studios.

Film Society

This student run high school club is an opportunity for students to discuss films, collaborate on projects, and connect with SAS alumni who continue to make strides in the industry.

APPLY NOW FOR 2015-16 AT WWW.SAS.EDU.SG/ADMISSIONS Singapore American School CPE Registration Number: 196400340R Registration Period: 22 June 2011 to 21 June 2017 Accredited by the Western Association of Schools and Colleges

SINGAPORE AMERICAN SCHOOL

Preface $V 6LQJDSRUH FHOHEUDWHV р╡ер╡а \HDUV RI LQGHSHQGHQFH LQ р╡вр╡ар╡бр╡е WKH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH H[DPLQHV $PHULFDQ EXVLQHVV LQ 6LQJDSRUH WKURXJK D VXUYH\ RI RXU PHPEHUV DQG D VHULHV RI LQWHUYLHZV ZLWK SURPLQHQW EXVLQHVV OHDGHUV 5H├АHFWLRQV 3HUVSHFWLYHV IURP WKH $PHULFDQ %XVLQHVV &RPPXQLW\ GHVFULEHV $P&KDP 6LQJDSRUH PHPEHUV┬╢ PDMRU FRQWULEXWLRQV WR 6LQJDSRUH FDSWXULQJ KRZ $PHULFDQ FRPSDQLHV KDYH KHOSHG VKDSH WKH GHYHORSPHQW RI 6LQJDSRUH WKXV IDU DQG SURYLGLQJ LQVLJKWV LQWR ZKDW WKH\ VHH RQ WKH KRUL]RQ р╣аH FRQWULEXWLRQV PDGH E\ $PHULFDQ FRPSDQLHV LQ WKH SDVW SURYLGH D SDWKZD\ WR XQGHUVWDQGLQJ WKH RXWORRN DQG FKDOOHQJHV IRU WKH IXWXUH $IWHU SURVSHULQJ IRU р╡ер╡а \HDUV 6LQJDSRUH┬╢V HFRQRP\ LV XQGHUJRLQJ EURDG WUDQVIRUPDWLRQ DQG LV RQ FRXUVH IRU JUHDWHU WHFKQRORJLFDO LQQRYDWLRQ р╣аH UHSRUW Rр╡╡HUV D IRUZDUG ORRNLQJ DQDO\VLV RI ZKHUH 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV FDQ ZRUN WRJHWKHU WR PHHW XSFRPLQJ FKDOOHQJHV WR WKH JUHDWHVW PXWXDO DGYDQWDJH IRU \HDUV WR FRPH р╣аH UHSRUW LV EDVHG RQ WKH ┬┐QGLQJV RI D VXUYH\ RI р╡гр╡вр╡з VPDOO PHGLXP DQG ODUJH FRPSDQLHV WKDW DUH $P&KDP 6LQJDSRUH PHPEHUV р╣аH UHSRUW LV HQULFKHG E\ LQWHUYLHZV ZLWK VHQLRU EXVLQHVV OHDGHUV IURP PHPEHU FRPSDQLHV VRPH WKDW KDYH EHHQ LQ 6LQJDSRUH IRU RYHU р╡ер╡а \HDUV DQG RWKHUV WKDW DUH PRUH UHFHQW DUULYDOV р╣аHVH LQWHUYLHZV FRPSOHPHQW WKH VXUYH\ ┬┐QGLQJV DQG SURYLGH D VQDSVKRW RI WKH PDQ\ IDFHV RI $PHULFDQ EXVLQHVV LQ 6LQJDSRUH WRGD\ 3UHVHQWHG LQ RUGHU RI WKHLU FRPSDQLHV DUULYDOV KHUH WKH LQWHUYLHZV WUDFN RXU JURZWK р╣аH UHSRUW FRQVLVWV RI VHYHUDO VHFWLRQV GHGLFDWHG WR GLр╡╡HUHQW DVSHFWV RI 6LQJDSRUH┬╢V EXVLQHVV FOLPDWH DQG UHVSRQGHQW FRPSDQLHV┬╢ UROHV KHUH ,W RSHQV ZLWK KLVWRULFDO LQIRUPDWLRQ DERXW WKH JURZLQJ $PHULFDQ EXVLQHVV SUHVHQFH LQ 6LQJDSRUH WKDW SURYLGHV FRQWH[W IRU SUHVHQW GD\ 8 6 LQYHVWPHQW LQ WKH UHJLRQ ,W WKHQ JLYHV DQ RYHUYLHZ RI WKH FRQWHPSRUDU\ EXVLQHVV FOLPDWH LQ 6LQJDSRUH SDUWLFXODUO\ KRZ LW VKDSHV LQYHVWPHQW RSSRUWXQLWLHV IRU $PHULFDQ FRPSDQLHV р╣аH QH[W VHFWLRQ H[DPLQHV WKH EXVLQHVV RXWORRN IRU $PHULFDQ FRPSDQLHV LQ 6LQJDSRUH DQG LQFOXGHV FRPSDQLHV┬╢ UH├АHFWLRQV RQ KRZ WR VWUHQJWKHQ WKH 8 6 6LQJDSRUH EXVLQHVV SDUWQHUVKLS IXUWKHU LQ WKH \HDUV DKHDG 6FDWWHUHG WKURXJKRXW WKH UHSRUW DUH WKH LQWHUYLHZV ZLWK VHQLRU EXVLQHVV OHDGHUV DQG LOOXVWUDWLYH SKRWRJUDSKV DQG PHPRUDELOLD р╣аLV UHSRUW ZDV SUHSDUHG E\ WKH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH ZLWK JHQHURXV DQDO\WLFDO DQG SURGXFWLRQ VXSSRUW IURP &RQWURO 5LVNV :H ZRXOG OLNH WR WKDQN &RQWURO 5LVNV IRU LWV LQYDOXDEOH FRQWULEXWLRQV WR WKH SXEOLFDWLRQ 6LQFHUHO\

Judith Fergin

EXECUTIVE DIRECTOR THE AMERICAN CHAMBER OF COMMERCE IN SINGAPORE

11

/RRNLQJ %DFN DW American Business LQ 6LQJDSRUH The Early Years A port city situated at the heart of a well-deȴned maritime trade route, Singapore has long been a geographically strategic location for businesses to establish operations in Southeast Asia. In ΄΋ΆΊ, the United States recogni]ed the importance of the growing port of Singapore and named Joseph Balestier as its ȴrst Consul to Singapore. By ΄Ό΄Ί, enough Americans resided here that a small group came together to provide support for fellow countrymen in Singapore. This informal network grew into the American Association of Singapore and provided a point of contact for the community, helping Americans and American businesses better understand the local environment.

M

DUNLQJ WKH ¿UVW ZDYH RI $PHULFDQ DQG LPSURYH WKH OLYHOLKRRGV RI 6LQJDSRUHDQV FRPSDQLHV LQWR WKH $VLD 3DFL¿F UH /DUJH FRUSRUDWLRQV EURXJKW FDSLWDO DQG H[SHUWLVH JLRQ WZR HDUO\ PRYHUV LQWR WKH PDU WR EHDU RQ WKLV LVODQG VWDWH DV WKH $PHULFDQ EXVL NHW DUULYHG PRUH WKDQ ൡൠൠ \HDUV DJR DQG KDYH QHVV IRRWSULQW H[SDQGHG LQWR PDULWLPH ORJLVWLFV JURZQ ZLWK WKH FLW\ ([[RQ0RELO ¿UVW EHJDQ LWV FRQVWUXFWLRQ DQG DHURVSDFH RSHUDWLRQV KHUH LQ ൡ൨൩ൣ 6LQFH WKHQ WKH FRPSD 5HFRJQL]LQJ WKH VWURQJ SRWHQWLDO RI 6LQJDSRUH Q\¶V 6LQJDSRUH RSHUDWLRQV KDYH GHYHORSHG LQWR DV D SURPLQHQW SRUW LQ WKH KHDUW RI 6RXWKHDVW WKH ODUJHVW LQWHJUDWHG FKHPLFDO DQG UH¿QLQJ VLWH $VLD WKH $PHULFDQ %XUHDX RI 6KLSSLQJ ൺൻඌ) LQ WKH ZRUOG &LWLEDQN VWDUWHG RSHUDWLRQV KHUH LQ ODXQFKHG ORFDO RSHUDWLRQV LQ WKH HDUO\ ൡ൩൦ൠV $W ൡ൩ൠൢ DQG QRZ HPSOR\V PRUH SHRSOH LQ 6LQJDSRUH WKH QH[XV RI PDMRU VKLSSLQJ ODQHV WKH QDWLRQ WKDQ DQ\ RWKHU EDQN DQG KDV EHHQ QDPHG RQH RI JUHZ WR EHFRPH D ORJLVWLFV DQG VXSSO\ FKDLQ VHYHQ GRPHVWLF V\VWHPLFDOO\ LPSRUWDQW EDQNV PDQDJHPHQW KXE ,Q WDQGHP ZLWK 6LQJDSRUH¶V $PHULFDQ EXVLQHVVHV FRQWLQXHG WR HQWHU JURZWK ൺൻඌ KDV HVWDEOLVKHG WKH FRPSDQ\¶V ¿UVW 6LQJDSRUH DQG RQ -DQXDU\ ൢ൤ ൡ൩ൣ൤ ୡH 6WUDLWV UHJLRQDO KHDGTXDUWHUV DQG RYHUVHDV HQJLQHHULQJ 7LPHV DQQRXQFHG D WHQWDWLYH SURSRVDO WR VHW 5HVHDUFK DQG 'HYHORSPHQW උ๟ൽ FHQWHU XS DQ $PHULFDQ &KDPEHU RI &RPPHUFH LQ $V 6RXWKHDVW $VLD FRQWLQXHG WR GHYHORS HFR 6LQJDSRUH $OWKRXJK D EXVLQHVV DVVRFLDWLRQ ZDV QRPLFDOO\ WKH QHHG IRU LPSURYHG LQIUDVWUXFWXUH QRW IRUPDOO\ HVWDEOLVKHG XQWLO ODWHU $PHULFDQ DQG WHFKQRORJLFDO DGYDQFHPHQWV LQWHQVL¿HG EXVLQHVVHV KDG EHJXQ WR SURVSHU LQ 6LQJDSRUH 7R VXSSRUW WKH RQJRLQJ LQGXVWULDOL]DWLRQ LQ WKH :KLOH PDQ\ ZHUH WUDGLQJ FRPSDQLHV PRGHUQ UHJLRQ &DWHUSLOODU VHW XS LWV ¿UVW IDFLOLW\ KHUH LQGXVWULHV DOVR EHJDQ WR GHYHORS GXULQJ WKLV LQ ൡ൩൦൧ ,W KDV VLQFH JURZQ LQ VL]H DQG VFDOH SHULRG 1RWDEO\ &RFD &ROD EHJDQ RSHUDWLRQV WR LQFOXGH RSHUDWLRQV LQ PDQXIDFWXULQJ GLVWUL KHUH LQ ൡ൩ൣ൦ DQG HQHUJ\ JLDQW &KHYURQ RSHQHG EXWLRQ DQG ¿QDQFLDO VHUYLFHV 7R VXSSRUW WKH LQFUHDVLQJ XWLOLWLHV QHHGV LQ WKH UHJLRQ *HQHUDO LWV GRRUV LQ 6LQJDSRUH LQ ൡ൩ൣ​ൣ $IWHU LQGHSHQGHQFH LQ ൡ൩൦൥ WKH 6LQJDSRUH JRY (OHFWULF LQYHVWHG LQ -XURQJ ,QGXVWULDO (VWDWH HUQPHQW SODFHG D VWURQJ HPSKDVLV RQ GHYHORSLQJ LQ ൡ൩൦൩ DQG KDV GHYHORSHG IURP ORZ ZDJH DV DQ LQGXVWULDOL]HG HFRQRP\ WKDW FRXOG FUHDWH MREV VHPEO\ RSHUDWLRQV WR D KLJK WHFKQRORJ\ FHQWHU

12

SURYLGLQJ H[SHUW VROXWLRQV WR JOREDO FXVWRPHUV $V PRUH $PHULFDQ FRPSDQLHV HVWDEOLVKHG RSHUDWLRQV LQ 6LQJDSRUH WKH QHHG IRU D IRUPDO EXVLQHVV FKDPEHU VWUHQJWKHQHG ,Q ൡ൩൦൩ WKH $PHULFDQ %XVLQHVV &RXQFLO ZDV IRUPHG XQGHU WKH DXVSLFHV RI WKH $PHULFDQ $VVRFLDWLRQ RI 6LQJDSRUH ๠H $PHULFDQ %XVLQHVV &RXQFLO ODWHU HVWDEOLVKHG DV DQ LQGHSHQGHQW HQWLW\ DQG UHQDPHG WKH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH ZDV FUHDWHG WR VHUYH WKH QHHGV RI WKH JURZLQJ $PHULFDQ EXVLQHVV FRPPXQLW\ LQ WKH FRXQWU\ 2YHU WKH QH[W ൣൠ \HDUV 6LQJDSRUH¶V LQGXVWULDO L]DWLRQ HYROYHG WRZDUG WHFKQLFDO PDQXIDFWXULQJ LQ VHFWRUV VXFK DV HOHFWURQLFV LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJ\ DQG ELRWHFKQRORJ\ 2QH RI WKH ¿UVW PRYHUV 3¿]HU EHJDQ RSHUDWLRQV LQ 6LQJDSRUH LQ ൡ൩൦൤ ๠H FRPSDQ\ KDV FRQ WLQXHG WR GHHSHQ LWV LQYHVWPHQW LQ WKH QDWLRQ RYHU WLPH ODXQFKLQJ VHYHQ GL൵HUHQW SURGXFWV WKDW KDYH EHHQ LGHQWL¿HG DV SKDUPDFHXWLFDO EUHDNWKURXJKV 'XULQJ WKLV SHULRG RI UDSLG FKDQJH WKH (FRQRPLF 'HYHORSPHQW %RDUG ൾൽൻ SOD\HG D YLWDO UROH LQ IDFLOLWDWLQJ 6LQJDSRUH¶V HFRQRP LF WUDQVLWLRQ E\ UHFUXLWLQJ DQG LQFHQWLYL]LQJ ZRUOG FODVV FRPSDQLHV WR LQYHVW LQ WKH QDWLRQ 0DQ\ RI WKHVH LQYHVWRUV ZHUH $PHULFDQ ,Q WKH ODWH ൡ൩൦ൠV ൾൽൻ VHQW D WHDP WR 3DOR $OWR WR FRQYLQFH +HZOHWW 3DFNDUG WR HVWDEOLVK RSHUD WLRQV LQ 6LQJDSRUH ඁඉ WKHQ FRQGXFWHG D IHD VLELOLW\ VWXG\ WKDW FRQYLQFHG LW RI 6LQJDSRUH¶V EXVLQHVV SRWHQWLDO DQG OHG WR WKH HVWDEOLVKPHQW RI +HZOHWW 3DFNDUG 6LQJDSRUH LQ ൡ൩൧ൠ 2YHU WKH \HDUV ඁඉ¶V WUDQVIRUPDWLRQ KDV PLUURUHG WKDW RI 6LQJDSRUH¶V HFRQRP\ WKH FRPSDQ\¶V 6LQJDSRUH SUHVHQFH WRGD\ LV D UHJLRQDO VWUDWHJLF KXE IRU DOO FRUH IXQFWLRQV LQFOXGLQJ PDQXIDFWXULQJ උ๟ൽ DQG VXSSO\ FKDLQ RSHUDWLRQV Eൽൻ DOVR VXFFHVVIXOO\ UHFUXLWHG 7H[DV ,QVWUX PHQWV ඍං WR VWDUW D SURGXFWLRQ OLQH LQ 6LQJD SRUH LQ ൡ൩൦൨ 7, 6LQJDSRUH ZDV DEOH WR HVWDEOLVK RSHUDWLRQV DQG DWWUDFW D TXDOL¿HG ZRUNIRUFH VR TXLFNO\ WKDW LW FRPSOHWHG LWV ¿UVW VKLSPHQW RI VHPLFRQGXFWRUV DQG LQWHJUDWHG FLUFXLWV ZLWKLQ MXVW ൥ൠ GD\V ๠LV FRQVLGHUDEOH DFKLHYHPHQW PDUNHG WKH VWDUW RI 6LQJDSRUH¶V WKULYLQJ HOHF WURQLFV LQGXVWU\ 2YHU D GHFDGH ODWHU LQ ൡ൩൨ൢ

Excerpt from The Straits Times, January ΅· ΄ΌΆ·. Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission

13

PDUNHG WKH VWDUW RI 6LQJDSRUH¶V WKULYLQJ HOHF WURQLFV LQGXVWU\ 2YHU D GHFDGH ODWHU LQ ൡ൩൨ൢ 6HDJDWH D GDWD VWRUDJH FRPSDQ\ RSHQHG LWV ¿UVW RYHUVHDV ORFDWLRQ LQ 6LQJDSRUH :LWK WKH ¿UVW KDUG GLVN GULYH ඁൽൽ IDFLOLW\ WR RSHUDWH LQ 6LQJDSRUH WKH FRPSDQ\ FDSWXUHG KDOI WKH PDU NHW IRU VPDOO ඁൽൽV DQG UHDFKHG VDOHV RI ඎඌ ൤ൠ PLOOLRQ 7RGD\ 6HDJDWH HPSOR\V RYHU ൦ ൠൠൠ VWD൵ LQFOXGLQJ PRUH WKDQ ൥ൠൠ GHVLJQ HQJLQHHUV KHUH ,Q WKH \HDUV WKDW IROORZHG WKH QXPEHU RI $PHULFDQ WHFKQRORJ\ ¿UPV HVWDEOLVKLQJ RSHU DWLRQV KHUH FRQWLQXHG WR JURZ /HDGLQJ FRP SDQLHV VXFK DV $E ,QLWLR $GREH $PD]RQ :HE 6HUYLFHV $XWRGHVN &LVFR 'HOO ൾආർ *RRJOH ංൻආ ,QWHO ,QWHU&DOO 0LFURQ 1HWVXLWH 2UDFOH DQG 6\PDQWHF RSHQHG FRXQWU\ DQG UHJLRQDO R൶FHV LQ 6LQJDSRUH 5HÀHFWLQJ 6LQJDSRUH¶V GHYHORSPHQW WKH SUHV HQFH RI $PHULFDQ IRRG EHYHUDJH DQG FRQVXPHU SURGXFWV FRPSDQLHV LQ 6LQJDSRUH JUHZ 3URFWHU *DPEOH HVWDEOLVKHG RSHUDWLRQV LQ 6LQJDSRUH LQ ൡ൩൨൧ ZLWK ൡൠൠ SHRSOH 7RGD\ WKH ZRUOG¶V ODUJHVW FRQVXPHU JRRGV SURGXFHU QRZ HPSOR\V PRUH WKDQ ൢ ൠൠൠ EXVLQHVV SURIHVVLRQDOV DQG UHVHDUFK HUV IURP LWV $VLD KHDGTXDUWHUV DQG ,QQRYDWLRQ &HQWHU LQ 6LQJDSRUH 'HPDQG IRU XQLTXH SURG XFWV DQG VHUYLFHV EHFDPH LQFUHDVLQJO\ SURP LQHQW :KHQ 0F'RQDOG¶V 6LQJDSRUH RSHQHG LWV ¿UVW VWRUH DW /LDW 7RZHUV LQ ൡ൩൧൩ WKH RXWOHW DFKLHYHG D ZRUOG UHFRUG IRU WKH KLJKHVW YROXPH RI KDPEXUJHUV VHUYHG LQ D VLQJOH GD\ )RU PDQ\ RI RXU PHPEHUV 6LQJDSRUH KDV EHHQ WKH VLWH RI PDQ\ µ¿UVWV¶ LQ WKHLU KLVWRU\ :LWK LQQRYDWLYH SURGXFW ODXQFKHV FHQWHUV RI H[FHO OHQFH UHJLRQDO WUDLQLQJ KXEV DQG FXWWLQJ HGJH UHVHDUFK DQG LQQRYDWLRQ FHQWHUV $PHULFDQ FRP SDQLHV FRQWLQXH WR EUHDN QHZ JURXQG 6RPH FRPSDQLHV KDYH ODXQFKHG QHZ SURGXFWV RXW RI 6LQJDSRUH VXFK DV &RFD &ROD¶V +HDYHQ DQG (DUWK WHD OLQH LQVSLUHG E\ ORFDO WDVWHV 2WKHUV LQ WKH PDQXIDFWXULQJ DQG WHFKQRORJ\ VHFWRU HVWDEOLVKHG WKHLU ¿UVW PDMRU $VLDQ PDQXIDF WXULQJ SODQWV RU WHFKQLFDO KXEV LQ 6LQJDSRUH 3URPLQHQW $PHULFDQ XQLYHUVLWLHV KDYH FKRVHQ WKH FLW\ VWDWH WR EH WKH VLWH RI WKHLU ¿UVW UHJLRQDO FDPSXVHV ZKLOH SULPDU\ VHFRQGDU\ DQG DGGL WLRQDO KLJKHU HGXFDWLRQ LQVWLWXWLRQV KDYH ÀRXU LVKHG KHUH DV ZHOO

14

6HOHFWHG )LUVWV IURP 6XUYH\ 5HVSRQGHQWV American Manufacturing Company

Ȋ6LQJDSRUH LV WKH VLWH RI RXU ȴUVW PDMRU PDQXIDFWXULQJ SODQW LQ $VLD 7KLV LV WKH ELJJHVW FDSLWDO LQYHVWPHQW LQ WKH KLVWRU\ RI WKH FRPSDQ\ ȋ American Technology Company

Ȋ6LQJDSRUH ZDV WKH ȴUVW WHFKQLFDO KXE IRU $VLD ȋ American Pharmaceutical Company

Ȋ6LQJDSRUH LV WKH SLORW PRGHO IRU YDULRXV LQQRYDWLRQV LQ WKH PHGLFDO VSDFH ȋ American Multinational Consumer Goods Company

Ȋ2XU 6LQJDSRUH ΖQQRYDWLRQ &HQWHU LV WKH FRXQWU\ V ODUJHVW SULYDWH UHVHDUFK IDFLOLW\ ȋ American Research University

Ȋ6LQJDSRUH ZDV WKH ORFDWLRQ RI RXU VFKRRO V ȴUVW FDPSXV LQ $VLD ȋ Major American Airline

Ȋ6LQJDSRUH ZDV WKH ORFDWLRQ RI WKH FRPSDQ\ V ȴUVW DQG RQO\ JOREDO UHVHUYDWLRQV FHQWHU RXWVLGH WKH 86 ȋ American Telecommunications Company

Ȋ$ 6LQJDSRUHDQ LV WKH ȴUVW $VLDQ CEO LQ P\ FRPSDQ\ LQ $VLD ȋ American Multinational Banking and Financial Services Corporation

Ȋ0DQ\ LQQRYDWLRQV GHYHORSHG LQ 6LQJDSRUH KDYH EHHQ UROOHG RXW JOREDOO\ ȋ

*URZLQJ %XVLQHVV 3DUWQHUVKLSV ๠H 6LQJDSRUH JRYHUQPHQW KDV DFWLYHO\ HQ FRXUDJHG H[SDQVLRQ E\ IRVWHULQJ DQ HQYLURQPHQW FRQGXFLYH WR LQYHVWPHQW &RPSDQLHV DUH FRQ¿ GHQW WKDW WKH JRRG UHODWLRQV EHWZHHQ 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV ZLOO FRQWLQXH WR KDYH D SRVLWLYH LPSDFW RQ PDNLQJ 6LQJDSRUH DQ DWWUDF WLYH GHVWLQDWLRQ IRU ඎ ඌ LQYHVWPHQW %LODWHUDO VXFFHVVHV VXFK DV WKH ඎ ඌ 6LQJDSRUH )UHH 7UDGH $JUHHPHQW ൿඍൺ FUHDWH DQ HQGXULQJ IUDPHZRUN IRU EXVLQHVV JURZWK ๠LV DJUHHPHQW ZKLFK

HQWHUHG LQWR IRUFH LQ ൢൠൠ൤ HVWDEOLVKHG D JOREDO JROG VWDQGDUG IRU ൿඍൺV DQG R൵HUV H[WUDRUGLQDU\ RSSRUWXQLWLHV IRU $PHULFDQ DQG 6LQJDSRUHDQ FRPSDQLHV ZLVKLQJ WR WUDGH LQQRYDWH DQG H[ SDQG LQ WKH SDUWQHU HFRQRP\

6HOHFWHG ,QVLJKWV IURP 6XUYH\ 5HVSRQGHQWV U.S./Singapore Free Trade Agreement

Ȋ7KH 8 6 6LQJDSRUH )7$ ZDV D PDMRU PLOHVWRQH WKDW RSHQHG WKH GRRU WR RXU VLJQLȴFDQW H[SDQVLRQ LQ WKH GRPHVWLF 6LQJDSRUH PDUNHW ȋ Impact of Cordial Bilateral Relations on American MNCs

Ȋ7KH H[FHOOHQW UHODWLRQVKLS DOORZHG 8 6 01&V WR JURZ LQ 6LQJDSRUH DQG WKH UHJLRQDO FRXQWULHV WKURXJK XV ȋ Government Support

Ȋ8 6 *RYHUQPHQW DJHQFLHV DQG WKH ('% LQ WKH 8 6 KHOS WR EULQJ EXVLQHVV WR 6LQJDSRUH HVSHFLDOO\ LQ WKH GHIHQVH DQG WHFKQRORJ\ VHFWRUV ȋ

$PHULFDQ H[HFXWLYHV IUHTXHQWO\ FLWH WKH 6LQJDSRUH JRYHUQPHQW¶V IRUHVLJKW LQ LGHQWLI\ LQJ DQG DGGUHVVLQJ FKDOOHQJHV WR WKH FRXQWU\¶V FRPSHWLWLYHQHVV DV D PDMRU IDFWRU LQ WKH QDWLRQ¶V HFRQRPLF VXFFHVV ๠LV SRVLWLYH RXWORRN LV PLU URUHG LQ LQWHUQDWLRQDO UDQNLQJV )RU WKH QLQWK FRQVHFXWLYH \HDU WKH :RUOG %DQN¶V ൢൠൡ൤ (DVH RI 'RLQJ %XVLQHVV ,QGH[ UDQNHG 6LQJDSRUH DV WKH PRVW EXVLQHVV IULHQGO\ HQYLURQPHQW LQ WKH ZRUOG 2XU VXUYH\ UHVSRQGHQWV FRQ¿UPHG WKLV VHQWLPHQW ZLWK RYHU KDOI OLVWLQJ WKH HDVH RI GR LQJ EXVLQHVV DV RQH RI WKH JUHDWHVW DGYDQWDJHV RI 6LQJDSRUH DV DQ LQYHVWPHQW GHVWLQDWLRQ ๠H ZLOOLQJQHVV WR HPEUDFH WKLV IUHHGRP WR LQQRYDWH DQG H[SORUH QHZ SRVVLELOLWLHV OHG WR FRQVLGHUDEOH VXFFHVVHV DQG $PHULFDQ FRPSD QLHV DUH IUHTXHQWO\ UHFRJQL]HG IRU WKHLU FUHD WLYLW\ DQG RULJLQDOLW\ 0RUH WKDQ ൡൠൠ $P&KDP PHPEHUV UHSRUW KDYLQJ UHFHLYHG DZDUGV IRU H[FHOOHQFH KHUH LQFOXGLQJ WKH ඇඌඍൻ 7HFKQRORJ\ $ZDUG ඌආൾ $VLD $ZDUG 'LVWLQJXLVKHG 3XEOLF 6HUYLFH 6WDU 1DQ\DQJ (QWUHSUHQHXU $ZDUG %HVW ඁඋ /HDGHU $ZDUG DQG ඌංൺ $UFKLWHFWXUDO 'HVLJQ $ZDUG

Chevron Terminal at Tanjong Penjuru ΄ΌΉ΋

15

ExxonMobil – ,QWHJULW\ LQ 2SHUDWLRQV ,QYROYHPHQW LQ &RPPXQLW\ An interview with Gan Seow Kee Chairman and Managing Director ExxonMoEil Asia Paciȴc

ExxonMobil has been operating in Singapore for more than ΄΅΃ years and it is one of Singapore’s largest foreign manufacturing investors, with over US ΄Έ billion in Č´xed asset investments. After the merger between Exxon and Mobil in ΄ΌΌΌ, its Singapore base serves as the Asia-PaciČ´c hub for ExxonMobil’s downstream and chemicals businesses, including trading, production, sales, and marketing. In ΅΃΄Ά, the startup of its Singapore Chemical Plant expansion made it ExxonMobil’s largest integrated manufacturing complex in the world.

*

DQ 6HRZ .HH &KDLUPDQ DQG 0DQDJLQJ +H QRWHG KRZHYHU WKDW WKH JOREDO QDWXUH RI WKH 'LUHFWRU RI ([[RQ0RELO $VLD 3DFLÂżF RLO DQG JDV EXVLQHVV DOVR H[SRVHV WKH 6LQJDSRUH VDLG Âł:H WDNH SULGH LQ UXQQLQJ RXU EXVLQHVV WR UHJLRQDO DQG JOREDO ULVNV EXVLQHVV ZHOO Âą LQ SURYLGLQJ HQHUJ\ SHWUROH )RU H[DPSOH KH VDLG Âłŕš H UHFHQW VKDOH RLO XP DQG SHWURFKHPLFDO SURGXFWV WR Singapore DQG JDV UHYROXWLRQ LQ WKH ථ ŕśŒ KDV UHVXOWHG LQ DQG RWKHU FRXQWULHV LQ WKH UHJLRQ DQG WKH ZRUOG PXFK ORZHU HQHUJ\ DQG UDZ PDWHULDO FRVWV IRU :H VWULYH WR GR WKDW VDIHO\ UHOLDEO\ DQG LQ D 1RUWK $PHULFDQ SURGXFHUV DQG H[SRUWHUV DQG FRVW HŕľśFLHQW DQG VXVWDLQDEOH PDQQHU ´ LV FDXVLQJ D FRPSDUDWLYH JDS EHWZHHQ SULFHV LQ :KHQ DVNHG DERXW WKH FKDOOHQJHV KH VHHV DKHDG WKRVH SODFHV DQG LQ 6LQJDSRUH ŕš H VLJQLÂżFDQW RI WKH EXVLQHVV KHUH 6HRZ .HH VDLG Âł:H WDNH D H[SDQVLRQ LQ H[SRUW FDSDELOLWLHV LQ DUHDV VXFK ORQJ WHUP YLHZ RI RXU EXVLQHVV ([[RQ0RELOÂśV DV WKH 0LGGOH (DVW DOVR KDV DQ LPSDFW RQ WKH VWUHQJWK LV LQ D JOREDO DQG GLYHUVLÂżHG SRUWIR $VLD 3DFLÂżF PDUNHWSODFH ´ OLR ZKLFK SRVLWLRQV WKH FRPSDQ\ ZHOO WKURXJK Âł1RQHWKHOHVV ZH ZLOO VWLOO VHH JURZWK LQ WKLV SDUW RI WKH ZRUOG DOEHLW DW D VORZHU UDWH ´ KH VDLG EXVLQHVV F\FOHV ´ DGGLQJ Âłŕš H IXQGDPHQWDOV WR VXFFHVV UHPDLQ WKH VDPH :H ZLOO FRQWLQXH WR GR ZKDW ZH GR ZHOO UXQ RXU RSHUDWLRQV LQ D FRVW DQG HQHUJ\ HI ÂżFLHQW ZD\ ZKLOH HQVXULQJ WKDW VDIHW\ UHPDLQV RXU WRS SULRULW\ ŕš H LQWHJUDWLRQ RI RXU UHÂżQHU\ ZLWK WKH FKHPLFDO DQG OXEULFDQW PDQXIDFWXULQJ IDFLOLWLHV KHUH KHOSV XV RSWLPL]H RXU PROHFXOHV DFURVV WKH HQWLUH YDOXH FKDLQ :H DUH DOVR IR FXVHG RQ PDNLQJ VXUH ZH UXQ RXU EXVLQHVV DQG RSHUDWLRQV VDIHO\ DQG LQ DQ HQYLURQPHQWDOO\ VXVWDLQDEOH PDQQHU ZKLFK ZLOO HQVXUH WKH ORQJ WHUP VXFFHVV RI WKH EXVLQHVV ´ A photo of the old 2rchard Road Esso station taken August ΄Ή ΄ΌΉΌ.

16

%H\RQG VXVWDLQDELOLW\ WKH TXDOLW\ RI WKH SURG )RU 6HRZ .HH ([[RQ0RELO¶V LQYHVWPHQW LQ XFWV ([[RQ0RELO SURGXFHV LV MXVW DV LPSRUWDQW SHRSOH DQG SHRSOH GHYHORSPHQW LV DOVR FORVH WR HQVXUH WKDW WKH EXVLQHVV FRQWLQXHV WR WKULYH WR KLV KHDUW ๠LUW\ VL[ \HDUV DJR ZKHQ KH ¿UVW ๠H JURZLQJ PLGGOH FODVV LQ WKH UHJLRQ ZLOO VWDUWHG ZRUNLQJ DV DQ HQJLQHHU DW (VVR RQH RI GHPDQG QRW RQO\ PRUH HQHUJ\ DQG SHWURFKHP WKH ([[RQ0RELO EUDQGV WDNLQJ D ERDW ULGH RXW LFDO SURGXFWV EXW DOVR H[SHFW TXDOLW\ SURGXFWV WR 3XODX $\HU &KDZDQ RQH RI WKH LVODQGV QRZ 6HRZ .HH VDLG ³:H¶UH KHUH IRU WKH ORQJ WHUP MRLQHG WR IRUP SDUW RI -XURQJ ,VODQG ZDV SDUW DQG ZLOO FRQWLQXH WR LQYHVW LQ WKH EXVLQHVV DQG RI KLV GDLO\ URXWLQH 'XULQJ KLV WHQXUH ZLWK WKH IDFLOLWLHV WR HQVXUH WKDW ZH FDQ SURYLGH KLJK FRPSDQ\ KH WRRN RQ YDULRXV SRVLWLRQV LQFOXGLQJ TXDOLW\ SURGXFWV IRU SHRSOH DQG LQ WXUQ UHDS WZR VHSDUDWH VWLQWV LQ WKH 8QLWHG 6WDWHV ± ¿UVW WR WKH YDOXH IRU XV ´ +H FLWHG WKH H[ DPSOH RI WKH WKLUG ΖI Ζ UHȵHFW EDFN RQ WKH ODVW Έ΃ \HDUV cogeneration plant DV ZH JUHZ WRJHWKHU ZLWK 6LQJDSRUH WKDW ([[RQ0RELO LV EXLOGLQJ DW LWV UH¿Q ΖȇP PRVW SURXG DERXW RXU LQYHVWPHQW HU\ WR LPSURYH HQ LQ SHRSOH ERWK LQ RXU HPSOR\HHV HUJ\ H൶FLHQF\ DV DQG DOVR WKH 6LQJDSRUH FRPPXQLW\ D UHFHQW LQYHVWPHQW LQ 6LQJDSRUH ZKRVH OLYHV ZH KDYH WRXFKHG WKURXJK $W ([[RQ0RELO RXU FRPPXQLW\ LQYHVWPHQWV DQG corporate social YROXQWHHULVP H΍RUWV LQLWLDWLYHV DQG SUR JUDPV DUH FDUULHG RXW ZLWK D VLPLODU FRQVLGHUDWLRQ ORQJ WHUP SDUWQHUVKLSV WKDW PDNH 1HZ -HUVH\ LQ ൡ൩൩ൢ DQG WKHQ WR 9LUJLQLD LQ ൢൠൡൢ D SRVLWLYH LPSDFW RQ WKH FRPPXQLW\ )RU LQVWDQFH ± EHIRUH KH UHWXUQHG WR WDNH RQ KLV FXUUHQW UROH ([[RQ0RELO KDV EHHQ VXSSRUWLQJ WKH 1DWLRQDO 6HRZ .HH VDLG ³:H UXQ D YHU\ FDSLWDO LQWHQ ,QVWLWXWH RI (GXFDWLRQ ඇංൾ VLQFH ൡ൩൩൦ VSRQVRU VLYH DQG FRPSOH[ EXVLQHVV DQG ZH VHOO D ZKROH LQJ WKH ELHQQLDO &DULQJ 7HDFKHU $ZDUGV ,Q DGGL UDQJH RI SURGXFWV LQ D ZLGH YDULHW\ RI PDUNHWV WLRQ WKH FRPSDQ\ DOVR VXSSRUWV WKH 2XWVWDQGLQJ 6R ZH¶YH DOZD\V KHOG WKH YLHZ WKDW LQ DGGLWLRQ 6RFLDO :RUNHU $ZDUGV LQ SDUWQHUVKLS ZLWK WKH WR LQYHVWLQJ LQ WKH KDUGZDUH ZH DOVR LQYHVW LQ 6LQJDSRUH $VVRFLDWLRQ RI 6RFLDO :RUNHUV ZLWK RXU SHRSOH WR UXQ WKH EXVLQHVV :H KDYH LQ KRXVH WKH VXSSRUW RI WKH 0LQLVWU\ RI 6RFLDO DQG )DPLO\ DQG H[WHUQDO WUDLQLQJ SURJUDPV IRU RXU SHRSOH 'HYHORSPHQW WR UHFRJQL]H VRFLDO ZRUNHUV DQG WR LGHQWLI\ DQG FKDQQHO WKHP WR WKH ULJKW MRE DQG VXSSRUW WKHLU SHUVRQDO GHYHORSPHQW 0DQ\ RI WR JHW WKH ULJKW H[SRVXUH ,¶YH KDG WKH SULYLOHJH LWV HPSOR\HHV DOVR DFWLYHO\ SDUWLFLSDWH LQ FRP RI EHLQJ SDUW RI WKH HQJLQHHULQJ VDOHV DQG ¿ SDQ\ RUJDQL]HG FRPPXQLW\ RXWUHDFK DFWLYLWLHV QDQFH WHDPV :LWK ([[RQ0RELO¶V EURDG VFRSH VXFK DV EORRG GRQDWLRQ GULYHV DQG GLVWULEXWLRQ DQG JHRJUDSKLF VSUHDG ZH FXUUHQWO\ KDYH PRUH WKDQ D KXQGUHG 6LQJDSRUHDQ HPSOR\HHV EDVHG RI IRRG SDFNV WR ORZ LQFRPH IDPLOLHV 2Q WKLV VSLULW RI YROXQWHHULVP DQG FRPPXQLW\ RYHUVHDV JDLQLQJ PRUH EXVLQHVV NQRZOHGJH DQG RXWUHDFK 6HRZ .HH FRPPHQWHG ³,I , UHÀHFW SHRSOH VNLOOV EHIRUH WKH\ WDNH XS IXUWKHU VHQLRU EDFN RQ WKH ODVW ൥ൠ \HDUV DV ZH JUHZ WRJHWKHU OHDGHUVKLS SRVLWLRQV ´ ZLWK 6LQJDSRUH ,¶P PRVW SURXG DERXW RXU LQYHVW ๠LV GHGLFDWLRQ WR ERWK WKH WHFKQLFDO DQG KX PHQW LQ SHRSOH ERWK LQ RXU HPSOR\HHV DQG DOVR PDQ DVSHFWV RI WKH EXVLQHVV ZLOO HQVXUH WKDW WKH 6LQJDSRUH FRPPXQLW\ ZKRVH OLYHV ZH KDYH ([[RQ0RELO UHPDLQV ZHOO SRVLWLRQHG WR PHHW WRXFKHG WKURXJK RXU FRPPXQLW\ LQYHVWPHQWV WKH HQHUJ\ FKDOOHQJHV RI WKH IXWXUH DQG YROXQWHHULVP H൵RUWV ´

17

Enabling Progress ZLWK &LWL An interview with Michael =ink Head of ASEAN and Citi Country 2É?cer Singapore

For more than ΅΃΃ years, Citi has been making a diÎ?erence to individuals, corporates, and communities by enabling progress globally. By providing Č´nancial solutions that are relevant and timely, Citi has empowered its clients to achieve their aspirations. Since it was Č´rst established in ΄΋΄΅, Citi has grown into an institution connecting over ΄,΃΃΃ cities, ΄Ή΃ countries, and millions of people. Its Singapore operations began in ΄Ό΃΅ and Singapore was one of six cities in this Č´rst wave of overseas expansion that included +ong Kong, Yokohama, Shanghai, Manila, and Calcutta.

W

KLOH &LWLÂśV SUHVHQFH LQ 6LQJDSRUH JUHZ RSHQ WR XV ZH UDQ ULJKW WKURXJK LW 6R ZH DUH RYHU WKH \HDUV D NH\ PLOHVWRQH ZDV YHU\ SURXG RI WKDW ´ )URP IRXU EUDQFKHV DQG WKH VLJQLQJ RI WKH ථ ŕśŒ 6LQJDSRUH RQH RŕľľVLWH ŕľşŕś?ŕś† EHIRUH ྡྷྠྠྼ &LWL QRZ KDV RYHU )UHH 7UDGH $JUHHPHQW LQ ྡྷྠྠྤ ZKLFK RSHQHG ྥ ྤྠྠFXVWRPHU WRXFK SRLQWV WRGD\ WKH EDQNLQJ LQGXVWU\ WR IRUHLJQ EDQNV 1RZ Âł+RZHYHU RXU VXFFHVV LV UHDOO\ EXLOW RYHU D &LWL LV WKH ELJJHVW IRUHLJQ EDQN LQ 6LQJDSRUH ORQJ SHULRG RI WLPH DERXW IRXU RU ÂżYH JHQHU ERWK LQ LQYHVWHG FDSLWDO DQG RSHUDWLRQV DQG RQH DWLRQV QRW MXVW D FRXSOH RI GHFDGHV $ ORW KDV RI WKH VHYHQ GRPHVWLF V\VWHPLFDOO\ LPSRUWDQW FKDQJHG RYHU WKH \HDUV LQFOXGLQJ 6LQJDSRUHÂśV EDQNV LGHQWLÂżHG E\ WKH 0RQHWDU\ $XWKRULW\ RI LQGHSHQGHQFH DQG WKH FUHDWLRQ RI ŕľşŕśŒŕľžŕľşŕś‡ :H 6LQJDSRUH ŕś†ŕľşŕśŒ ŕš H 6LQJDSRUH RŕľśFH LV DOVR KDYH KDG WR HQGOHVVO\ DGDSW WR WKH PDUNHWSODFH KRPH WR &LWLÂśV UHJLRQDO RSHUDWLRQV ZLWK LWV VHF DQG FRQWLQXRXVO\ HYROYH RXU EXVLQHVV &LWLÂśV RQG ELJJHVW JOREDO GHDOLQJ URRP &LWLÂśV +HDG VXFFHVV KHUH LV LQ QR VPDOO PHDVXUH URRWHG LQ WKH RI ŕľşŕśŒŕľžŕľşŕś‡ 0LFKDHO =LQN QRWHG Âł)RU D KXQGUHG IDFW WKDW ZH VWD\ ZHOO DOLJQHG ZLWK 6LQJDSRUHÂśV \HDUV ZH ZDLWHG SDWLHQWO\ DQG GLG ZKDW ZH GR GHYHORSPHQW DQG LWV REMHFWLYHV RI EHLQJ D Âż YHU\ ZHOO DQG WKH PRPHQW WKH GRRU ZDV WKURZQ QDQFLDO FHQWHU ´ 0LFKDHO VDLG Âł:H KDYH EHHQ D FRQWULEXWRU WR 6LQJDSRUHÂśV SURVSHULW\ E\ EULQJLQJ LQGXVWU\ OHDGLQJ EDQNLQJ WHFKQRORJ\ DQG SURGXFWV WR WKH PDUNHWSODFH 2XU SURGXFWV DQG VHUYLFH KDYH DOVR HYROYHG RYHU WKH \HDUV WR DGGUHVV WKH QHZ FKDO OHQJHV DQG QHHGV RI RXU FOLHQWV ,WÂśV DQ HQGOHVV DGDSWDWLRQ RI SURGXFWV NQRZOHGJH WHFKQRORJ\ DQG FRPPLWPHQW WR WKH LQMHFWLRQ RI FDSLWDO ´ 6R ZKDW KDV PDGH &LWL VR FRPPLWWHG WR WKH 6LQJDSRUH PDUNHW" Âł)LUVW WKH ŕś†ŕľşŕśŒ LV RQH RI All of the employees of Citi in Singapore posing for a ΄ΌΊ΃ advertisement for CitiEank.

18

WKH EHVW UHJXODWRUV LQ WKH ZRUOG %HVW GRHVQ¶W DOO PDOH EHFDXVH WKDW GRHV QRW UHÀHFW WKH QDWXUH PHDQ QLFH RU WKH HDVLHVW WR JHW DORQJ ZLWK %XW RI WKH EXVLQHVV WKDW ZH DUH WU\LQJ WR PDQDJH 6R ආൺඌ LV JRRG WKH\ DUH YHU\ ZHOO LQIRUPHG WKH\ WKH OHDGHUVKLS WHDP LV D IDLU DQG DFFXUDWH UHÀHF NQRZ ZKDW WKH\ ZDQW DQG WKH\ UXQ D YHU\ WLJKW WLRQ RI WKH EXVLQHVV WKDW WKH\ DUH UHVSRQVLEOH IRU ´ VKLS $V D FRQVHTXHQFH 6LQJDSRUH LV D VDIH DQG ๠H FXUUHQW GHEDWH LQ 6LQJDSRUH DURXQG IRUHLJQ SURJUHVVLYH ¿QDQFLDO FHQWHU WR RSHUDWH LQ 1H[W YHUVXV ORFDO WDOHQW ³KDV WR EH SXW LQWR SHUVSHF WKH HQGOHVV DELOLW\ WR DGDSW LV VRPHWKLQJ ZKLFK WLYH ´ DFFRUGLQJ WR 0LFKDHO ³)RU PXOWLQDWLRQDOV 6LQJDSRUH GRHV YHU\ ZHOO 6LQFH ൡ൩൦൥ 6LQJDSRUH ZH KDYH ÀH[LELOLW\ LQ RXU RSHUDWLQJ IRRWSULQW KDV GRQH D VSHFWDFXODU MRE RI DGDSWLQJ WR WKH :H FDQ HLWKHU EULQJ WDOHQW KHUH WR GR VRPHWKLQJ ZRUOG DURXQG WKHP ,W¶V WKDW HFRV\VWHP RI FHU ± SURJUDP FRGLQJ IRU H[DPSOH ± RU ZH FDQ VKLIW WDLQW\ DQG VWDELOLW\ WKDW \RX FDQ SODQ DURXQG ´ WKH ZRUN WR DQ RYHUVHDV ORFDWLRQ 6LQJDSRUH KDV ,Q DGGLWLRQ &LWL DQG 6LQJDSRUH KDYH ERWK WUDGLWLRQDOO\ EHHQ RSHQ ZLWK LWV WDOHQW SROLFLHV SODFHG D VWURQJ HPSKDVLV RQ ¿QGLQJ DQG GH DQG FKDQJHV WR LW ZLOO WDNH WLPH ๠HUH DUH QRW YHORSLQJ WDOHQW ³๠DW DW OHIW LV D SLFWXUH RI HQRXJK ORFDO JUDGXDWHV WRGD\ LQ VD\ FRPSXWHU HYHU\ERG\ ZKR ZRUNHG IRU XV LQ ൡ൩൧ൠWDNHQ VFLHQFHV DQG LW LV YHU\ GL൶FXOW WR KLUH D JUDGXDWH LQ %RDW 4XD\ ZKHQ ZH ZHUH D SOD\HU ZLWK ൡ൥ൠLQ DUW KLVWRU\ DQG FRQYHUW WKHP WR D FRGHU ๠HUH SHRSOH ๠DW ZRUOG DQG WKLV ZRUOG DUH GL൵HUHQW DUH D ORW RI SHRSOH IURP ,QGLD WKH 3KLOLSSLQHV EXW ZH DUH VWLOO SURSHUO\ VL]HG DQG KDYH WKH ULJKW DQG &KLQD ZLWK WKHVH VNLOOV VR ZH EULQJ WKHP WR WHDP 7RGD\ ZH KDYH DERXW ൡൠൠൠൠSHRSOH ´ 6LQJDSRUH WR KHOS RXU ,7 XQLWV ZKLOH DW WKH VDPH ³(YHU\ \HDU ZH JR WR WKH ORFDO XQLYHUVLWLHV DQG WLPH ZH H[SDQG RXU ORFDO 6LQJDSRUHDQ WDOHQW ZH KLUH DERXW ൢൠൠJUDGXDWHV 6RPH SHRSOH VWD\ SRRO LQ WKHVH DUHDV ,W FDQQRW EH GRQH TXLFNO\ ´ ZLWK XV WZR \HDUV DQG VRPH SHRSOH VWD\ ZLWK &KDOOHQJHV DUH QRW QHZ WR 6LQJDSRUH +RZHYHU XV WZR GHFDGHV DFTXLULQJ NQRZOHGJH KRQLQJ 0LFKDHO H[SUHVVHG FRQ¿GHQFH WKDW 6LQJDSRUH VNLOOV DQG EHFRPLQJ EHWWHU OHDGHUV :H ZRUN LV ZHOO HTXLSSHG WR PHHW WKRVH FKDOOHQJHV ๠H FORVHO\ ZLWK WKH LQVWLWXWLRQV WR GHYHORS WKH QH[W 6LQJDSRUH JRYHUQPHQW LV ³YHU\ JRRG DW DVNLQJ FRKRUW RI H[SHUL HQFHG H[HFXWLYHV WR OHDG WKH PDUNHW 7KH WUHQGV ZH WDON DERXW JOREDOL]DWLRQ DQG LQGXVWULHV ๠LV XUEDQL]DWLRQ GLJLWL]DWLRQ WKH\ DUH DOO ZRXOG EH RQH RI WKH PRVW LQI OXHQWLDO YHU\ FRPSHOOLQJ $OO WKH ZHDOWK DQG DQG EHQH¿FLDO LQ LQQRYDWLRQ WHQG WR JDWKHU LQ FLWLHV DQG YHVWPHQWV ZH FRXOG IRU 6LQJDSRUH WKDW ZLOO RQO\ DFFHOHUDWH PDNH ERWK IRU RXU LQGLYLGXDO HQWHU SULVH DQG IRU WKLV PDUNHW LQ ZKLFK ZH RSHUDWH DQG SURVSHU TXHVWLRQV ZKHWKHU LW¶V HFRQRPLF VRFLDO RU SR ๠DW¶V KRZ ZH WKULYH ´ OLWLFDO DQG LV JRRG DW VROYLQJ WKH LVVXHV WKDW PD\ &LWL DOVR VHHNV GLYHUVLW\ LQ LWV OHDGHUVKLS DULVH ,I \RX DUH ZLOOLQJ WR FRQVLVWHQWO\ HQJDJH 0LFKDHO QRWHG ³,I \RX GRQ¶W KDYH DOO WKH SHU ZLWK WKHP RYHU WLPH WKHUH¶V JRLQJ WR EH D SDUWQHU VSHFWLYHV DW WKH WDEOH \RX DUH JRLQJ WR PLVV RQ WKH RWKHU VLGH ZKR¶V JRLQJ WR ZRUN ZLWK \RX ´ VRPHWKLQJ ,W¶V MXVW LQ RXU HQOLJKWHQHG EHVW LQ 2YHUDOO &LWL LV EXOOLVK RQ 6LQJDSRUH DQG WKH WHUHVW WR KDYH D PDQDJHPHQW WHDP WKDW ORRNV OLNH UHJLRQ ³ൺඌൾൺඇ LV RQH RI WKH EHVW EXVLQHVVHV ZH RXU HPSOR\HH EDVH ,W¶V DOVR LPSRUWDQW WR KDYH KDYH RQ WKH SODQHW ๠H WUHQGV ZH WDON DERXW JOR SHRSOH RQ WKH OHDGHUVKLS WHDP ZKR DUH LQWR WHFK EDOL]DWLRQ XUEDQL]DWLRQ GLJLWL]DWLRQ WKH\ DUH DOO QRORJ\ ZKR XQGHUVWDQG SULYDWH EDQNV HWF $QG YHU\ FRPSHOOLQJ $OO WKH ZHDOWK DQG LQQRYDWLRQ \RX QHHG D JRRG EDODQFH \RX ZRXOGQ¶W ZDQW WKH WHQG WR JDWKHU LQ FLWLHV DQG IRU 6LQJDSRUH WKDW WHDP WR EH DOO JOREDO WDOHQW RU DOO 6LQJDSRUHDQ RU ZLOO RQO\ DFFHOHUDWH ´

19

&KHYURQ 3URYLGHV (QHUJ\ IRU 3URJUHVV An interview with Mark Nelson President of International Products Downstream & Chemicals

Chevron is the second-largest U.S.-based energy company and the Č´fth largest in the world, based on market capitali]ation. For more than ΄Ά΃ years, Chevron has developed some of the world’s most complex crude oil Č´elds. As the regional headTuarters for operations in the Asia-PaciČ´c region, Singapore plays a critical role in Chevron’s global operations.

M

DUN 1HOVRQ WDONHG DERXW VRPH GLVWLQFW PRPHQWV KH LV SURXG RI ³$V D FRU SRUDWLRQ WKH &KHYURQ 7H[DFR PHUJHU UHDOO\ VROLGL¿HG WKH SRUWIROLR ZH ZHUH ZRUNLQJ RQ DQG DOO WKH SDUWV RI WKH EXVLQHVV WKDW ZRXOG HYHQWXDOO\ EH KHDGTXDUWHUHG RXW RI 6LQJDSRUH ´

This ΄ΌΉ· ad illustrates the long history of Chevronȇs &DOWH[ Erand. &DOWH[ has a strong heritage and legacy of ΊΌ years. Today Singapore is the headTuarters for the &DOWH[ Erand serving customers in Asia-PaciČ´c Africa and the Middle East.

20

VDLG 0DUN Âł:HÂśYH EHHQ LQ 6LQJDSRUH IRU RYHU ྨྠ\HDUV DQG PRYHG WKH UHJLRQDO KHDGTXDUWHUV KHUH LQ ൢൠൡൠ๠H UHDVRQ IRU PRYLQJ RXU QRQ ථ ŕśŒ EXVLQHVV DQG OHDGHUVKLS WHDP KHUH ZDV GULYHQ E\ WKH IDFW WKDW WKLV ZDV D JURZWK SDUW RI WKH ZRUOG DQG 6LQJDSRUH LV RQH RI WKH HDVLHVW SODF HV WR GR EXVLQHVV JOREDOO\ 2XU SRUWIROLR KHUH LQFOXGHV $IULFD WKH 0LGGOH (DVW DQG DOO RI RXU $VLD EXVLQHVVHV :H DOVR KDYH RXU OXEULFDQWV DQG FKHPLFDOV EXVLQHVVHV IRU WKH UHJLRQ ORFDW HG KHUH ,Q 6LQJDSRUH ZH KDYH D ྼྠLQWHUHVW LQ WKH 6LQJDSRUH 5HÂżQLQJ &RPSDQ\ &KHYURQ 2URQLWH RXU ODUJHVW DGGLWLYH PDQXIDFWXULQJ SODQW LQ $VLD 3DFLÂżF ZKLFK ZH H[SDQGHG DQG GRXEOHG LQ FDSDFLW\ LQ ྡྷྠྥྤ DQG WKH &DOWH[ VHU YLFH VWDWLRQ QHWZRUN ´ 0DUN LV DOVR D %RDUG 0HPEHU RI 6LQJDSRUHÂśV (FRQRPLF 'HYHORSPHQW %RDUG ྞ྽ྜྷ WKH JRY HUQPHQWÂśV OHDG DJHQF\ WR SURPRWH LQYHVWPHQW ŕš URXJK WKLV UROH KH KDV EHHQ DEOH WR JDLQ LQ VLJKW LQWR WKH FRXQWU\ÂśV VWUDWHJ\ IRU HQKDQFLQJ 6LQJDSRUH V SRVLWLRQ DV D JOREDO EXVLQHVV FHQWHU Âł(YHQ IURP WKH RXWVLGH ORRNLQJ LQ , ZDV FHUWDLQ 6LQJDSRUH FRXOGQÂśW KDYH DFFRPSOLVKHG ZKDW LW KDV DFKLHYHG ZLWKRXW D VWUDWHJ\ ´ 0DUN FRQWLQ XHG Âł$QG QRZ KDYLQJ D OLWWOH ELW RI D ORRN XQGHU ÂľWKH KRRG Âś LWÂśV FHUWDLQO\ D YHU\ GHOLEHUDWH DQG

successful strategy. Singapore has had to choose and on secondary experiences like getting people to have international work experiences. One what it will be good at and we as businesses can part of the equation is creating opportunities contribute to that.â€? “What’s exciting about Singapore is that the gov- IRU SHRSOH WR OHDUQ WKH EXVLQHVV ŕš H RWKHU SDUW ernment actually benchmarks itself with the com- is determining at which point it is good for the petition, just like what a business owner should company and the employee to have an expatriate do, thinking about whether they are competitive assignment. We are trying to encourage people to and how they should close the gap, or maintain have international assignments somewhat earlier D SRVLWLYH JDS ´ VDLG 0DUN Âłŕš H\ÂśYH GHVLJQHG D in their careers. You may experience an internadozen matrices or so, for example, connectivity tional assignment and you may say, ‘I learned a and the ability to attract multi-national compa- ORW ŕš DQN \RX YHU\ PXFK EXW , GRQÂśW ZDQW WR GR nies (ŕś†ŕś‡ŕľźs). One metric might be whether the that again. I’ll still be a loyal employee and great.’ country should be a business hub, so things like 2U \RX PD\ VD\ Âľŕš DW ZDV IXQ ZKDWÂśV QH[W"Âś livability and cost would have to be part of that Speaking for Chevron, we’re working with ྞ྽ྜྷ matrix. It’s never easy to measure, but they do on the internship opportunities, which include all they can with a view toward improving where building these experiences in earlier.â€? possible. Singapore’s leaders have a debate about Mark sees no concern for Singapore in retaining what gaps they need to close, and the discussion LWV SODFH DV WKH EXVLQHVV ÂżQDQFLDO DQG WUDGLQJ evolves over time. You could even argue that hub for this part of the world. What he thinks foreign direct investment should stabilize after the city-state has to be cognizant of is the link some time, and one should look at the money between the cost of doing business in Singapore WKDW KDV DOUHDG\ EHHQ LQYHVWHG ŕš H IDFW WKDW WKH\ and the productivity that is associated with it. have those debates shows that the conversation is active What’s exciting about Singapore is that and dynamic.â€? One of the dethe government actually benchmarks bates centers on itself with the competition, just like leadership. Mark what a business owner should do, VDLG Âłŕš H YDVW PDjority of employees thinking about whether they are in our portfolio are competitive and how they should close locals, and while we the gap, or maintain a positive gap. do have expatriates from the region, it’s still very locally driven. The challenge that we do have is getting those who are “Achieving that balance takes a partnership beborn and raised here interested in experiences tween businesses and the government.â€? Mark outside of Singapore. Singapore is such a won- HODERUDWHG Âłŕš DWÂśV WKH WKLQJ WKDW WKH JRYHUQPHQW derful place to live and work, so when people has to continue to work through. As a country get into that family side of life, why would they WKDW KDV FRPH VR IDU LQ ྼྠ\HDUV WKHUHÂśV D QDWXUDO leave? If they do leave, will they come back? On question of how you balance the business and the business end, the question would be whether VRFLDO REMHFWLYHV ŕš HVH WHQVLRQV H[LVW HYHU\ZKHUH we can get Singaporean leaders to come back and in the world and attention to these questions will lead ŕś†ŕś‡ŕľźV ŕš DWÂśV RQH RI WKH FRQYHUVDWLRQV ZH have to come from this generation, and the genare having with the government via ྞ྽ྜྷ. ྞ྽ྜྷ erations to come.â€? is working on programs for incremental training

21

0RPHQWV RI +DSSLQHVV ZLWK &RFD &ROD An interview with Iain McLaughlin President ASEAN Business Unit

Over the years, ASEAN has become an important market for The Coca-Cola Company. Signiȴcant investments have been committed to the region and Singapore plays a pivotal role in unlocking its potential. Coca-Cola recogni]es this major commercial center not only as a gateway to Asia, but also a hub for innovation, which is integral to Coca-Cola’s business.

,

Coca-Cola refreshment stand Singapore ΄ΌΈ΋

22

DLQ 0F/DXJKOLQ 3UHVLGHQW RI WKH ŕľşŕśŒŕľžŕľşŕś‡ %XVLQHVV 8QLW GLVFXVVHG &RFD &RODÂśV ORQJ VWDQGLQJ LQWHUHVW LQ 6LQJDSRUH Âł:H KDYH EHHQ RSHUDWLQJ KHUH IRU FORVH WR ྨྠ\HDUV RQ D VWHDG\ WUDMHFWRU\ RI JURZWK ,Q WKLV WLPH ZH KDYH RSHQHG ERWWOLQJ DQG FRQFHQWUDWH SODQWV DQG H[SDQGHG RXU SURGXFW RŕľľHULQJV 7RGD\ WKH &RFD &ROD V\VWHP LQ 6LQJDSRUH PDQXIDFWXUHV PDUNHWV DQG GLVWULEXWHV PRUH WKDQ ྤྠEHYHUDJHV IURP IXOO DQG QR FDORULH VSDUNOLQJ EHYHUDJHV VXFK DV &RNH &RNH OLJKW )DQWD DQG 6SULWH ]HUR WR MXLFH GULQNV VXFK DV 0LQXWH 0DLG 3XOS\ LVR WRQLF ZDWHU FRŕľľHH DQG WHDV VXFK DV +HDYHQ DQG (DUWK ´ ,DLQ DGGHG Âł:H DUH HVSHFLDOO\ SURXG RI WKH LQQRYDWLRQV ERUQ KHUH LQFOXGLQJ RXU +HDYHQ DQG (DUWK WHD OLQH ZKLFK ZDV GHYHORSHG IURP RXU XQGHUVWDQGLQJ RI ORFDO WDVWHV ŕš H KRPH JURZQ EUDQG KDV EHFRPH VR SRSXODU ZLWK OR FDO FRQVXPHUV WKDW LW LV WKH QXPEHU WZR WHD EUDQG LQ 6LQJDSRUH DQG KDV VLQFH ODXQFKHG LQ 0DOD\VLD ´ ,DLQ DWWULEXWHG VXFK VXFFHVVHV LQ SDUW WR 6LQJDSRUHÂśV FRPSUHKHQVLYH ŕś‹ŕš&#x;ŕľ˝ HQYL URQPHQW GHHS WDOHQW SRRO DQG VWURQJ FXOWXUH RI LQQRYDWLRQ Âł$V DQ H[DPSOH ODVW \HDU ZH HQWHUHG LQWR D YHQWXUH ZLWK WKH $JHQF\ IRU 6FLHQFH 7HFKQRORJ\ DQG 5HVHDUFK ŕľş*ŕśŒŕś?ŕľşŕś‹ WR GHYHORS QHZ WHFKQRO RJLHV DQG LQQRYDWLRQV IRU $VLDQ FRQVXPHUV DQG

WR KHOS XV RSWLPL]H RXU SURGXFWLRQ SURFHVVHV ,Q UHFHQW \HDUV WKH FRPSDQ\ KDV PDGH D ZKLOH XSOLIWLQJ ORFDO UHVHDUFK HFRV\VWHPV IRU VLJQL¿FDQW FRPPLWPHQW WR WKH SURPRWLRQ RI IRRG DQG QXWULWLRQ ´ ,DLQ QRWHG ³๠LV W\SH RI DFWLYH DQG KHDOWK\ OLIHVW\OHV ,DLQ DGGHG ³,Q SXEOLF SULYDWH VHFWRU FROODERUDWLRQ YDOLGDWHV ZK\ D SXEOLF KHDOWK LQLWLDWLYH WR SURPRWH H[HUFLVH 6LQJDSRUH ZLOO UHPDLQ VWUDWHJLFDOO\ LPSRUWDQW DV D ZD\ RI FRPEDWLQJ FKURQLF GLVHDVHV ZH SDUWQHUHG ZLWK ๠H 1DWLRQDO 3DUNV %RDUG DQG WR &RFD &ROD ´ ³3URGXFWV DVLGH 6LQJDSRUH KDV DOVR EHHQ ([HUFLVH LV 0HGLFLQH 6LQJDSRUH ൾංආඌ WR GH D VRXUFH RI LQVSLUDWLRQ IRU LPDJLQDWLYH FRQ YHORS 6LQJDSRUH¶V ¿UVW ൾංආඌ FRPSOLDQW ¿WQHVV FHSWV DQG PDUNHWLQJ ´ ,DLQ QRWHG DGGLQJ WKDW FRUQHU /RFDWHG DW 6LPHL 3DUN &RQQHFWRU WKH 6LQJDSRUH IRFXVHG PDUNHWLQJ FDPSDLJQV HQ ¿WQHVV FRUQHU IHDWXUHV HGXFDWLRQDO ERDUGV DQG VXUH UHOHYDQFH DQG FRQWLQXRXVO\ FRQQHFW ZLWK ¿WQHVV HTXLSPHQW WKDW FDWHUV WR D UDQJH RI XVHUV 6LQJDSRUHDQV 6RPH RI WKHP KDYH DOVR WUDYHOOHG IURP WKH SK\VLFDOO\ ¿W WR WKRVH VX൵HULQJ IURP ³:H FUHDWHG WKH &RFD &ROD +XJ 0DFKLQH DV FKURQLF GLVHDVHV VXFK DV REHVLW\ GLDEHWHV DQG SDUW RI RXU µ2SHQ +DSSLQHVV¶ FDPSDLJQ ,W ZDV K\SHUWHQVLRQ ´ &RFD &ROD DOVR ZRUNV FORVHO\ GHVLJQHG WR GLVSHQVH D IUHH ERWWOH RI &RFD &ROD ZLWK WKH 6LQJDSRUH 5HG &URVV WR KROG UHJXODU HDFK WLPH D SHUVRQ KXJJHG LW ๠H PDFKLQH ZDV EORRG GRQDWLRQ GULYHV /DVW \HDU LW DOVR SDUW LQWURGXFHG RQ FDPSXV DW WKH 1DWLRQDO 8QLYHUVLW\ QHUHG ZLWK WKH 6LQJDSRUH .LQGQHVV 0RYHPHQW RI 6LQJDSRUH WR VXFK RYHUZKHOPLQJ UHVSRQVH WR GHOLYHU &RFD &ROD WR IRUHLJQ ZRUNHUV DW FRQ WKDW LW ZDV IHDWXUHG RQ QHZV VWDWLRQV DURXQG WKH VWUXFWLRQ VLWHV YLD GURQHV DV D ZD\ RI VKRZLQJ ZRUOG LQFOXGLQJ RQ *RRG 0RUQLQJ $PHULFD DQG ൺൻർ :H DUH HVSHFLDOO\ SURXG RI WKH :RUOG 1HZV ´ LQQRYDWLRQV ERUQ KHUH LQFOXGLQJ RXU ,DLQ QRWHG WKDW +HDYHQ DQG (DUWK WHD OLQH ZKLFK ZDV WKHUH LV DQ RSHQ QHVV RQ WKH SDUW RI GHYHORSHG IURP RXU XQGHUVWDQGLQJ RI JRYHUQPHQW DJHQ ORFDO WDVWHV cies in Singapore WR FROODERUDWH ZLWK LQGXVWU\ WR PHHW QDWLRQDO REMHFWLYHV HVSHFLDOO\ DSSUHFLDWLRQ IRU WKHLU KDUG ZRUN LQ KHOSLQJ WR ZKHQ LW FRPHV WR GHYHORSLQJ QHZ LGHDV ๠H EXLOG 6LQJDSRUH &RFD &ROD &RPSDQ\ LQ 6LQJDSRUH KDV DOVR SDUW ³๠LV \HDU WR FHOHEUDWH 6LQJDSRUH¶V ൥ൠWK DQQL QHUHG ZLWK WKH 6LQJDSRUH (FRQRPLF 'HYHORSPHQW YHUVDU\ ZH ODXQFKHG WKH µ6KDUH D &RNH¶ FDP %RDUG DQG WKH +HDOWK 3URPRWLRQ %RDUG DQG WKLV SDLJQ ZLWK &RNH &RNH ]HUR DQG &RNH OLJKW cans RSHQQHVV WR ZRUNLQJ ZLWK LQGXVWU\ KDV EHHQ NH\ DQG ERWWOHV IHDWXULQJ IDPLOLDU 6LQJDSRUHDQ WHUPV LQ LQÀXHQFLQJ WKH FRPSDQ\¶V FRPPLWPHQW DQG VXFK DV µ$K %R\¶ DQG µ&KLRQJVWHU ¶ FROORTXLDO QLFNQDPHV VXFK DV µൻൿൿ¶ DQG µ%HVWLH ¶ FODVVLF GHFLVLRQ WR H[SDQG RSHUDWLRQV KHUH &RFD &ROD DOVR EHOLHYHV LQ GULYLQJ SRVLWLYH H[SUHVVLRQV VXFK DV µ, /RYH <RX¶ DQG µ<RX¶UH FKDQJH DQG FUHDWLQJ VKDUHG YDOXH IRU WKH FRP WKH %HVW ¶ DQG IDYRULWH 6LQJOLVK SKUDVHV VXFK DV PXQLWLHV LW VHUYHV ³:H ZRUN EHVW LQ DQ HQ µ*DP 6LDK¶ DQG µ5HODN /DK ¶ ,DLQ VDLG ³:H HP YLURQPHQW ZLWK JRRG UHODWLRQVKLSV DFURVV DOO EUDFH WKH QDWLRQ¶V XQLTXH µ6LQJDSRUHDQ¶ LGHQWLW\ FRQVXPHU EDVHV LQFOXGLQJ JRYHUQPHQWV DQG DQG HQFRXUDJH SHRSOH WR VWUHQJWKHQ FRQQHFWLRQV ඇ඀ඈV &ROODERUDWLQJ DFURVV ZKDW ZH FDOO WKH ZLWK WKRVH DURXQG WKHP GXULQJ ඌ඀൥ൠ´ µ*ROGHQ 7ULDQJOH¶ RI SULYDWH SXEOLF DQG FLYLO $V 6LQJDSRUH WDNHV RQ LWV UROH DV LQQRYDWLRQ VHFWRUV LV DQ DXWKHQWLF ZD\ WR WDFNOH LVVXHV WKDW FDSLWDO RI $VLD ,DLQ EHOLHYHV WKDW &RFD &ROD LV DUH LPSRUWDQW QRW RQO\ WR XV EXW WKH PDUNHWV UHDG\ WR LQN QHZ FKDSWHUV DQG ZLOO FRQWLQXH WR ZKHUH ZH RSHUDWH ´ ,DLQ H[SODLQHG ³2XU ZRUN PDNH LQYHVWPHQWV LQ WKLV DUHD LQ 6LQJDSRUH LV D WHVWDPHQW WR WKDW ´

23

*HQHUDO 0RWRUVÂś 'ULYLQJ )RUFH An interview with Stefan JacoEy GM Executive 9ice President and President GM International

General Motors Company is one of the world’s largest automakers, with ΅΄΋,΃΃΃ employees on six continents. One of General Motors’ Č´ve regions is General Motors International (GMI , which opened its headTuarters in Singapore in August ΅΃΄·. Stefan Jacoby spoke about the choice to locate GMI in Singapore. “GMI covers more than ASEAN out of Singapore we’ve close to ΄΃΃ countries and territories in Africa, Asia-PaciČ´c, and the Middle East in our portfolio. In fact, we are covering ΈΉ of the world’s population and ΄Ί of the global G'P.â€?

“W

H KDG VHYHUDO RWKHU ORFDWLRQV SLWFK DQG ZH GHFLGHG RQ 6LQJDSRUH ´ 6WHIDQ DGGHG Âł,W V LQ D IDQWDVWLF ORFDWLRQ LW V LQ WKH KHDUW RI WKH UHJLRQ PRVW PDUNHWV DUH DFFHVVLEOH ZLWKLQ D VHYHQ KRXU Ă€LJKW DQG DFFHVVLELOLW\ LV YHU\ LPSRUWDQW 6LQJDSRUH LV D IDQWDVWLF ORJLVWLF KXE ZLWK WKH DLUSRUW FORVH E\ DQG PDQ\ FRQQHFWLRQV JOREDOO\ :H KDYH D JUHDW SRRO RI WDOHQW KHUH ZKLFK ZH FDQ DFFHVV DQG LW LV DOVR SDUW RI RXU VWUDWHJ\ WR UHFUXLW ORFDO

ORFDWLRQ , DOVR KDYH WKH IHHOLQJ WKDW ZLWK WKH VSLULW RI 6LQJDSRUH ZLWK WKDW NLQG RI IDQWDVWLF WUDQVIRUPDWLRQ 6LQJDSRUH KDV PDGH RYHU WKH ODVW ྼྠ\HDUV LW ÂżWV LQWR WKH DVVLJQPHQW ZKLFK LV DKHDG RI XV ´ 6WHIDQ FRQWLQXHG Âł:H VSXQ Rŕľľ WKLV RSHUDWLQJ XQLW IURP 6KDQJKDL EHFDXVH &KLQD KDV KDG VR PXFK PRPHQWXP RYHU WKH ODVW FRXSOH RI \HDUV WKDW ZH GHFLGHG WR KDYH D GHGLFDWHG WHDP UXQQLQJ *HQHUDO 0RWRUVÂś &KLQHVH EXVLQHVV 2XU FXUUHQW KHDGFRXQW LQ 6LQJDSRUH VWDQGV DW ྡྷྡྷྠRI ZKLFK PRUH WKDQ WZR WKLUGV DUH ORFDO :H WDON DERXW $6($1 DQG DOO RI WKH KLUHV :HÂśYH DOVR SRVVLELOLWLHV ZH FUHDWH DQG WKDW EURXJKW EDFN D FRX SOH RI 6LQJDSRUHDQV DOO ORRNV JRRG RQ SDSHU EXW WKHVH ZKR ZRUNHG LQ PDUNHWV DUH VR VSHFLČ´F 7KH DUHD LV VR &KLQD LQ RUGHU WR GLYHUVH DQG LW DFWXDOO\ QHHGV WR KDYH D ORFDOL]H JOREDO HP SOR\HHV IURP RXU GLÎ?HUHQW DSSURDFK PDUNHW WR PDUNHW JOREDO RSHUDWLRQV ´ *ŕś†ŕś‚ GRHV QRW MXVW WDOHQW ,W V DOVR YHU\ DWWUDFWLYH IRU JOREDO WDOHQW RYHUVHH FRXQWULHV IURP 6LQJDSRUH EXW WUXO\ WR ZRUN KHUH LQ VXFK DQ HQYLURQPHQW ,W V VDIH RSHUDWHV LWV 6LQJDSRUH EDVH DV D KXE 6WHIDQ LW V FOHDQ DQG LW RŕľľHUV D JUHDW HGXFDWLRQ 6R , QRWHG Âł:H DUH LQ WKH PLGGOH RI D VLJQLÂżFDQW ZRXOG VD\ WKDW LW V SUHWW\ FOHDU ZK\ ZH GHFLG WUDQVIRUPDWLRQ DOO RYHU WKH UHJLRQ :H YH PDGH HG WR ORFDWH LQ 6LQJDSRUH UDWKHU WKDQ DQRWKHU VRPH EROG GHFLVLRQV RYHU WKH ODVW ྥྌ ྥྨ PRQWKV Âą

24

VWDUWLQJ IURP VWHSSLQJ RXW RI PDQXIDFWXULQJ LQ UHJLRQ R൵HUV RI FRXUVH D ORW RI RSSRUWXQLWLHV $XVWUDOLD DQG ,QGRQHVLD ULJKWVL]LQJ LQ ๠DLODQG :H YH VWDUWHG RSHUDWLRQV LQ 0\DQPDU ๠LV LV D DQG ZLQGLQJ GRZQ FHUWDLQ RSHUDWLRQV LQ (XURSH WUXH HPHUJLQJ PDUNHW ,W V NLQG RI D ZKLWH VKHHW ZKLFK KDV D ELJ LPSDFW RQ RXU PDQXIDFWXULQJ LQ RI SDSHU IRU WKH DXWRPRWLYH LQGXVWU\ :H KDYH .RUHD :H KDYH GH¿QHG VL[ VXPPLWV DQG WKHVH PDQXIDFWXULQJ LQ 9LHWQDP $OO WKHVH PDUNHWV VXPPLWV DUH $XVWUDOLD WKH $IULFDQ FRQWLQHQW KDYH VSHFL¿F VHJPHQWV RI YHKLFOHV DQG WUXFNV WKH 0LGGOH (DVW ,QGLD .RUHD DQG 6RXWKHDVW ๠DLODQG IRU H[DPSOH LV D PLG VL]H SLFNXS WUXFN $VLD :H¶YH KDG D ORW RI PRPHQWXP VLQFH ZH YH PDUNHW ,QGRQHVLD LV D VPDOO ආඉඏ PDUNHW DQG VR DUULYHG KHUH LQ 6LQJDSRUH ,W V YHU\ LPSRUWDQW RQ 9LHWQDP LV D VPDOO YHKLFOH VHJPHQW PDUNHW RXU LQGXVWU\ LV D TXLFN PRYLQJ LQGXVWU\ EXW 6LQJDSRUH LV D VSHFL¿F PDUNHW ,W V DQ LPSRUW WKH F\FOH IURP LQYHVWPHQW DQG HQJLQHHULQJ WR PDUNHW ZKLFK LV KLJKO\ FRPSHWLWLYH DQG KLJKO\ UHWXUQV LV PD\EH ൡൠ ൡ൥ \HDUV :KDW ZH DUH GR H[SHQVLYH ´ *LYHQ LWV RSHUDWLRQDO IRRWSULQW WKH FKDOOHQJHV LQJ ULJKW QRZ LV WR WUXO\ VHW D VWUDWHJ\ IRU WKLV PDUNHW WR QRW RQO\ JURZ EXW WR FRQVROLGDWH RXU ඀ආං IDFHV DUH JOREDO FKDOOHQJHV ³:H FRXOG VWDUW RSHUDWLRQV WR PLWLJDWH PDMRU ULVNV DQG WR EH DQG WDON WKH HQWLUH GD\ DERXW UHJXODWLRQV RU WKH PRUH VXVWDLQDEOH ´ SROLWLFDO VLWXDWLRQ LQ FRXQWULHV OLNH 8]EHNLVWDQ *ආ KDV EHHQ VHOOLQJ YHKLFOHV LQ 6LQJDSRUH IRU RU .D]DNKVWDQ ZKLFK EHORQJ WR RXU UHJLRQ DV PRUH WKDQ ൧ൠ \HDUV DQG LV FXUUHQWO\ DVVHVVLQJ ZHOO ๠H LPSDFW RI WKH 8NUDLQH FULVLV RQ RXU KRZ EHVW WR VHUYLFH D PDUNHW WKDW LV LQFUHDVLQJO\ EXVLQHVV RU UHJXODWLRQ LQ 6RXWK $IULFD RU WRXJK OX[XU\ EUDQG IRFXVHG SRVVLEO\ XVLQJ 6LQJDSRUH ODERU UHJXODWLRQ ODZV LQ .RUHD DQG VR RQ ´ VDLG DV D ODXQFK SDG IRU ඀ආ¶V OX[XU\ EUDQGV LQWR 6WHIDQ &ORVHU WR KRPH LQ ൺඌൾൺඇ 6WHIDQ VHHV WKH ൺඌൾൺඇ UHJLRQ $FFRUGLQJ WR 6WHIDQ ඀ආං¶V WKH SRWHQWLDO IRU 6LQJDSRUH WR GULYH LPSURYH FRUH PDUNHWV LQ ൺඌൾൺඇ DUH ,QGRQHVLD ๠DLODQG PHQWV LQ HOLPLQDWLQJ QRQ WDUL൵ EDUULHUV WR WUDGH 0DOD\VLD DQG WKH 3KLOLSSLQHV ³,Q WKLV LQGXVWU\ EHFDXVH LW KDV QR YHVWHG LQWHUHVW DV D SRWHQWLDO ZH WDON DERXW ൺඌൾൺඇ DQG DOO RI WKH SRVVLELOLWLHV PDQXIDFWXULQJ VLWH IRU WKH DXWRPRWLYH LQGXVWU\ ZH FUHDWH DQG WKDW DOO ORRNV JRRG RQ SDSHU EXW 6WHIDQ VDLG ³, WKLQN 6LQJDSRUH ZRXOG EH ZHOO WKHVH PDUNHWV DUH VR VSHFL¿F ๠H DUHD LV VR GL SODFHG WR WDNH D OHDGHUVKLS UROH DFWXDOO\ DQG YHUVH DQG LW DFWXDOO\ QHHGV WR KDYH D GL൵HUHQW RSHQ WKH PDUNHWV , WKLQN WKDW ZRXOG JHQHUDWH DSSURDFK PDUNHW WR PDUNHW %XW WKH ൺඌൾൺඇ SURVSHULW\ LQ WKH IXWXUH ´

2n DecemEer ΅ ΅΃΄΄ renowned director Michael Bay graced the Grand Opening of 75$16)250(56 7KH 5LGH 7KH 8OWLPDWH Ά' %DWWOH at Universal Studios Singapore in a ΅΃΄΄ Chevrolet Camaro.

25

ŕš H $PHULFDQ %XVLQHVV &RPPXQLW\ 7RGD\ Introduction The United States is Singapore’s greatest source of foreign direct investment (F'I the level of U.S. F'I reached a record US ΄Έ· billion in ΅΃΄Ά and continues to rise. Numbering some Ά,Ή΃΃ Č´rms, American companies have expanded into an ever greater range of industries and employ tens of thousands of Singaporeans. Right now, Singapore is not only an important manufacturing site for American companies, but it is also a vital location for many industries including Č´nance, legal services, education, human capital, hospitality, management consulting, marketing and communications, and transportation. For U.S. companies, Singapore today is a regional hub and key destination for cutting-edge research, design, and innovation.

3URÂżOH RI WKH $PHULFDQ %XVLQHVV &RPPXQLW\ ŕš H $PHULFDQ &KDPEHU RI &RPPHUFH LV WKH ODUJHVW IRUHLJQ EXVLQHVV DVVRFLDWLRQ LQ 6LQJDSRUH 2XU ྦྷྼྠPHPEHUVÂś EURDG GLYHUVLW\ RI VHFWRUV FRPSDQ\ VL]H DQG FRUSRUDWH SURÂżOH LV UHĂ€HFWHG LQ RXU 6*ྼྠVXUYH\ UHVXOWV DQG WKH LQWHUYLHZV WKDW WKLV SXEOLFDWLRQ SUHVHQWV ŕš H IROORZLQJ GLVFXVVLRQ VXPPDUL]HV NH\ FKDUDFWHULVWLFV RI WKH $P&KDP PHPEHUV ZKR UHVSRQGHG WR RXU VSHFLDO 6*ྼྠVXUYH\ &RPSDQ\ 2YHUYLHZ 7ZR WKLUGV RI WKH FRPSDQLHV SDUWLFLSDWLQJ LQ WKH 6*ྼྠVXUYH\ IRU 5HĂ€HFWLRQV DUH $PHULFDQ IROORZHG E\ 6LQJDSRUHDQ DQG IURP RWKHU FRXQWULHV 0RVW FRPSDQLHV LQ WKH VXUYH\ RSHUDWH LQ WKH VHUYLFHV VHFWRU ŕš H DYHUDJH UHVSRQGHQW FRPSDQ\ KDV EHHQ LQ 6LQJDSRUH IRU PRUH WKDQ WZR GHFDGHV ŕš H YDVW PDMRULW\ KDYH FRYHUHG WKH UHJLRQ RXW RI 6LQJDSRUH IRU ÂżYH RU PRUH \HDUV

/RFDWLRQ RI *OREDO +HDGTXDUWHUV

26

United States

Singapore

Europe

Asia (except Singapore)

Australia

Other

Sector in Which Respondent’s Company Primarily Operates Manufacturing

Services

28%

72%

Manufacturing Sub-Sectors

Services Sub-Sectors

Food, beverages, and tobacco

18%

Information and communication

12%

Bio-medicals

9%

Legal, accounting, and management

11%

Marine and o΍shore engineering

8%

Financial

9%

Electronics

8%

Education, arts, and entertainment

8%

Chemicals

8%

Architectural and engineering

8%

Aerospace

3%

Transportation

6%

Precision engineering

2%

+ealth and social

5%

Land transport engineering

2%

Real estate

4%

Printing and recording media

1%

Administration and support

2%

Other*

42%

Other*

29%

*Including footwear, pharmaceuticals, and healthcare

*Including design, advertising, and wholesale

1XPEHU RI <HDUV 5HVSRQGHQW V &RPSDQ\ +DV &RYHUHG WKH 5HJLRQ IURP 6LQJDSRUH

<HDUV ! <HDUV

Ȃ <HDUV

27

Activities Respondent's Company Performs from Its Singapore Office 80% 70%

60%

50% 40%

30%

20% 10% 0% Marketing

Finance

Strategy

HR

Operations

R&D

Manufacturing

Other*

* Including consulting, supply chain, and professional services Note: As multiple responses are allowed, the total percentage may exceed 100%.

,QYHVWPHQW 2YHU D TXDUWHU RI UHVSRQGHQW FRPSDQLHV KDYH LQYHVWHG PRUH WKDQ ŕśŒ ྼྠྠPLO

OLRQ LQ 6LQJDSRUH DQRWKHU KDYH LQYHVWHG EHWZHHQ ŕśŒ ྼྥ PLOOLRQ DQG ŕśŒ ྼྠྠPLOOLRQ

Approximate Amount of Company's FDI in Singapore (S$)

50% 40% 30%

20%

10%

0% < 1 million

1 – 50 million

51 – 500 million

501 million – 1 billion

> 1 billion

Approximate Turnover of Company in Singapore (S$) 35%

30% 25%

20%

15%

10% 5% 0% < 5 million

5 – 20 million

21 – 50 million

51 – 100 million

> 100 million

28

:RUNIRUFH 3UR¿OH :RUNIRUFH $OPRVW RI UHVSRQGHQW FRPSDQLHV HPSOR\ PRUH WKDQ ൢൠൠSHRSOH LQ 6LQJDSRUH HPSOR\ PRUH WKDQ ൡ ൠൠൠ)RU RYHU RI WKH VXUYH\HG FRPSDQLHV PRUH WKDQ KDOI RI WKHLU 6LQJDSRUH ZRUNIRUFH FRQVLVWV RI 6LQJDSRUHDQ FLWL]HQV ,Q WKH PDQXIDFWXULQJ VHFWRU RI FRP SDQLHV LQGLFDWH WKDW 6LQJDSRUHDQV FRPSULVH RYHU KDOI RI WKHLU ZRUNIRUFH FRPSDUHG WR RI VHUYLFHV FRPSDQLHV ,Q WHUPV RI WKH VL]H RI WKH FRPSDQLHV RI ආඇർV DQG RI ඌආൾV KDYH D PDMRULW\ 6LQJDSRUHDQ ZRUNIRUFH

6L]H RI &RPSDQ\ V *OREDO :RUNIRUFH

È‚ È‚

È‚

!

29

6L]H RI &RPSDQ\ V 6LQJDSRUH :RUNIRUFH

È‚

È‚

È‚

È‚

È‚

È‚

!

Percentage of Singapore Workforce Who Are Singaporean Citizens 45%

40% 35% 30% 25%

20% 15% 10% 5% 0% < 25%

30

25 – 50%

51 – 75%

> 75%

/HDGHUVKLS E\ 6LQJDSRUHDQ ([HFXWLYHV $ FRPSDQ\¶V FRXQWU\ KHDG VHUYHV DV WKH NH\ LQ WHUIDFH EHWZHHQ WKH FRPSDQ\¶V ORFDO RSHUDWLRQV DQG WKH UHVW RI WKH FRPSDQ\ DQG DV WKH SXEOLF IDFH RI WKH FRPSDQ\ LQ WKH FRXQWU\ )RU DOPRVW RQH WKLUG RI UHVSRQGHQWV D 6LQJDSRUHDQ FLWL]HQ

RFFXSLHV WKLV UROH IRU WKHLU 6LQJDSRUH RSHUDWLRQV &RPSDQLHV WKDW KDYH EHHQ LQ 6LQJDSRUH ORQJHU DUH PRUH OLNHO\ WR KDYH 6LQJDSRUHDQV VHUYLQJ DV WKH KHDG RI WKHLU RSHUDWLRQV )RU FRPSDQLHV WKDW KDYH EHHQ LQ 6LQJDSRUH IRU ORQJHU WKDQ ൢൠ\HDUV WKH QXPEHU ULVHV WR

6LQJDSRUHDQ DV D +HDG RI &RXQWU\ 2SHUDWLRQV

<HV

1R

6LQJDSRUHDQV DV +HDGV RI 0DMRU %XVLQHVV 8QLWV LQ 6LQJDSRUH 2SHUDWLRQV

1R <HV

31

6LQJDSRUHDQV LQ 6HQLRU 5ROHV 2XWVLGH RI 6LQJDSRUH RU LQ 5ROHV 0RUH 6HQLRU 7KDQ 6LQJDSRUH &RXQWU\ 0DQDJHU

<HV

1R

)RU QHDUO\ WZR WKLUGV RI UHVSRQGHQWV 6LQJDSRUH DQV KHDG PDMRU EXVLQHVV XQLWV LQ WKHLU 6LQJDSRUH RSHUDWLRQV SOD\LQJ D FULWLFDO UROH LQ FRPSDQ\ RS HUDWLRQV LQ OHDGHUVKLS DQG NH\ GHFLVLRQ PDNLQJ SRVLWLRQV ๠H UHVXOWV DUH FRQVLVWHQW DFURVV GLI IHUHQW LQGXVWULHV WKH QXPEHU RI \HDUV D FRPSDQ\ KDV EHHQ SUHVHQW LQ 6LQJDSRUH DQG FRPSDQ\

VL]H 0DQ\ RI WKHVH 6LQJDSRUHDQ OHDGHUV KDYH ULVHQ WR WKHVH SRVLWLRQV RYHU WKHLU FDUHHUV ZLWK WKH FRPSDQ\ RI UHVSRQGHQWV VD\ WKDW WKH\ KDYH D 6LQJDSRUHDQ DV D KHDG RI PDMRU EXVLQHVV XQLWV LQ 6LQJDSRUH DQG KDYH 6LQJDSRUHDQV LQ VHQLRU UROHV RXWVLGH RI 6LQJDSRUH RU LQ UROHV PRUH VHQLRU WKDQ 6LQJDSRUH FRXQWU\ ർൾඈ

5HVSRQGHQWV 5ROH 5HVSRQGHQWV 5ROH ๠H LQGLYLGXDO UHVSRQGHQWV DUH VHQLRU OHDGHUV ZLWKLQ WKHLU FRPSDQLHV ZLWK KROGLQJ SRVLWLRQV RI ർൾඈ RU HTXLYDOHQW DQG KROGLQJ RWKHU & OHYHO SRVLWLRQV ๠H PDMRULW\ RI UHVSRQGHQWV KDYH SHUVRQDO UHJLRQDO UHVSRQVLELOLWLHV EH\RQG 6LQJDSRUH DV ZHOO PRVW RIWHQ DFURVV $VLD 3DFL¿F RU 6RXWKHDVW $VLD 5HVSRQGHQW V 5ROH LQ 2UJDQL]DWLRQ

32

&(2 RU HTXLYDOHQW

2WKHU & OHYHO RU HTXLYDOHQW

&22 RU HTXLYDOHQW

+HDG RI +5 RU HTXLYDOHQW

&02 RU HTXLYDOHQW

&)2 RU HTXLYDOHQW

2WKHU QRQ & OHYHO

Respondent's Personal Geographic Scope of Responsibility 45% 40%

35% 30%

25% 20%

15%

10%

APMEA

Other

5% 0% APAC

Southeast Asia

Singapore

World/Global

&RPPXQLW\ ,QYROYHPHQW +DYLQJ KDG WKH RSSRUWXQLW\ WR EHQH┬┐W IURP 6LQJDSRUH┬╢V EXVLQHVV IULHQGO\ HQYLURQPHQW $PHULFDQ FRPSDQLHV DOVR HPEUDFH WKH FKDQFH WR JLYH EDFN WR WKH FRPPXQLW\ $V KLJKOLJKWHG LQ PDQ\ RI WKH р╡╝р╡╛р╢И LQWHUYLHZV LQ WKLV SXEOLFDWLRQ $PHULFDQ LQYHVWRUV WDNH FRUSRUDWH VRFLDO UHVSRQVLELOLW\ VHULRXVO\ 0DQ\ FRPSDQLHV DUH FRPPLWWHG WR ORQJ WHUPV SURJUDPV WR KHOS RWKHUV VXFK DV FRQGXFWLQJ ┬┐QDQFLDO OLWHUDF\ SURJUDPV DQG HQDEOLQJ KDQGLFDSSHG SHUVRQV WR VHFXUH JDLQIXO HPSOR\PHQW &RUSRUDWH &RPPXQLW\ 'D\ р╡╝р╡╝р╡╜ KRVWHG E\ $P&KDP DQG WKH р╢О р╢М (PEDVV\ GUDZV WKH HQWKXVLDVWLF SDUWLFLSDWLRQ RI PHPEHU FRPSDQLHV HYHU\ \HDU р╣аURXJK WKLV LQLWLDWLYH $P&KDP HQFRXUDJHV LWV PHPEHUV WR YROXQWHHU IRU D YDULHW\ RI FDXVHV DURXQG 6LQJDSRUH RQ WKH VDPH GD\ WR FUHDWH D ODUJH RQH GD\ LPSDFW DQG LQVSLUH YROXQWHHULVP 6WDUWLQJ VPDOO LQ р╡вр╡ар╡ар╡г ZLWK VL[ SDUWLFLSDWLQJ PHPEHU FRPSDQLHV р╡╝р╡╝р╡╜ KDV JURZQ VLJQL┬┐FDQWO\ &р╡╝р╡╜ р╡вр╡ар╡бр╡д VDZ WKH LQYROYHPHQW RI р╡ир╡з FRPSDQLHV DQG р╡в р╡бр╡ир╡б YROXQWHHUV $PRQJ WKH GR]HQV RI DFWLYLWLHV SDUWLFLSDQWV GLVWULEXWHG IRRG WR WKH QHHG\ KRVWHG FRRNLQJ FODVVHV IRU XQGHUSULYLOHJHG FKLOGUHQ SURYLGHG UHDO OLIH ZRUN H[SHULHQFH WR VSHFLDO QHHGV EHQH┬┐FLDULHV HQJDJHG ZLWK DW ULVN \RXWK DQG UDLVHG DZDUHQHVV RI VRXQG KHDOWK SUDFWLFHV

J.P. Morgan invited ╬Е╬Г memEers from the Handicaps Welfare Association to their Changi o╔Эce for a oneday event. Over ╬З╬Г volunteers took part with roles and responsiEilities such as facilitating workshops catering and chaperoning the memEers throughout the day.

Cargill employees join in the company╚Зs e╬Нorts to protect the planet and volunteer to plant trees in Singapore ╬Е╬Г╬Д╬З .

33

Citi marked its ΅΃΃th anniversary gloEally as well as its ΄΄΃th anniversary in Singapore in ΅΃΄΅ Ey giving Eack to the Singapore community. Michael =ink Head of ASEAN and Citi Country OÉ?cer for Singapore together with Stephen Bird then CEO of Citi Asia PaciČ´c presented a check for S ΄΃΃ ΃΃΃ to Han Fook Kwang Trustee and Chairman of The Straits Times School Pocket Money Fund.

General Electric in collaEoration with South West Community Development Council estaElished a uniTuely Singaporean UrEan Health Park Č‚ an innovative initiative that uses art murals painted throughout the gathering areas under a Elock of puElic housing in Bukit GomEak to educate encourage and engage residents to lead a healthy and socially active lifestyle.

34

΅Έ employees from Principal GloEal Investors volunteered at the Willing Hearts Soup Kitchen in KemEangan where they helped to prepare cook pack and distriEute meals to those in need.

Stamford American International School Cognita Camp Asia Emmanuel StrooEant Group and KKR partnered together to host a Super Chef camp for underprivileged children from Thye Hua Kwan Moral Charities.

35

0DNLQJ 0RGHUQ /LIH 3RVVLEOH ZLWK 8QLWHG 7HFKQRORJLHV An interview with Bala Nadarajah President Southeast Asia

United Technologies Corporation (UTC) provides high-technology systems and solutions for the aerospace and building industries, making modern life possible. Today, Singapore is home to a wide range of United Technologies’ business activity, with over Έ,΃΃΃ employees powering state-of-the-art Pratt & Whitney Aerospace Maintenance, Repair, and Overhaul (MRO) facilities and regional hub oÉ?ces for its building and industrial systems brands, including Otis elevators and escalators Sigma elevators Carrier heating, air-conditioning and refrigeration systems and Č´re and security solutions from brands such as Kidde and Chubb. The company has a long history in Singapore and was at the forefront of shaping the aerospace industry in the country, including providing the Č´rst engines to a growing Singapore Airlines Čľeet through its Pratt & Whitney operations.

B

SODQW IRU *HDUHG 7XUERIDQ ŕś€ŕś?ŕľż HQJLQH FRP SRQHQWV LQ 6HOHWDU $HURVSDFH 3DUN PDUNLQJ WKH ÂżUVW WLPH WKDW 3UDWW :KLWQH\ LV EULQJLQJ LWV DGYDQFHG ŕś€ŕś?ŕľż HQJLQH SURGXFWLRQ WR WKLV UHJLRQ ,W ZLOO DOVR EH 3UDWW :KLWQH\ÂśV ODWHVW DGGLWLRQ PDNLQJ 6LQJDSRUH KRPH WR RXU PRVW F RP S U HKH Q VLYH ΖQ P\ RSLQLRQ 6LQJDSRUH ZLOO FRQWLQXH WR DIWHUPDUNHW DQG DYLDWLRQ SUHVHQFH GULYH OHDGHUVKLS LQ PXOWLODWHUDO UHODWLRQV RXWVLGH WKH ථ ŕśŒ ´ HQDEOLQJ FRPSDQLHV OLNH UTC WR JR EH\RQG 2QH PLOHVWRQH WKH QH[W Έ΃ \HDUV LQ 6LQJDSRUH HYHQW IRU ථŕś?ŕľź ZDV WKH LQVWDOODWLRQ RI 2WLV HOHYDWRUV DW 6ZLVV{WHO 7KH DHURVSDFH FDSDELOLWLHV KDYH KDG D SUHVHQFH LQ 6WDPIRUG IRUPHUO\ :HVWLQ 6WDPIRUG ZKLFK (DVW $VLD RYHU WKH ODVW ྣྠ\HDUV ZLWK 6LQJDSRUH ZDV WKH ZRUOGÂśV WDOOHVW KRWHO LQ ྥྊྨྌ 6LQFH EHLQJ KRPH WR ථŕś?ŕľź DHURVSDFH ´ VDLG %DOD Âł1H[W WKHQ 2WLV KDV FRQWLQXHG WR EUHDN QHZ JURXQG \HDU ZH ZLOO RŕľśFLDOO\ RSHQ WKH PDQXIDFWXULQJ LQ 6LQJDSRUH %DOD FRQWLQXHG Âł(DUOLHU WKLV DOD 1DGDUDMDK 3UHVLGHQW RI 6RXWKHDVW $VLD WDONV DERXW VRPH PLOHVWRQHV DFKLHYHG E\ ථŕś?ŕľź VLQFH LW VWDUWHG RSHU DWLRQV LQ 6LQJDSRUH LQ ྥྊྤྊ Âł:H KDYH D ZLGH UDQJH RI EXVLQHVV DFWLYLWLHV LQ 6LQJDSRUH 2XU

36

\HDU 2WLV 6LQJDSRUH ZDV VHOHFWHG E\ WKH /DQG 7UDQVSRUW $XWKRULW\ WR VXSSO\ DQG LQVWDOO QHDUO\ ൦ൠൠ HOHYDWRUV DQG HVFDODWRUV IRU WKH QRUWKHUQ VWUHWFK RI WKH ๠RPVRQ (DVW &RDVW /LQH ආඋඍ SURMHFW ,Q DGGLWLRQ WR WKLV EHLQJ WKH KLJKHVW YDOXHG QHZ HTXLSPHQW SURMHFW ZLQ LQ 2WLV¶ ൡ൦ൡ \HDU KLVWRU\ , DP SURXG WKDW ZH ZLOO EH D SDUW RI KHOSLQJ 6LQJDSRUH UHPDLQ RQ WKH PRYH IRU WKH QH[W ൥ൠ \HDUV ´ %DOD DGGHG ³-XVW DV 6LQJDSRUH RIWHQ GHVFULEHV LWV SHRSOH DV LWV RQO\ UHVRXUFH ZH DW ඎඍർ rec RJQL]H WKDW RXU SHRSOH DUH RXU JUHDWHVW DVVHW ๠URXJK WKH ඎඍർ (PSOR\HH 6FKRODU 3URJUDP ZH KDYH LQYHVWHG PRUH WKDQ ඎඌ ൡൠ PLOOLRQ LQ ERQG IUHH VFKRODUVKLSV LQ RXU ZRUNIRUFH LQ 6LQJDSRUH UHVXOWLQJ LQ PRUH WKDQ ൥ൠൠ GHJUHHV HDUQHG ´ :KLOH LQYHVWPHQWV LQ IDFLOLWLHV DQG SHRSOH FKDQJH OLYHV IRU WKH EHWWHU VRPHWLPHV D VRQJ FDQ UHVRQDWH HYHQ PRUH ³$Q ROG DGYHUWLVLQJ MLQJOH ZH UDQ LQ WKH ൡ൩൨ൠ¶V µ๠H &DUULHU PDQ FDQ ¶ ZDV D UXQDZD\ KLW ZLWK 6LQJDSRUHDQV DQG UHPDLQV D IDPLOLDU WXQH WR WKRVH RI XV ZKR OLYHG WKURXJK WKDW HUD , UHFDOO WKDW LW ZDV VR SRSXODU WKDW LW ZDV HYHQ VXQJ E\ VFKRRO FKLO GUHQ ,W PDGH &DUULHU V\QRQ\PRXV ZLWK D JUHDW

SURGXFW DQG D FDQ GR DWWLWXGH ZKHQ LW FRPHV WR VHUYLFH ´ H[SODLQHG %DOD ³,Q P\ RSLQLRQ 6LQJDSRUH ZLOO FRQWLQXH WR GULYH OHDGHUVKLS LQ PXOWLODWHUDO UHODWLRQV HQD EOLQJ FRPSDQLHV OLNH ඎඍർ WR JR EH\RQG WKH QH[W ൥ൠ \HDUV LQ 6LQJDSRUH ´ ³:LWK WKH ൢൠൢൠ ൺൾർ YLVLRQ DQG ൺඌൾൺඇ be FRPLQJ WKH ൥WK ODUJHVW HFRQRP\ LQ WKH ZRUOG LW ZLOO SURSHO ඎඍർ EXVLQHVV JURZWK LQ WKH JOREDO DHURVSDFH DQG EXLOGLQJ V\VWHPV LQGXVWULHV ¶ %DOD DGGHG ³๠H FRQFOXVLRQ RI WKH 7UDQV 3DFL¿F 3DUWQHUVKLS ඍඉඉ DJUHHPHQW ZLOO VLJQL¿FDQWO\ EHQH¿W ELODWHUDO UHODWLRQV DQG SURYLGH D SODW IRUP WR IXUWKHU VWUHQJWKHQ PXWXDO HFRQRPLF GHYHORSPHQW 6LPLODUO\ WKH JRDO RI WKH ൺൾർ WR GULYH UHJLRQDO HFRQRPLF LQWHJUDWLRQ KDV WKH SRWHQWLDO WR WUDQVIRUP ൺඌൾൺඇ LQWR D UHJLRQ ZLWK IUHH PRYHPHQW RI JRRGV VHUYLFHV LQYHVWPHQW VNLOOHG ODERU DQG D IUHHU ÀRZ RI FDSLWDO EHQ H¿WWLQJ DOO $P&KDP PHPEHU FRPSDQLHV ๠H GULYHUV RI UDSLG XUEDQL]DWLRQ SRSXODWLRQ JURZWK DQG LQFUHDVHG HFRQRPLF SRZHU DOO FRQWULEXWH WR DQ H[WUHPHO\ H[FLWLQJ SURVSHFW IRU ඎඍർ DQG GULYH RXU JURZWK SODQV IRU WKLV UHJLRQ ´

UTC is committed to environmental sustainaEility where we each must Ee responsiEle to Ee careful in our use of natureȇs resources and promote practices that reduce the environmental impact of our operations and daily living. Its employees are shown here participating in World Water Day ΅΃΄Έ.

37

,%0 8VKHUV LQ WKH Era of Smart An interview with Janet Ang 9ice-President Systems of Engagement & Smarter Cities

IBM was incorporated in ΄Ό΄΄ (in New York) as the Computing-Tabulating-Recording Company, and in ΄Ό΅·, changed its name to International Business Machines (IBM), reČľecting its growing operations in Europe, South America, Australia, and Asia. Today, IBM is the world's leading information technology company, oÎ?ering a range of integrated solutions, products, and services, operating in ΄Ί΃ countries.

,

ŕľťŕś† V KLVWRU\ LQ 6LQJDSRUH GDWHV EDFN WR 6\VWHP 6FLHQFH ŕś‚ŕśŒŕśŒ /HYHUDJLQJ ŕś‚ŕľťŕś†ÂśV *OREDO ྥྊྼྣ ZKHQ ŕś‚ŕľťŕś† HVWDEOLVKHG D EUDQFK RI 6\VWHPV (QJLQHHULQJ 7UDLQLQJ &XUULFXOXP ŕś‚ŕśŒŕśŒ ÂżFH LQ 6LQJDSRUH WR PDUNHW DQG VHUYLFH LWV WUDLQHG KXQGUHGV RI PLG FDUHHU FLYLO VHUYDQWV DV UDQJH RI GDWD SURFHVVLQJ HTXLSPHQW -DQHW $QJ ZHOO DV JUDGXDWHV IUHVK RXW RI XQLYHUVLW\ WUDQV 9LFH 3UHVLGHQW RI 6\VWHPV RI (QJDJHPHQW IRUPHG WKHP LQWR V\VWHPV DQDO\VWV DQG KHOSHG 6PDUWHU &LWLHV VKDUHG KRZ ŕś‚ŕľťŕś† Singapore con FUHDWH WKH VNLOOV WKDW ZHUH QHHGHG WR WDNH XV IURP WULEXWHG WR WKH XVH DQG GHYHORSPHQW RI ŕś‚ŕś? in WKH LQGXVWULDOL]HG DJH WR WKH NQRZOHGJH HFRQR P\ , ZRXOG VD\ ŕś‚ŕśŒŕśŒ LV D KDOOPDUN D NH\ ΖQ RXU 60$57 QDWLRQ MRXUQH\ DKHDG FROODERUDWLRQ WKDW ZKHWKHU LWȇV WUDQVSRUWDWLRQ ODXQFKHG WKH SDUW QHUVKLS EHWZHHQ WHOHFRPPXQLFDWLRQV RU PRELOLW\ WKH 6LQJDSRUH JRY GDWD ZH DUH IXVLQJ DOO RI WKLV HUQPHQW DQG ŕś‚ŕľťŕś† , MRLQHG ŕś‚ŕľťŕś† DW WKDW GDWD WR FUHDWH LQVLJKWV WR PDQDJH WLPH DQG , ZDV SHU FULVHV DQG VWUDWHJLF UHVSRQVHV VRQDOO\ LQYROYHG LQ ΖWȇV D YHU\ H[FLWLQJ SODFH WR EH KHOSLQJ PDQ\ FXV WRPHUV GHVLJQ WKHLU 6LQJDSRUH D PLVVLRQ WKDW PLUURUV WKH JRYHUQ DSSOLFDWLRQV XVLQJ WKH -RLQW $SSOLFDWLRQ 'HVLJQ PHQW V REMHFWLYH RI PDNLQJ WKH FRXQWU\ D UHJLRQDO ŕśƒŕľşŕľ˝ PHWKRGRORJ\ ZULWLQJ WKHLU SUREOHP DQG DQG JOREDO KXE RI NQRZOHGJH EDVHG LQGXVWULHV FKDQJH PDQDJHPHQW PDQXDOV ,Q PDQ\ ZD\V Âł2QH ZRXOG KDYH WR ORRN EDFN DQG ORRN IRU ZKHQ , ORRN EDFN DW HDFK VWHS RI WKH MRXUQH\ ZDUG ´ VDLG -DQHW Âł:KHQ 6LQJDSRUH ÂżUVW HP ŕś‚ŕľťŕś† KDV JURZQ LQ ORFNVWHS ZLWK 6LQJDSRUH EDUNHG RQ LWV ,7 FRPSXWHUL]DWLRQ MRXUQH\ ྣྠ\HDUV 6LQJDSRUH KDV DOVR JURZQ LQ ORFNVWHS ZLWK ŕś‚ŕľťŕś† DJR WKH 1DWLRQDO 8QLYHUVLW\ RI 6LQJDSRUH ŕś‡ŕśŽŕśŒ) LQ WKH WHFKQRORJ\ HYROXWLRQ ´ DQG WKH WKHQ 1DWLRQDO &RPSXWHU %RDUG ŕś‡ŕľźŕľť) -DQHW FRQWLQXHG Âł/RRNLQJ IRUZDUG ZH KDYH SDUWQHUHG ZLWK ŕś‚ŕľťŕś† WR HVWDEOLVK WKH ,QVWLWXWH RI LQ 6LQJDSRUH 3ULPH 0LQLVWHU /HH +VLHQ /RRQJÂśV

38

6PDUW 1DWLRQ YLVLRQ $OO WKH VHUYLFH FDSDELOLWLHV OLNH DQDO\WLFV FRJQLWLYH FRPSXWLQJ FORXG RU FKHVWUDWLRQ ,QWHUQHW RI ๠LQJV ංඈඍ RSHQ ൺඉං FDQ EH LQQRYDWHG DQG EXLOW RXW RI KHUH EHFDXVH WKH 6LQJDSRUH JRYHUQPHQW KDV ERWK D YLVLRQ DQG WKH UHSXWDWLRQ RI EHLQJ DEOH WR H[HFXWH HI IHFWLYHO\ , EHOLHYH WKDW ංൻආ DQG PDQ\ ආඇർs DOLNH DUH LQYHVWLQJ KHUH EHFDXVH ZH EHOLHYH WKDW 6LQJDSRUH ZLOO FRQWLQXH WR EH WKH KXE IRU PDQ\ RI WKHVH H[FLWLQJ GLJLWDO WUDQVIRUPDWLRQV WKDW DUH WDNLQJ SODFH DV EXVLQHVVHV DQG LQGXVWULHV XWLOL]H 6LQJDSRUH DV D OLYLQJ ODE WR SLORW GHSOR\ DQG H[ SHULPHQW WR GHYHORS LQQRYDWLRQV DQG FDSDELOLWLHV IRU $VLD DQG JOREDO PDUNHWV ,W¶V D FRJQLWLYH HUD WKDW ZH DUH HQWHULQJ DQG ZH DUH YHU\ H[FLWHG ´ ³:H DUH HDUO\ LQ WKH JDPH DQG ZH KDYH VHW WKH VWDJH IRU LQQRYDWLRQ DV VHHQ LQ ൽൻඌ %DQN ZKR LV KHOSLQJ WKHLU FOLHQWV PDNH EHWWHU LQYHVWPHQW GHFLVLRQV WKURXJK DFWLRQDEOH LQVLJKWV PDGH ZLWK ංൻආ :DWVRQ ,Q RXU ඌආൺඋඍ QDWLRQ MRXUQH\ DKHDG ZKHWKHU LW¶V WUDQVSRUWDWLRQ WHOHFRPPXQLFDWLRQV RU PRELOLW\ GDWD ZH DUH IXVLQJ DOO RI WKLV GDWD WR FUHDWH LQVLJKWV WR PDQDJH FULVHV DQG VWUDWHJLF UHVSRQVHV ,W¶V D YHU\ H[FLWLQJ SODFH WR EH ´ ංൻආ FRQWLQXHV WR IRFXV RQ NQRZOHGJH WUDQVIHU IURP WKH LQGXVWU\ WR WKH XQLYHUVLW\ ³%XLOGLQJ VNLOOV DQG FDSDELOLWLHV LV WKH FRUQHUVWRQH RI VXF FHVV /DVW \HDU ZH SDUWQHUHG RQFH DJDLQ ZLWK ඇඎඌ DQG WKH (FRQRPLF 'HYHORSPHQW %RDUG WR HVWDEOLVK WKH ඇඎඌ &HQWHU RI %XVLQHVV $QDO\WLFV ๠H FHQWHU WUDLQV JUDGXDWH VWXGHQWV LQ WKH EXVL QHVV DQG FRPSXWLQJ IDFXOWLHV WR DSSO\ FRJQLWLYH FRPSXWLQJ DQG ELJ GDWD DQDO\WLFV LQFOXGLQJ SUH GLFWLYH DQG IXVLRQ DQDO\WLFV RI VWUXFWXUHG DQG XQVWUXFWXUHG GDWD VXFK DV VRFLDO PHGLD YLGHR LPDJHV LQ GRPDLQV UDQJLQJ IURP ¿QDQFLDO VHU YLFHV VXSSO\ FKDLQ PDQDJHPHQW EDQNLQJ UHWDLO KHDOWKFDUH DQG SXEOLF VHUYLFHV :H ZLOO DOVR EH ODXQFKLQJ ංൻආ %OXHPL[ DQ RSHQ VWDQGDUGV SODWIRUP DV D VHUYLFH VRRQ ZLWK ඇඎඌ (QWHUSULVH ZKHUHE\ VWXGHQWV ZKR DUH LQWHUHVWHG LQ VWDUW XS YHQWXUHV FDQ FRPH WRJHWKHU ZLWK H[SHUWV WR OHYHUDJH RQ ංൻආ WHFKQRORJ\ ංൻආ EULQJV RXU H[SHUWLVH LQ DUHDV OLNH :DWVRQ %OXHPL[ &\EHU 6HFXULW\ ,QWHOOLJHQFH DQG &ORXG WR VXSSRUW WKH LQGXVWU\ GHYHORSPHQW RI IRONV LQ WKH VWDUWXS VFHQH ,W¶V WR LQFXOFDWH WKH FXOWXUH RI LQQRYDWLRQ DQG HQWUHSUHQHXUVKLS ´ VDLG -DQHW

³๠H RWKHU SDUW LV UHDOO\ DERXW H൶FLHQW DQG VXVWDLQDEOH GDWD FHQWHUV ´ -DQHW DGGHG ³:H¶YH EXLOW D FOLHQW FHQWHU LQ 7DPSLQHV ZKHUHE\ ZH KDYH D PRGHO FHQWHU ZLWK YHU\ ORZ ඉඎൾ L H 3RZHU 8VDJH (൵HFWLYHQHVV ZKLFK PHDQV WKDW WKHUH LV KLJK HQHUJ\ H൶FLHQF\ ,Q FRXQWULHV OLNH 6LQJDSRUH ZLWK D WURSLFDO FOLPDWH ZH XVH KHDY\ DLU FRQGLWLRQLQJ MXVW WR NHHS WKH VHUYHUV FRRO 1RZ ZH¶YH JRW D SDWHQWHG UHDU GRRU KHDW H[FKDQJH WHFKQRORJ\ ZKHUHE\ WKH XVH RI ZDWHU DQG WKH SDWHQWHG WHFKQRORJ\ FRROV WKH V\VWHP DW D PXFK KLJKHU H൶FLHQF\ ´ ,Q SODQQLQJ DKHDG -DQHW HPSKDVL]HG WKH QHHG WR FRQWLQXH EXLOGLQJ XS VNLOOV ³:H FDQQRW MXVW VHH LW DV WKH VNLOOV ZH QHHG WRGD\ EXW WKH VNLOOV ZH QHHG IRU WKH IXWXUH LQ ൢൠൣൠ ൢൠ൥ൠ ´ VDLG -DQHW ³2QH WKLQJ WKDW $PHULFDQ FRPSDQLHV KDYH EHHQ JRRG DW DQG ZH KDYH EHHQ JRRG DW LV EXLOGLQJ VNLOOV :H DUH WKH ¿UVW SRUW RI FDOO IRU HYHU\ERG\ DQG ZH VKRXOG FRQWLQXH WKDW :H QHHG WR SXVK LW IXUWKHU XS WKH YDOXH FKDLQ 6R KRZ GR \RX FRQWLQXH WR PRYH XSVWUHDP JR XS WKH YDOXH FKDLQ" 2QH ZD\ LV E\ ZRUNLQJ ZLWK WKH XQLYHUVLWLHV WR EXLOG DQDO\WLFV DQG GHHS GRPDLQ VNLOOV $QRWKHU ZD\ LV WKURXJK ZRUNLQJ ZLWK FRPSDQLHV WR FUHDWH FRQVXPHU LQVLJKWV IRU WKH ൺඌൾൺඇ PDUNHW :LWKLQ ංൻආ ZH VSHDUKHDG 6PDUWHU &LWLHV SURMHFWV ZKHUH ZH SXW XS D WHDP RI H[SHUWV WKH EHVW EUDLQV WR EUDLQVWRUP IRU VROXWLRQV WR HYHU\GD\ SUREOHPV ๠H FRPSOH[LW\ RI WKH SUREOHPV WKDW QHHGV WR EH VROYHG DFWXDOO\ UHTXLUHV D ORW RI LQWHJUDWLRQ $QG YHU\ RIWHQ LW¶V QRW MXVW DERXW WKH V\VWHPV LW¶V DOVR DERXW WKH SHRSOH WKH FXOWXUH WKH LQWHJUDWLRQ )RU ංൻආ ZH¶YH EHHQ LQ 6LQJDSRUH IRU WKH ODVW ൦ൢ \HDUV ZH NQRZ WKH PDUNHW DQG WKH SHRSOH WUXVW XV ´

IBM continues its Smarter Cities momentum with the announcement of the FASTER collaEoration with the Land Transport Authority of Singapore LTA SMRT Corporation and StarHuE to improve the commuter experience across Singapore Ey applying advanced analytics for actionaEle insights.

39

&DWHUSLOODU ç %XLOW IRU ,W An interview with JeÎ?rey Hardee Executive Director Government & Corporate AÎ?airs Asia-PaciČ´c and Singapore Country Manager

Caterpillar is known for making eTuipment for the jobs that make history, eTuipment that is tested and built to withstand the most extreme conditions and for unmatched service. But its business is not just about moving earth and building infrastructure it is about connecting the globe and changing lives. Caterpillar was formed in ΄Ό΅Έ and today is the world’s leading manufacturer of construction and mining eTuipment, diesel-electric locomotives, diesel and natural gas engines, and industrial gas turbines. From its beginnings, Caterpillar operated internationally and was an early mover into the Asia-PaciČ´c market.

J

H྾ +DUGHH GLVFXVVHG KLV H[SHULHQFH PDQ DJLQJ WKH EXVLQHVV IURP WKH 6LQJDSRUH RྜFH ³&DWHUSLOODU PDGH LWV ¿UVW LQYHVW PHQW LQ 6LQJDSRUH LQ ྥྊྌྦྷ MXVW WZR \HDUV DIWHU 6LQJDSRUHœV LQGHSHQGHQFH DOWKRXJK ZH KDG EHHQ

RI WKH LVODQG RQ 7UDFWRU 5RDG ZKLFK ZH KDG D KDQG LQ QDPLQJ 6LQFH WKHQ ZH KDYH JURZQ FRQ VLGHUDEO\ LQ 6LQJDSRUH ZKLOH KHOSLQJ 6LQJDSRUH WR SURJUHVV WR EH D ZRUOG FODVV FLW\ VWDWH ,Q ྥྊྊྡྷ 6LQJDSRUH EHFDPH RXU $VLD 3DFLÂżF KHDGTXDUWHUV DQG WRGD\ ZH KDYH HLJKW IDFLOLWLHV ZLWK ྡྷྊ EXVLQHVV XQLWV 6LQJDSRUHȇV ORFDWLRQ DQG WKH HDVH DQG D ZRUNIRUFH RI GRLQJ EXVLQHVV ZHUH VWUDWHJLF DSSURDFKLQJ ྥ ྠྠྠ´ -HII GLVFXVVHG FRQVLGHUDWLRQV ZKHQ VHWWLQJ XS RXU WKH VWURQJ JURZWK UHJLRQDO KHDGTXDUWHUV DQG GLVWULEXWLRQ WUHQGV LQ WKH UH FHQWHU KHUH DQG FRQWLQXH WR EH JLRQ DQG ZKDW WKH\ ZLOO PHDQ IRU FRPSHOOLQJ 7KH JRYHUQPHQW LV VWDEOH &DWHUSLOODU Âł7KH DFFHVVLEOH DQG OLVWHQV WR RXU LQSXW $VLD 3DFLÂżF ZLWK $OVR VLPSO\ SXW EXVLQHVV ZRUNV KHUH LWV GLYHUVH HFRQR PLHV DQG LQWHUHVW LQJ GHPRJUDSKLFV VXSSO\LQJ HTXLSPHQW WR 6LQJDSRUH ORQJ EHIRUH KROGV WUHPHQGRXV RSSRUWXQLWLHV (FRQRPLF WKDW 5HFRJQL]LQJ 6LQJDSRUHÂśV VWUDWHJLF ORFDWLRQ JURZWK ZRQÂśW EH OLQHDU EXW WKH PLGGOH FODVV LV IRU WUDGH WKH LQLWLDO LQYHVWPHQW ZDV WR HVWDEOLVK JURZLQJ UDSLGO\ XUEDQL]DWLRQ LV DFFHOHUDWLQJ D SDUWV GLVWULEXWLRQ FHQWHU IRU WKH $VLD 3DFLÂżF DQG GHPDQGV IRU HQHUJ\ DQG WUDQVSRUWDWLRQ DUH UHJLRQ ŕš H IDFLOLW\ ZDV EXLOW LQ D VZDPS\ SDUW JURZLQJ ŕš HVH WUHQGV ZLOO FRQWLQXH IRU PDQ\

40

\HDUV WR FRPH DQG ¿W VTXDUHO\ LQWR &DWHUSLOODU¶V EXVLQHVV VWUHQJWKV ´ VDLG -H൵ ³:KHQ ZH SODQ IRU WKH IXWXUH ZH FRQVLGHU ZKHUH ZH DUH PDQ XIDFWXULQJ DQG VHOOLQJ QRZ DQG KRZ ZH PLJKW QHHG WR FKDQJH RU DGG WR RXU IRRWSULQW LQ WKH UHJLRQ EDVHG RQ JURZWK SURMHFWLRQV ൡൠ WR ൡ൥ \HDUV RXW 2XU JRDO LV WR PDNH VXUH ZH DUH GHOLYHU LQJ WKH EHVW YDOXH WR RXU FXVWRPHUV DQG WKLV UHTXLUHV HQG WR HQG SODQQLQJ DQG DQ H൶FLHQW VXSSO\ FKDLQ WR HQVXUH RXU PDFKLQHV JHW WR ZKHUH WKH\ DUH QHHGHG DW WKH ULJKW WLPH DQG ZLWK XQSDUDOOHO HG VHUYLFH ´ &DWHUSLOODU KDV IRFXVHG RQ EXLOGLQJ DQG PDLQ WDLQLQJ KHDOWK\ EXVLQHVV UHODWLRQVKLSV DV D ZD\ WR FUHDWH D FRPSHWLWLYH DGYDQWDJH ³0DQ\ RI RXU EXVLQHVV UHODWLRQVKLSV ZLWK GHDOHUV DUH PXOWL JHQHUDWLRQDO 2XU GHDOHU LQ 6LQJDSRUH LV 7UDFWRUV 6LQJDSRUH DQG WKLV UHODWLRQVKLS EHJDQ LQ WKH ൡ൩ൢൠV ZKHQ WKHLU SULQFLSDO 6LPH 'DUE\ WRRN RYHU RXU GHDOHU LQ 6DUDZDN :H SURYLGH D ORW RI WUDLQLQJ DQG VXSSRUW WR HQVXUH WKDW RXU GHDOHUV DUH WKH EHVW LQ WKH EXVLQHVV ´ VDLG -H൵ ,Q DGGLWLRQ WR EXLOGLQJ UHODWLRQVKLSV ZLWK GHDOHUV &DWHUSLOODU UHFRJQL]HV WKDW VXSSOLHUV DUH YLWDO WR LWV VHUYLFH GHOLYHU\ -H൵ FRQWLQXHG ³-XVW OLNH ZH KDYH YHU\ WLJKW UHODWLRQVKLSV ZLWK GHDOHUV ZH KDYH KXQGUHGV RI VXSSOLHUV DQG ZH FRQVLGHU WKHP DV SDUW RI WKH IDPLO\ :H WU\ WR ORFDOL]H RXU VXSSO\ FKDLQ WR WKH H[WHQW SRVVLEOH DQG IRU VRPH RI RXU SODQWV ZH KDYH DV PXFK DV ൦ൠ ൨ൠ ORFDO VXSSO\ :H ZRUN KDUG WR KHOS WKHP LQ WKHLU RZQ PDQXIDFWXULQJ RSHUDWLRQV DQG EXVLQHVV SUDFWLFHV WR HQFRXUDJH LQQRYDWLRQ DQG VXVWDLQDELOLW\ MXVW DV ZH FKDOOHQJH RXUVHOYHV ´ :KLOH &DWHUSLOODU DWWULEXWHV LWV VXFFHVV LQ 6LQJDSRUH WR WKH YDULHW\ RI SURGXFWV DQG VHU YLFHV LW R൵HUV WR EXVLQHVVHV -H൵ DOVR SUDLVHG 6LQJDSRUH¶V VWDEOH DQG SUHGLFWDEOH EXVLQHVV DQG JRYHUQPHQW HQYLURQPHQW ³6LQJDSRUH¶V ORFDWLRQ DQG WKH HDVH RI GRLQJ EXVLQHVV ZHUH VWUDWHJLF FRQVLGHUDWLRQV ZKHQ VHWWLQJ XS RXU UHJLRQDO KHDGTXDUWHUV DQG GLVWULEXWLRQ FHQWHU KHUH DQG FRQWLQXH WR EH FRPSHOOLQJ ๠H JRY HUQPHQW LV VWDEOH DFFHVVLEOH DQG OLVWHQV WR RXU LQSXW $OVR VLPSO\ SXW EXVLQHVV ZRUNV KHUH LW¶V H൶FLHQW DQG SUHGLFWDEOH :H H[SHFW 6LQJDSRUH WR ¿JXUH SURPLQHQWO\ LQ RXU EXVLQHVV SODQV LQ $VLD 3DFL¿F IRU PDQ\ \HDUV WR FRPH ´

$V &DWHUSLOODU ORRNV WR LWV IXWXUH LQ $VLD -H൵ LGHQWL¿HG WZR FKDOOHQJHV LQ 6LQJDSRUH WKDW FRXOG SRWHQWLDOO\ D൵HFW EXVLQHVV JURZWK LQ WKH FRXQWU\ ³6LQJDSRUH KDV VRPH OLPLWDWLRQV ODQG EHLQJ RQH ,W JHWV PRUH DQG PRUH GL൶FXOW WR REWDLQ WKH VLWHV \RX PLJKW QHHG VR DQ\ FRPSDQ\ WKDW ZDQWV WR LQFUHDVH LWV IRRWSULQW LQ 6LQJDSRUH ZLOO KDYH WR FRQVLGHU WKLV ´ ๠H RWKHU PDMRU FKDOOHQJH UHODWHV WR KLULQJ TXDOLW\ ZRUNHUV ³๠H JRYHUQPHQW LV ORRNLQJ DW WKH FRXQWU\¶V PDQSRZHU QHHGV DQG WU\LQJ WR UHGXFH LWV GHSHQGHQFH RQ IRUHLJQ ZRUNHUV ๠LV GRHV KDYH DQ LPSDFW RQ FRPSD QLHV PDNLQJ WKHLU GHFLVLRQV RQ ZKHUH WR LQYHVW 0XOWLQDWLRQDO FRPSDQLHV OLNH &DWHUSLOODU OLNH PRELOLW\ RI ODERU , WKLQN WKH 6LQJDSRUH JRYHUQ PHQW UHFRJQL]HV WKLV DQG DV D SUDFWLFDO JRYHUQ PHQW LV WU\LQJ WR ZRUN WKLQJV RXW ´ 7R -H൵ WKH 6LQJDSRUH JRYHUQPHQW LV WKH OHDGHU ZLWKLQ WKH $VLD 3DFL¿F UHJLRQ LQ GULYLQJ RSHQ WUDGH DQG LQYHVWPHQW ³๠H ඎ ඌ 6LQJDSRUH )UHH 7UDGH $JUHHPHQW ZDV WKH ¿UVW RI LWV NLQG LQ WKH UHJLRQ DQG VHW D JROG VWDQGDUG 6LQJDSRUH LV DQ DFWLYH SDUWQHU LQ WKH 7UDQV 3DFL¿F 3DUWQHUVKLS ඍඉඉ QHJRWLDWLRQV LV LQYROYHG LQ WKH 5HJLRQDO (FRQRPLF &RRSHUDWLRQ 3DUWQHUVKLS උർൾඉ LV KHOSLQJ WR GULYH SURJUHVV LQ WKH ൺඌൾൺඇ (FRQRPLF &RPPXQLW\ ൺൾർ DQG , H[SHFW ZLOO SOD\ DQ LPSRUWDQW UROH LQ IXWXUH GLVFXV VLRQV RQ WKH )UHH 7UDGH $UHD RI WKH $VLD 3DFL¿F 6LQJDSRUH HPEUDFHV FKDQJH DQG LQQRYDWLRQ DV GRHV &DWHUSLOODU VR ZH DUH UHDOO\ DWWUDFWHG WR WKLV W\SH RI HQYLURQPHQW ´

Caterpillar s pioneer generation at its ȴrst facility on Tractor Road.

41

,QQRYDWLRQ DW +HZOHWW 3DFNDUG Ng Tian Chong Managing Director Southeast Asia Taiwan & Hong Kong

Ng Tian Chong, +P’s Managing 'irector for Southeast Asia, Taiwan, & +ong Kong joined +P as a ȴnancial analyst in Palo Alto, has held several senior positions at the company, and has been based in +ong Kong and Indonesia, as well as the United States and Singapore. A native Singaporean, he oversees all of the company’s business in this part of the world from +P’s 'epot Road location. The region is +P’s biggest in terms of socio-demography – with a huge range of languages and a wide spread of emerging and developed economies.

“H

3 FHOHEUDWHV ൤൥ \HDUV LQ 6LQJDSRUH WKLV WKHQ LQ D VPDOO IDFWRU\ LQ 5HGKLOO )RXU \HDUV \HDU ´ VDLG 7LDQ &KRQJ ³:H FDPH WR ODWHU ZH RSHQHG D VDOHV HQWLW\ ZLWK ൢൡ SHRSOH 6LQJDSRUH ZKHQ LW ZDV DQ LQIDQW ,Q 7RGD\ ZH KDYH PRUH WKDQ ൧ ൠൠൠ HPSOR\HHV LQ ൡ൩൦൩ ൾൽൻ ZHQW WR 3DOR $OWR DQG VSRNH WR ඁඉ 6LQJDSRUH ๠LV LV RQH RI WKH ELJJHVW ඁඉ sites in $W WKDW WLPH IRXU PDQDJHUV FDPH WR VWXG\ WKH WKH ZRUOG ZH¶YH JRW PDQXIDFWXULQJ උ๟ൽ VDOHV IHDVLELOLW\ RI VHWWLQJ XS VKRS LQ 6LQJDSRUH ,W PDUNHWLQJ RSHUDWLRQV DQG VXSSO\ FKDLQ ,Q IDFW WRRN WKHP VL[ PRQWKV EXW WKH\ ZURWH D UHSRUW ZH¶YH JRW WKH HQWLUH EXVLQHVV HFRV\VWHP RI ඁඉ WKDW ZDV VR FRQFOXVLYH WKDW ඁඉ KDG WR FRPH WR LQ 6LQJDSRUH ,I \RX WDON DERXW PDQXIDFWXULQJ 6LQJDSRUH :H ¿UVW VWDUWHG ZLWK D PDQXIDFWXULQJ VDOHV DQG උ๟ൽ DOO LQ RQH VLWH RXWVLGH RI 3DOR RSHUDWLRQ LQ WKH ൧ൠV :H KDG ൦൩ SHRSOH EDFN $OWR LW¶V SUREDEO\ VDIH WR VD\ WKDW RQO\ 6LQJDSRUH KDV WKDW NLQG RI FRPELQDWLRQ ´ ³,QQRYDWLRQ LV DW RXU FRUH DQG RYHU WKH \HDUV +3 6LQJDSRUH KDV SOD\HG DQ LPSRUWDQW UROH LQ VRPH NH\ WHFKQRORJLFDO DGYDQFHV ´ VDLG 7LDQ &KRQJ ³๠H & FKDQJHG WKH ZD\ HQJLQHHUV FDOFXODWH \RX FRXOG GR UHYHUVH SRODUL]DWLRQ DQG WKDW ZDV D ODQGPDUN ,W ZDV VR VLJQL¿FDQW WKDW , EHOLHYH LQ WKH PLG ൧ൠV WKH 6FLHQFH )HGHUDWLRQ RI 6LQJDSRUH EXULHG D WLPH FDSVXOH LQ IURQW RI WKH 6FLHQFH &HQWUH DQG WKH & ZDV LQ WKHUH DPRQJ WKH RWKHU LQYHQWLRQV RI WKDW WLPH DQG LW ZDV PDGH LQ 6LQJDSRUH ´ %DFN LQ WKH HDU O\ ൡ൩൧ൠV ඁඉ HVWLPDWHG WKDW LW FRXOG PDQXIDF WXUH D WKRXVDQG XQLWV RI WKH & SHU PRQWK LQ 6LQJDSRUH ๠H GHPDQG ZDV VR KLJK WKDW WKH Girl Power a partnership Eetween HP and the U.S. EmEassy enaEles young women in QXPEHU WXUQHG RXW WR EH ൤ൠ ൠൠൠ XQLWV LQVWHDG secondary school to learn aEout careers in science 2WKHU ඁඉ LQQRYDWLRQV LQ 6LQJDSRUH LQFOXGH WKH technology engineering and math STEM through joE shadowing and weekly mentoring sessions.

42

ඁඉ -RQDGD WKH ¿UVW FRORU KDQG KHOG :LQGRZV ÀH[LELOLW\ WKDW FRPSDQLHV QHHG WR KLUH RU WUDQV ඉർ WKDW EHFDPH D ZRUOGZLGH KLW ๠H 6LQJDSRUH IHU IRUHLJQ WDOHQW $V D UHJLRQDO OHDGHU , QHHG WHDP DOVR KHOSHG VHW D *XLQQHVV UHFRUG IRU WKH HPSOR\HHV WKDW XQGHUVWDQG WKH UHJLRQ DQG ZKHQ IDVWHVW GHVNWRS SULQWHU PDGH SRVVLEOH E\ ඁඉ¶V LQWHUQDWLRQDO H[SHULHQFH FRPHV LQWR 6LQJDSRUH printing උ๟ൽ FUHDWLQJ D QHZ WHFKQRORJ\ FDOOHG LW FRQWULEXWHV WR WKH GHYHORSPHQW RI RXU GRPHVWLF µ3DJH:LGH¶ ZKLFK FRXOG DOORZ SULQWHUV WR SULQW WDOHQW :KLOH ZH KDYH D ZRUOG FODVV HGXFDWLRQ V\VWHP WKHUH LV D PDMRU GL൵HUHQFH EHWZHHQ XS WR ൧ൠ SDJHV SHU PLQXWH :KLOH ඁඉ H[FHOV DW LQQRYDWLRQ WKH FRPSDQ\ VNLOOV DQG H[SHULHQFH :KHQ WKH\ EOHQG YDOXH LV VWULYHV WR HQVXUH WKDW LWV EUHDNWKURXJKV UHDFK FUHDWHG 7DNLQJ D ORQJ YLHZ $VLD LV GHYHORSLQJ WKH ZLGHU FRPPXQLW\ ³:H SDUWLFLSDWH LQ HYHQWV IDVW DQG , EHOLHYH WKDW DV ZH DEVRUE WKLV YDOXH WR WUDQVIHU NQRZO HGJH VR WKDW ORFDO EXVLQHVVHV OHDUQ ΖI D EXVLQHVV KDV D JRRG LGHD WKH KRZ WR GR WKLQJV LQ D PRUH H൶FLHQW 6LQJDSRUH JRYHUQPHQW DFWXDOO\ IXQGV ZD\ :H DOVR SDUW DQG KHOSV WKHP JHW D KHDG VWDUW ΖWȇV QHU RQ HGXFDWLRQDO XQLTXH LQ WKDW VHQVH 6LQJDSRUH LV UXQ SURJUDPV DQG LQYLWH VWXGHQWV WR EHQH¿W OLNH D FRPSDQ\ 6R SHRSOH ZKR DUH IURP PHQWRULQJ ´ LQFHQWLYL]HG ZLWK VXFK SURJUDPV DOVR VDLG 7LDQ &KRQJ WKLQN OLNH D FRPSDQ\ DQG WKLV VHHGV ඁඉ ZRUNV ZLWK FKDPEHUV DQG JRY DQ HQWUHSUHQHXULDO VSLULW HUQPHQW DJHQFLHV WR UHDFK DV PDQ\ ORFDO RUJDQL]DWLRQV DV SRVVLEOH 7LDQ &KRQJ FRQWLQXHG 6LQJDSRUH LQFUHDVHV LWV DELOLW\ WR FRPSHWH DQG ³๠H 6LQJDSRUH JRYHUQPHQW LV YHU\ SUR DFWLYH VHL]H WKH RSSRUWXQLWLHV , FHUWDLQO\ KRSH WKDW WKH VHWWLQJ XS ඌൻൿ DQG 6SULQJ 6LQJDSRUH 1RW RQO\ 6LQJDSRUH JRYHUQPHQW ZLOO FRQWLQXH WR PDQDJH GR WKH\ SURYLGH WKH FDWDO\VW WKH\ DOVR SURYLGH WKLV WLJKW ODERU VLWXDWLRQ ZLWK VX൶FLHQW VXSSRUW IXQGLQJ WKH VHHGLQJ FDSLWDO ,I D EXVLQHVV KDV DQG ÀH[LELOLW\ IRU FRPSDQLHV OLNH ඁඉ ZKR DUH D JRRG LGHD WKH 6LQJDSRUH JRYHUQPHQW DFWX RSHUDWLQJ LQ 6LQJDSRUH DV WKH UHJLRQDO KXE IRU DOO\ IXQGV DQG KHOSV WKHP JHW D KHDG VWDUW ,W¶V WKH ORQJ WHUP ´ XQLTXH LQ WKDW VHQVH 6LQJDSRUH LV UXQ OLNH D %DVHG XSRQ WKH JRYHUQPHQW¶V WUDFN UHFRUG FRPSDQ\ 6R SHRSOH ZKR DUH LQFHQWLYL]HG ZLWK KH LV RSWLPLVWLF ³, WUDYHO D ORW LQ P\ FDSDFLW\ VXFK SURJUDPV DOVR WKLQN OLNH D FRPSDQ\ DQG DQG HYHU\ZKHUH , JR RQH TXHVWLRQ , JHW LV KRZ 6LQJDSRUH RSHUDWHV ([SODLQLQJ ZK\ ඁඉ KDV WKLV VHHGV DQ HQWUHSUHQHXULDO VSLULW ´ +DYLQJ JURZQ DQ LQQRYDWLYH EXVLQHVV LQWR LQYHVWHG LQ 6LQJDSRUH LV HDV\ ,W¶V EHFDXVH RI PXOWLSOH VHFWRUV RYHU ൧൥ \HDUV DQG RSHUDWHG LQ WKLV XQLTXH HFRV\VWHP WKDW ZH KDYH KHUH ๠H 6LQJDSRUH IRU ൤൥ RI WKRVH ඁඉ WDNHV D ORQJ YLHZ JRYHUQPHQW LV DOZD\V WKLQNLQJ DKHDG SODQQLQJ RQ GHYHORSPHQW 2QH RI WKH QHDU WHUP FKDO IRU GHYHORSPHQW LW¶V DOUHDG\ WKRXJKW DERXW WKH OHQJHV WKDW 7LDQ &KRQJ VHHV LV WKH LQFUHDVLQJO\ ൤WK DQG ൥WK UXQZD\V DW WKH DLUSRUW IRU LQVWDQFH WLJKW ODERU HQYLURQPHQW ³6LQJDSRUH LV KRPH ๠DW¶V ZK\ ZH¶UH LQYHVWHG KHUH :H KDYH D YHU\ WR VRPH RI ඁඉ¶V PRVW YDOXDEOH WDOHQW +RZHYHU SRVLWLYH UHODWLRQVKLS ZLWK WKH 6LQJDSRUH JRY DV 6LQJDSRUH¶V GRPHVWLF WDOHQW SRRO GHYHORSV HUQPHQW ൾൽൻ DQG DOO WKH JRYHUQPHQW DJHQ VRPH TXHVWLRQ WKH DUULYDO RI IRUHLJQ ZRUNHUV FLHV DUH YHU\ VWURQJ )RU XV RXU GHYHORSPHQW $V D 6LQJDSRUHDQ , IHHO ZH PXVW VWULNH WKH ULJKW LQ 6LQJDSRUH KDV UHDOO\ IROORZHG WKH ELUWK DQG EDODQFH EHWZHHQ SURYLGLQJ WKH ULJKW HQYLURQ JURZWK RI 6LQJDSRUH DQG ZH DUH UHDOO\ SURXG RI PHQW IRU ORFDO WDOHQW WR WKULYH DQG R൵HULQJ WKH WKDW :H¶OO EH KHUH IRU D ORQJ WLPH ´

43

' ௘ X3RQW¶V ,QFOXVLYH ,QQRYDWLRQ An interview with Hsing Ho Group Managing Director - ASEAN

'uPont believes that the answers to global challenges can be found through inclusive innovation. 'uPont works with customers, partners, governments, NGOs, academics, and other organi]ations to apply scientiȴc expertise and knowledge in ensuring food security, harnessing renewable energy sources, and protecting people and the environment.

H

VLQJ +R *URXS 0DQDJLQJ 'LUHFWRU ± 'X3RQW ൺඌൾൺඇ GHVFULEHG WKH FRP SDQ\¶V KLVWRU\ LQ 6LQJDSRUH ³'X3RQW KDV EHHQ SUHVHQW LQ 6LQJDSRUH VLQFH ൡ൩൧ൣ ๠H FRPSDQ\ ZDV SULPDULO\ D 8 6 EDVHG RUJDQL]D WLRQ ZKHQ WKH 6LQJDSRUH R൶FH RSHQHG ๠H R൶FH KDV HYROYHG LQ V\QF ZLWK 6LQJDSRUH ZLWK QRWDEOH SKDVHV LQ WKH HDUO\ ൡ൩൩ൠV DQG HDUO\ ൢൠൠൠV ,Q WKH ‫ތ‬൩ൠV WKH FRPSDQ\ PDGH VXEVWDQWLDO LQYHVWPHQWV

UHPHPEHUV WDNLQJ WKH IHUU\ EDFN DQG IRUWK WR WKH PDLQ LVODQG EHIRUH WKH -XURQJ ,VODQG +LJKZD\ ZDV RSHQHG LQ ൡ൩൩൩ 6LQFH ൡ൩൧ൣ 'X3RQW KDV LQYHVWHG RYHU ඎඌ ൡ ELOOLRQ LQ 6LQJDSRUH HPSOR\LQJ DW RQH WLPH PRUH WKDQ ൩ൠൠ DQG FXUUHQWO\ PRUH WKDQ ൤൥ൠ SHRSOH LQ LWV PDUNHWLQJ DQG DGPLQLVWUDWLYH R൶FHV DW +DUERXU)URQW 3ODFH DQG LWV PDQXIDFWXULQJ IDFLOL WLHV RQ -XURQJ ,VODQG DQG DW 7XDV ๠H EXON RI WKH 'X3RQW LQYHVWPHQW ZDV PDGH GXULQJ 6LQJDSRUH KDV D JRRG SRRO RI WDOHQW WKH ൡ൩൩ൠV VLJQL¿ FDQWO\ LQFUHDVLQJ DFURVV DOO VHJPHQWV DQG WKH OLIHVW\OH WKH 'X3RQW IRRW R΍HUHG E\ 6LQJDSRUH WHQGV WR DWWUDFW SULQW LQ WKH FRXQWU\ WRS WDOHQW 3ROLF\ FKDQJHV LQ RWKHU +VLQJ HODERUDWHG RQ WKH 'X3RQW GH FRXQWULHV FRXOG SRVH FKDOOHQJHV IRU YHORSPHQW LQ WKH 6LQJDSRUH +RZHYHU LW PD\ EH VRPH ൢൠൠൠV ³7KLV GH WLPH IRU WKHVH FRXQWULHV WR PDWFK YHORSPHQW SKDVH ZDV FKDUDFWHUL]HG 6LQJDSRUHȇV WRWDO SDFNDJH E\ GLYHVWLQJ VRPH FRPSDQLHV ZKLFK LQ PDQXIDFWXULQJ IDFLOLWLHV ± LQFOXGLQJ $GLSLF ZDV DOVR GRQH JOREDOO\ LQFOXGLQJ WKH /\FUD DQG $FLG /\FUD 6SDQGH[ DQG =\WHO Q\ORQ UHVLQ ± DQG DGLSLF DFLG SODQWV ๠H =\WHO PDQXIDFWXULQJ ZDV WKH ¿UVW WHQDQW DW 6DNUD ,VODQG ´ 6DNUD ,VODQG IDFLOLWLHV ZHUH NHSW KRZHYHU 'LYHVWPHQWV WRRN LV RQH RI WKH VHYHQ R൵VKRUH LVODQGV DPDOJDPDWHG SODFH LQ FRQMXQFWLRQ ZLWK D VKLIW WRZDUGV LQYHVW WR IRUP ZKDW LV -XURQJ ,VODQG WRGD\ EXW +VLQJ PHQW LQ NQRZOHGJH LQWHQVLYH PDQXIDFWXULQJ DQG

44

DZD\ IURP PRUH FDSLWDO LQWHQVLYH DVVHWV ,Q WKLV SHULRG WKUHH SODQWV ZHUH EXLOW RQH RI ZKLFK ZDV IRU 9HVSHO D XQLTXH SDUWV DQG VKDSHV EXVLQHVV XVHG LQ DHURVSDFH HOHFWURQLFV DQG RWKHU DS SOLFDWLRQV ๠H FRPSDQ\ GHFUHDVHG LWV SK\VLFDO IRRWSULQW GXULQJ WKLV WLPH EXW PDLQWDLQHG LWV LQYHVWPHQW LQ 6LQJDSRUH IRFXVLQJ KHDYLO\ RQ KXPDQ UHVRXUFHV ´ ³๠H GHYHORSPHQW RI 'X3RQW LQ 6LQJDSRUH FDQ EH WKRXJKW RI LQ VWDJHV 6LQJDSRUH ± ൺඌൾൺඇ ± *OREDO 2XU R൶FHV KHUH KDYH EHHQ SDUW RI RXU RYHUDOO JURZWK DV D FRPSDQ\ ´ VDLG +VLQJ ³6LQJDSRUH LV QRZ WKH UHJLRQDO KXE IRU 'X3RQW ZLWK $VLD 3DFL¿F DQG JOREDO EXVLQHVV OHDGHUV DVVXPLQJ IXOO ඉ๟අ UHVSRQVLELOLW\ EDVHG KHUH :KLOH ODERU HQHUJ\ DQG UHQWV DUH FRVWO\ LQ 6LQJDSRUH LW UHPDLQV WKH 'X3RQW UHJLRQDO KXE EHFDXVH RI WKH DGYDQWDJHV LQ WDOHQW LQIUDVWUXF WXUH DQG JRYHUQPHQW VXSSRUW 6LQJDSRUH KDV D JRRG SRRO RI WDOHQW DFURVV DOO VHJPHQWV DQG WKH OLIHVW\OH R൵HUHG E\ 6LQJDSRUH WHQGV WR DWWUDFW WRS WDOHQW 3ROLF\ FKDQJHV LQ RWKHU FRXQWULHV FRXOG SRVH FKDOOHQJHV IRU 6LQJDSRUH +RZHYHU LW PD\ EH VRPH WLPH IRU WKHVH FRXQWULHV WR PDWFK 6LQJDSRUH¶V WRWDO SDFNDJH ´ 'X3RQW KDYLQJ DFTXLUHG D IRRG LQJUHGLHQWV EXVLQHVV FDOOHG 'DQLVFR LQ ൢൠൡൡ DOVR RSHUDWHV D ODERUDWRU\ IRU UHVHDUFK LQ WKH IRRG VHFWRU LQ 6LQJDSRUH ± VSHFL¿FDOO\ LFH FUHDP GDLU\ DQG EDNHG JRRGV ± DQG SODQV WR H[SDQG WKH ZRUN

EHLQJ GRQH LQ WKLV DUHD +RZHYHU D WLJKWHQLQJ ODERU PDUNHW ZLOO PDNH LW KDUGHU WR ¿QG WDOHQW KHUH LQ WKH IXWXUH 'X3RQW LV DFWLYH LQ UHDFKLQJ RXW WR WKH FRP PXQLW\ HVSHFLDOO\ LQ WKH DUHD RI UDLVLQJ VFLHQFH DZDUHQHVV LQ FKLOGUHQ 'X3RQW LV SURXG RI LWV SDUWLFLSDWLRQ LQ WKH 6FLHQFH LQ WKH 0DOO SURJUDP DQG KDV EHHQ SDUW RI LW IRU VHYHQ FRQVHFXWLYH \HDUV %\ EULQJLQJ VFLHQWL¿F H[KLELWV WR PDOOV DURXQG 6LQJDSRUH 'X3RQW KRSHV WR NLQGOH FKLOGUHQ¶V LQWHUHVW LQ VFLHQFH DQG LQVSLUH WKHP WR SXUVXH FDUHHUV LQ SK\VLFDO VFLHQFHV ๠HUH ZDV DOVR FROODERUDWLRQ ZLWK ඇඎඌ +LJK 6FKRRO IRU 0DWKHPDWLFV 6FLHQFH &DPSV ZKHUH VWX GHQWV SDUWLFLSDWH LQ OHDUQLQJ DQG GLVFRYHU\ RI VFLHQFH DQG WHFKQRORJ\ XVLQJ H[SORUDWLRQ SURE OHP EDVHG OHDUQLQJ DQG SHHU WXWRULQJ /RRNLQJ DKHDG +VLQJ VHHV WZR DUHDV GULYLQJ JURZWK $FFRUGLQJ WR +VLQJ ³2QH GULYHU LV WKH VLJQL¿FDQW ൿൽං into ൺඌൾൺඇ ± LQ UHFHQW \HDUV ൿൽං KDV VXUSDVVHG ൿൽං LQWR &KLQD ๠H RWKHU LV WKH LQFUHDVH LQ ඀ൽඉ SHU FDSLWD DFURVV WKH UHJLRQ GULYLQJ FRQVXPHULVP DQG UDSLG PLGGOH FODVV IRUPDWLRQ $UHDV 6LQJDSRUH FDQ LPSURYH JRLQJ IRUZDUG DUH ZD\V WR EULQJ GRZQ WKH FRVWV RI HOHF WULFLW\ DQG LQIUDVWUXFWXUH DQG FXOWXUDO EXLOGLQJ WR DOORZ KLJKHU DVVLPLODWLRQ RI IRUHLJQ WDOHQW ZLWK ORFDOV DQG VHHN WR EHFRPH D JOREDO OHDGHU LQ VXVWDLQDEOH GHYHORSPHQW DQG FOHDQ HQHUJ\ ´

GroundEreaking ceremony for the =ytel manufacturing facility on Jurong Island with Philip <eo and DuPont executives NovemEer ΄ΌΌΆ.

45

2QH 6L]H 'RHVQÂśW )LW $OO Unique Challenges DQG 2SSRUWXQLWLHV LQ 6LQJDSRUH IRU 60(V An Interview with Killick Datta of International Brand Partners Alison Eyring of Organisation Solutions Chris Milliken of PengWine and JeÎ? Weisel of Celadon Health 9entures

Small and Medium Si]ed Enterprises (SMEs) face a range of challenges and diÎ?erent opportunities that reTuire distinctive solutions. Singapore is at the heart of a high growth region that oÎ?ers SMEs a chance to tap into the ASEAN market, which has a population of over Ή΃΃ million. Its relatively young population will allow it to take advantage of a demographic dividend it is therefore expecting a high growth rate of about Έ in the next decade. An entrepÂśt city, Singapore exposes SMEs to excellent logistics capabilities and a huge potential client base due to the high concentration of Multi-National Corporations (MNCs). Singapore’s various cultures provide alternative perspectives and a heterogeneous market to cater to.

6WDUWLQJ 8S

6LQJDSRUH Âł, UDQ WKH LQWHUQDWLRQDO EXVLQHVV RI ŕš H HDVH RI GRLQJ EXVLQHVV LQ 6LQJDSRUH IRVWHUV PDQ\ EUDQGV VXFK DV 6NHFKHUV 1LNH ŕś…ŕľş *HDU DQ HQYLURQPHQW IRU ŕśŒŕś†ŕľžV WR VHW XS RSHUDWLRQV DQG 'LHVHO ZKHQ WKH\ ZHUH DOO YHU\ VPDOO 6R DŕľľRUGLQJ HQWUHSUHQHXUV WKH DELOLW\ WR IRFXV RQ ZKHQ , ZDV LQYLWHG WR FRPH DQG ODXQFK D EUDQG JURZLQJ WKHLU EXVLQHVVHV UDWKHU WKDQ GHDOLQJ RXW RI 6LQJDSRUH LW ZDV VRPHWKLQJ P\ IDPLO\ ZLWK UHG WDSH DQG P\ FRUH WHDP HPEUDFHG ´ VDLG .LOOLFN $OLVRQ (\ULQJ DQ RUJDQL]DWLRQDO SV\FKRORJLVW -Hŕľľ :HLVHO RI &HODGRQ +HDWK 9HQWXUHV LV KHDG RSHQHG D PDQDJHPHQW FRQVXOWDQF\ LQ 6LQJDSRUH LQJ D FRUSRUDWH DGYLVRU\ ÂżUP VSHFLDOL]LQJ LQ WKH $OLVRQ PDQDJHV D WHDP RI ྥྼ LQ 6LQJDSRUH DQG ྼྠKHDOWKFDUH VHFWRU Âł$IWHU DERXW ྡྷྠ\HDUV LQ $VLD ZRUOGZLGH Âłŕš LV LV RXU FRUSRUDWH KHDGTXDUWHUV PRVWO\ LQ WKH KHDOWKFDUH DQG SKDUPDFHXWLFDOV 6LQJDSRUH KDV EHHQ WKH HDVLHVW FRXQWU\ IRU XV WR VHFWRUV , VWDUWHG P\ RZQ EXVLQHVV ZRUNLQJ ZLWK VHW XS D EXVLQHVV )LIWHHQ \HDUV DJR ZH GLGQÂśW KHDOWKFDUH FRPSDQLHV KHOSLQJ WKHP ÂżQG WKH KDYH D ORW RI FRPSHWLWLRQ EXW LWÂśV YHU\ GLŕľľHUHQW FDSLWDO WR JURZ DQG SODQ WKHLU SDWK WR FRPPHU FLDOL]DWLRQ LQ UHJLRQDO PDUNHWV ´ H[SODLQHG -Hŕľľ WRGD\ ´ UHFDOOHG $OLVRQ &KULV 0LOOLNHQ D FKHI DQG ZLQH PDNHU IRXQG WKH RSSRUWXQLW\ WR H[SDQG KLV &KLOHDQ ZLQH EXVL %HLQJ (QWHUSULVLQJ ness in ŕľşŕśŒŕľžŕľşŕś‡ ZKHQ KLV ZLIH WRRN XS D MRE RS 6LQJDSRUH LV D XQLTXH SODFH WR VWDUW DQG RSHUDWH D SRUWXQLW\ LQ 6LQJDSRUH Âł,ÂśYH EHHQ LQ 6LQJDSRUH EXVLQHVV ŕš H SDQHOLVWV DJUHHG WKDW LW WDNHV D VWURQJ IRU VHYHQ \HDUV DQG WKLQN WKDW 6LQJDSRUH LV D HQWUHSUHQHXULDO VSLULW WR JHW WKURXJK WKH FKDOOHQJHV JUHDW SODFH WR EH IRU WKH QH[W ྼྠ\HDUV 0\ ZLIH ,I 6LQJDSRUH ZLVKHV WR HQFRXUDJH PRUH RI WKDW DQG , DUH WU\LQJ IRU D 6LQJDSRUH ŕś‰ŕś‹ ´ VDLG &KULV VRUW RI TXLQWHVVHQWLDO $PHULFDQ HQWUHSUHQHXULDO .LOOLFN 'DWWD RI ,QWHUQDWLRQDO %UDQG 3DUWQHUV VSLULW LQ 6LQJDSRUH WKH QDWLRQ QHHGV WR IRVWHU DQ LV EULQJLQJ KLV ZHDOWK RI H[SHULHQFH LQ WKH IRRW HQYLURQPHQW LQ ZKLFK LW LV PRUH DFFHSWDEOH WR ZHDU DSSDUHO LQGXVWU\ WR EXLOG D EUDQG RXW RI IDLO %XVLQHVV RZQHUV QHHG WR IDLO IDVW DQG SLYRW

46

sharpening their ideas and processes at each turn. -H൵ HODERUDWHG ³, ZDV DW D WHFKQRORJ\ FRQIHUHQFH UHFHQWO\ KDYLQJ D FKDW ZLWK D JX\ LQYROYHG LQ LQFXEDWLQJ VWDUWXSV ZKR VDLG µ๠LV LV DOO LQWHUHVWLQJ EXW ZKR LQ WKLV URRP LV SUHSDUHG IRU WKH IDFW WKDW PRVW RI WKHP DUH JRLQJ WR IDLO"¶ ๠H UHDVRQ LV WKH V\VWHP KHUH SXQLVKHV IDLOXUH 2QH FKDQJH WKDW FRXOG KHOS LV WR DOWHU WKH EDQNUXSWF\ ODZV VR WKDW WU\LQJ DQG IDLOLQJ LQ D EXVLQHVV LV QRW OLNH D GHDWK VHQWHQFH ´ +H FRQWLQXHG ³๠H JRYHUQPHQW GRHV WU\ WR UHFUHDWH D ULVN WDNLQJ HFRV\VWHP KHUH ๠H VWUXFWXUDO SUREOHP LV WKDW WKH HGXFDWLRQDO V\VWHP KHUH LV VWLOO PRUH JHDUHG WR WDVNV QRW FUHDWLYH WKLQNLQJ RU ULVN WDNLQJ :KLOH SHRSOH DUH WU\LQJ WR JHW PRUH RI WKHVH HOHPHQWV LQ WKH WHDFKHUV DQG SDUHQWV DUH HGXFDWHG LQ WKHVH PRUH WUDGLWLRQDO ZD\V 6R LW¶V VRPHWKLQJ WKDW GRHVQ¶W FKDQJH TXLFNO\ ´ ³, WKLQN , KDYH D VLPLODU H[SHULHQFH LI \RX KDYH D VHW WDVN ZRUNHUV KHUH FDQ FDUU\ WKURXJK YHU\ ZHOO %XW LI \RX QHHG WKHP WR VROYH WKLQJV WKH\ DUH D OLWWOH ORVW ´ VDLG &KULV :KLOH LQQRYDWLRQ DQG FDOFXODWHG ULVN WDNLQJ DUH DVVHWV LQ DQ\ LQGXVWU\ LQJHQXLW\ DQG FUHDWLYLW\ DUH LPSRUWDQW UHTXLUHPHQWV LQ WKH IDVKLRQ LQGXVWU\ .LOOLFN QRWHG WKDW WKHVH WUDLWV DUH QRW \HW VX൶FLHQWO\ GHYHORSHG LQ 6LQJDSRUH EXW WKH GHVLUH LV FHUWDLQO\ JURZLQJ ³๠H IDVKLRQ LQGXVWU\ LQ 6LQJDSRUH LV DVNLQJ µ:K\ FDQ¶W ZH KDYH RXU RZQ JOREDOO\ NQRZQ GHVLJQHU"¶ ๠H\ KDYH JUHDW VFKRROV IRU GHVLJQ DQG EXVLQHVV EXW KDYH QRW EHHQ DEOH WR FRQYHUW WKLV LQWR VXFFHVVIXO HQWUHSUHQHXUV ´ 5HJDUGOHVV RI LQGXVWU\ FRQWLQXLQJ WR FUHDWH DQ HQYLURQPHQW WKDW IRVWHUV HQWUHSUHQHXUVKLS DQG ULVN WDNLQJ FRXSOHG ZLWK DQ HGXFDWLRQ V\VWHP WKDW VSDUNV LQQRYDWLRQ ZRXOG OLNHO\ OHDG WR PRUH SHRSOH WDNLQJ DQ HQWUHSUHQHXULDO OHDS LQ 6LQJDSRUH

KILLICK DATTA

CEO, INTERNATIONAL BRAND PARTNERS

Industry: Footwear apparel Established in 2011

ALISON EYRING

CEO, ORGANISATION SOLUTIONS

Industry: Management consultancy Established in 2000

Accessing Capital &DSLWDO LV D NH\ GULYHU RI DOO EXVLQHVVHV DOORZLQJ HQWUHSUHQHXUV WR VWDUW D FRPSDQ\ LQQRYDWH DQG H[SDQG 8QOLNH IRU ආඇർV DFFHVV WR FDSLWDO LV VWLOO D FKDOOHQJH IRU PDQ\ ඌආൾV %DQNV DUH PRUH FDUHIXO LQ H[WHQGLQJ FUHGLW WR ඌආൾV DQG YHQWXUH FDSLWDO GRHV QRW FRQQHFW HDVLO\ WR ඌආൾs in Singapore. ๠LV ULVN DYHUVH HQYLURQPHQW LV FKDQJLQJ VORZO\ EXW LV VWLOO D UHDOLW\ IRU ඌආൾV $OLVRQ VDLG ³๠H ¿QDQFLDO V\VWHP KHUH LV YHU\ FRQVHUYDWLYH

47

CHRIS MILLIKEN CEO, PENGWINE

Industry: F&B Established in 2008

JEFF WEISEL

MANAGING DIRECTOR, CELADON HEALTH VENTURES

Industry: Pharmaceutical/ Biotechnology Established in 2008

VR ൰൥ \HDUV DJR WU\LQJ WR JHW D KXQGUHG WKRXVDQG GROODUV OLQH RI FUHGLW , FRXOGQ¬ґW JHW D EDQN WR DJUHH XQOHVV , FRXOG IXOO\ IXQG LW 6R , KDG WR WDNH D KXQGUHG WKRXVDQG GROODUV VWLFN LW WR WKH VLGH DQG IXOO\ EDFN WKH ORDQ ¬і -Hаµµ DGGHG WKDW WKH FKDOOHQJHV DUH QRW OLPLWHG WR WUDGLWLRQDO ¬њQDQFLQJ VRXUFHV ¬≥ає†HUH LVQ¬ґW UHDOO\ D WUXH YHQWXUH FDSLWDO IRFXV RQ ELRWHFK RU PHG WHFK ,QVWHDG ZKDW ZH KHDU LV ¬µ:H WKLQN ZKDW \RX KDYH LV UHDOO\ LQWHUHVWLQJ EXW RXU LQYHVWRUV ZRXOG SUHIHU WR KDYH WKH PRQH\ LQYHVWHG LQ ODWHU VWDJH RU HYHQ OLVWHG FRPSDQLHV ¬ґ %XW WKH LGHD RI YHQWXUH FDSLWDO LQYHVWLQJ LQ SXEOLFO\ OLVWHG FRP SDQLHV LV DOPRVW D FRQWUDGLFWLRQ LQ WHUPV $QG WKHQ WKH\ JR RQ WR VD\ WKDW EHFDXVH WKH\ KDYH OLQNV RU VSRQVRUVKLS IURP WKH JRYHUQPHQW WKH\ FDQ RQO\ LQYHVW LQ 6LQJDSRUH EDVHG FRPSDQLHV UDWKHU WKDQ DFFHVVLQJ WKH EURDGHU UHJLRQ ¬і $ZDUH RI WKLV GLVFRQQHFW EHWZHHQ FDSLWDO DQG аґМаґЖаµЊV WKH 6LQJDSRUH JRYHUQPHQW KDV FUHDWHG D VHULHV RI LQLWLDWLYHV WR KHOS EULGJH IXQGLQJ FKDO OHQJHV IRU аґМаґЖаµЊV )RU H[DPSOH аґМаґЙаґЛаґВаґЗаґА RаµµHUV WKH ,QQRYDWLRQ DQG &DSDELOLW\ 9RXFKHU ZKLFK VXSSRUWV аґМаґЖаµЊV LQ WKH GHYHORSPHQW DQG LPSOH PHQWDWLRQ RI VLPSOH VROXWLRQV WR LPSURYH EXVLQHVV H൴FLHQF\ DQG SURGXFWLYLW\ $*аґМаґНаµЇаґЛ KDV SXW LQ SODFH D WHDP RI LQWHUPHGLDULHV WR PDWFK аґМаґЖаµЊV ZLWK UHDG\ WHFKQRORJ\ VROXWLRQV WR LPSURYH SURGXFWLYL W\ ZLWK HQFRXUDJLQJ SURJUHVV ¬≥, WKLQN 6LQJDSRUH KDV GRQH D ORW WR VXSSRUW аґМаґЖаµЊV ¬і VDLG $OLVRQ 6WDUWLQJ DQG PDQDJLQJ D VXFFHVVIXO EXVLQHVV UHTXLUHV RQH WR EH VDYY\ LQ QDYLJDWLQJ WKH RS HUDWLQJ HQYLURQPHQW DVNLQJ WKH ULJKW TXHVWLRQV DQG WDONLQJ WR WKH ULJKW SHRSOH <HW ZKLOH WKH SDQHOLVWV SUDLVHG WKH JRYHUQPHQW¬ґV LQLWLDWLYHV WKH\ DOVR VDZ RSSRUWXQLWLHV IRU LPSURYHPHQW &KULV H[SODLQHG ¬≥аґМаґЙаґЛаґВаґЗаґА IRU LQVWDQFH RаµµHUV LQFHQWLYHV DQG UHDOL]HV WKDW VRPH DUH WDNLQJ XQIDLU DGYDQWDJH RI WKRVH LQFHQWLYHV VR WKHQ WKH\ PDNH LW KDUGHU WR TXDOLI\ IRU WKH PRQH\ %XW PDNLQJ LW KDUGHU PHDQV WKHUH¬ґV VWLOO D ORQJ ZD\ WR JR LQ EULGJLQJ WKH IXQGLQJ JDS $QG FKDQJLQJ WKH UXOHV HYHU\ \HDU PDNHV LW FRQIXVLQJ WR аґМаґЖаµЊV ¬і

0DQDJLQJ 7DOHQW :KHQ EXVLQHVVHV JURZ LW LV LPSRUWDQW WR LQYHVW LQ WDOHQW LQ RUGHU WR UHDS WKH EHQH¬њWV RI PRUH HI IHFWLYH RSHUDWLRQV )RU аґМаґЖаµЊV DWWUDFWLQJ TXDOL¬њHG

48

L¿HG WDOHQW LV D VKDUHG FRQFHUQ ZLWK QXDQFHG YDULDWLRQV DFURVV GL൵HUHQW LQGXVWULHV ³)RU D ¿UP OLNH PLQH LW FDQ EH GL൶FXOW WR UHFUXLW SURIHVVLRQDOV RU \RXQJ JUDGXDWHV LQ FHU WDLQ ¿HOGV EHFDXVH DGYDQFHG GHJUHH SURJUDPV DUH QRW R൵HUHG LQ 6LQJDSRUH ,Q P\ ¿HOG IRU H[DPSOH \RX KDYH PRUH WKDQ ൢൠUHDOO\ JRRG 3K' SURJUDPV LQ WKH 8QLWHG 6WDWHV +HUH ZH GRQ¶W HYHQ KDYH RQH ´ H[SODLQHG $OLVRQ ,Q WKH FDVH RI ZLQH UHWDLO ¿QGLQJ FDSDEOH PDQDJHUV DOVR PHDQW ¿QGLQJ VRPHRQH ZLWK ORFDO NQRZOHGJH ³,¶YH JRW D FRPSDQ\ LQ &KLOH ZKLFK SURGXFHV ZLQH DQG , H[SRUW LW WR GL൵HUHQW FRXQWULHV , ¿QG LW PRUH H൵HFWLYH WR KDYH RQH SHUVRQ LQ HDFK FRXQWU\ UHSUHVHQWLQJ WKH SURG XFW UDWKHU WKDQ RQH SHUVRQ LQ 6LQJDSRUH WR EH KHDG RI VDOHV +DYLQJ VRPHRQH , FDQ WUXVW RQ WKH JURXQG LV LPSRUWDQW EHFDXVH HDFK FRXQWU\ LV GL൵HUHQW ´ VDLG &KULV :KHQ RQH YHQWXUHV RXWVLGH RI WKH FRQYHQWLRQDO EXVLQHVV PRGHO WKH DELOLW\ WR LGHQWLI\ RSSRU WXQLWLHV DQG FRQQHFW ZLWK WKH ULJKW SHRSOH LV LPSRUWDQW -H൵ VDLG ³, GRQ¶W KDYH VWD൵ , ZRUN LQ D QHWZRUN RI SHRSOH ZKR DUH H[SHUWV ZLWK EDFNJURXQGV LQ IRU H[DPSOH LQYHVWPHQW EDQNLQJ DV , GRQ¶W KDYH H[SHULHQFH LQ VWUXFWXULQJ GHDOV VLQFH P\ H[SHULHQFH LV PDLQO\ LQ LQGXVWU\ 6R LW¶V PRUH WKH FRPSDQLHV , ZRUN ZLWK WKDQ WKH VWD൵ , ZRUN ZLWK , WKLQN HQWUHSUHQHXUV WHQG WR EH OHDQHU RQ WKH JURXQG KHUH ´ ๠H IDVKLRQ EXVLQHVV ZKLOH JHQHUDOO\ VPDOO LQ VL]H UHTXLUHV GL൵HUHQW VNLOO VHWV OLNH GHVLJQ PDQXIDFWXULQJ ORJLVWLFV EUDQGLQJ DQG PDU NHWLQJ ³,Q P\ LQGXVWU\ EUDQGV UHDOO\ DOZD\V VWDUW VPDOO DQG RQO\ D IHZ EHFRPH PDMRU KHDY\ ZHLJKWV VXFK DV /RXLV 9XLWWRQ DQG 1LNH , KDYH QLQH VWD൵ KHUH DQG ൢൠDEURDG ZKLFK LQFOXGH P\ GHVLJQ WHDP EXW ZH XVH LQGHSHQGHQW GLVWULEXWRUV WR PDUNHW WKH EUDQG LQ WKH ൡ൤ൢ FRXQWULHV WKDW ZH KDYH ODXQFKHG LQ ´ VDLG .LOOLFN

Managing Cost 2WKHU WKDQ WDOHQW WKH FRVW RI OLYLQJ DQG GRLQJ EXVLQHVV LQ 6LQJDSRUH LV D JURZLQJ FRQFHUQ EXW LW KDV QRW \HW UHDFKHG D SRLQW ZKHUH WKHVH HQWUHSUHQHXUV DUH FRQVLGHULQJ UHORFDWLQJ WR RWKHU PDUNHWV ,QVWHDG WKH\ DUH SXUVXLQJ RWKHU PHWK RGV RI PDQDJLQJ FRVWV

.LOOLFN VKDUHG WKH H൵HFW RI FRVW RQ WKH IDVKLRQ LQGXVWU\ ³๠H FRVW LV KLJK KHUH EXW LI \RX JR EDFN WR 1HZ <RUN /RQGRQ RU 7RN\R LW¶V WKH VDPH KLJK FRVW ๠HUH LV D GL൵HUHQFH EHWZHHQ IDVKLRQ EUDQGHG GLVWULEXWLRQ DQG IDVKLRQ UHWDLO &RQWHPSRUDU\ FLWLHV OLNH 1HZ <RUN /RQGRQ RU 7RN\R KDYH IDVKLRQ ,Q $VLD 6HRXO DQG +RQJ .RQJ DUH EHFRPLQJ IDVKLRQDEOH ZLWK VRPH XQLTXH VWRUHV 6LQJDSRUH LV LQ WKH SURFHVV RI JURRPLQJ D ORFDO IDVKLRQ LQGXVWU\ ´ ,Q VRPH LQGXVWULHV LVVXHV OLNH HQVXULQJ ංඉ SURWHFWLRQ WDNH SUHFHGHQFH RYHU FRVW -H൵ QRWHG ³<RX QHHG D FHUWDLQ OHDG WLPH LQ ELRWHFKQRORJ\ DQG WKH OHDG WLPHV DUH PXFK ORQJHU ZLWK DQ H[WUHPHO\ KLJK IDLOXUH UDWH 6LQJDSRUH PDQDJHV WKH ංඉ DVSHFW ZHOO JLYLQJ ELRWHFK FRPSDQLHV WKH DVVXUDQFH WKDW WKH ULJKWV WR WKHLU LQQRYDWLRQ ZLOO EH DGHTXDWHO\ SURWHFWHG ´ 2WKHU WLPHV FRVW FRQFHUQV DUH EDODQFHG ZLWK PDUNHW SRWHQWLDO &KULV VDLG ³)RU PH RQH EHQ H¿W RI 6LQJDSRUH LV WKDW , FDQ WHVW P\ SURGXFW KHUH EHFDXVH \RX KDYH GL൵HUHQW FXOWXUHV VR \RX FDQ WDUJHW VHJPHQWV DQG WHVW \RXU EUDQGV PDNLQJ LW HDVLHU ZLWKRXW KDYLQJ WR JR WR HYHU\ VLQJOH FRXQWU\ $OVR LI \RXU EUDQG LV VXFFHVVIXO LQ 6LQJDSRUH VD\ LQ D ¿YH VWDU KRWHO KHUH LW ZRXOG KHOS WKH VDOHV RI \RXU SURGXFW HOVHZKHUH LQ WKH UHJLRQ ´ $OLVRQ H[SORUHG WKH IHDVLELOLW\ RI MRE VKDULQJ ³:H¶YH JRW D FRQVXOWDQW ULJKW QRZ ZRUNLQJ RXW RI 6\GQH\ DQG VKH¶V MRE VKDULQJ ZLWK DQ HPSOR\HH KHUH :H¶UH DOVR ORRNLQJ DW KLULQJ D 3K' LQWHUQ IURP WKH 8QLWHG 6WDWHV ZKR ZRXOG ZRUN RXW RI WKH 8QLWHG 6WDWHV DQG ZH¶G À\ KHU RXW D FRXSOH RI WLPHV ´ FRQFOXGHG $OLVRQ 6LQJDSRUH¶V ORFDWLRQ DQG HDVH RI GRLQJ EXVL QHVV SHUPLWV ඌආൾV WR JURZ LQ WKH KHDUW RI RQH RI WKH ZRUOG¶V PRVW H[FLWLQJ PDUNHWV ๠H 6LQJDSRUH JRYHUQPHQW R൵HUV PRUH DVVLVWDQFH to its ඌආൾV WKDQ SHUKDSV DQ\ LQ WKH ZRUOG \HW WKH SDQHOLVWV HPSKDVL]HG WKDW WKHUH LV VWLOO D ORQJ ZD\ WR JR²LQ WHUPV RI FXOWXUH FDSLWDO DQG FRVW²LQ WUDQVIRUPLQJ WKH FRXQWU\ IURP D JUHDW ORFDWLRQ WR DFFHVV WKH UHJLRQ WR RQH WKDW LV WUXO\ JUHDW IRU VWDUWLQJ DQG JURZLQJ D EXVLQHVV ๠H JRYHUQPHQW DSSHDUV SRLVHG WR WDFNOH WKH FKDOOHQJH DQG LI SDVW VXFFHVV LV DQ\ LQGLFDWLRQ ZLOO OLNHO\ VXFFHHG

49

ŕš H &XUUHQW %XVLQHVV &OLPDWH LQ 6LQJDSRUH Introduction Over the past Έ΃ years, Singapore has made impressive progress developing economically while concurrently investing in the well-being of its people. 'espite a limited domestic market and small geographic si]e, Singapore continues to attract investment from companies all over the world. This section provides an overview of Singapore’s current business environment from the perspective of AmCham members. It examines the city-state’s key advantages as a hub for business and investment, government support to business, perceptions of American businesses’ contributions to Singapore, operational challenges faced by Č´rms, and the characteristics of the Singaporean talent pool. Finally, it highlights the domestic and regional issues that are at the top of the business community’s list of priorities at the moment.

6LQJDSRUHÂśV $GYDQWDJHV DV D %XVLQHVV 'HVWLQDWLRQ 2XU PHPEHU FRPSDQLHV FDPH WR 6LQJDSRUH DW GLŕľľHUHQW WLPHV DQG IRU YDU\LQJ UHDVRQV (DFK KDV GHFLGHG WR VWD\ DQG GHYHORS LWV EXVLQHVV DV 6LQJDSRUH RŕľľHUV DQ DUUD\ RI DGYDQWDJHV IRU LQYHVWRUV 5HVSRQGHQWV ZHUH DVNHG WR OLVW WKH PRVW DSSHDOLQJ TXDOLWLHV RI 6LQJDSRUH DV DQ LQYHVWPHQW GHVWLQDWLRQ The Greatest Advantages of Singapore as an Investment Destination 60% 50%

40% 30%

20% 10% 0% Ease of Conducting Business Sound Infrastructure Anti-Corruption Attitude and Policies

Stable Political Environment Attractive Tax Rates Attractive Location for Employees/Families

Note: As respondents were allowed to choose up to three responses, the total percentage may exceed 100.

5HVSRQVHV WR WKLV TXHVWLRQ GR QRW YDU\ E\ FRP 6HFRQG ŕśŒŕś†ŕľžV DUH FRPSDUDWLYHO\ PRUH SDQ\ VL]H RU VHFWRU ZLWK WZR H[FHSWLRQV )LUVW OLNHO\ WKDQ ŕś†ŕś‡ŕľźV WR VHOHFW ÂłDWWUDFWLYH ŕś†ŕś‡ŕľźV DUH FRPSDUDWLYHO\ PRUH OLNHO\ WKDQ WD[ UDWHV ´ ŕśŒŕś†ŕľžV WR YDOXH ÂłHDVH RI GRLQJ EXVLQHVV ´

50

*RYHUQPHQW 6XSSRUW IRU %XVLQHVVHV ๠H 6LQJDSRUH JRYHUQPHQW LV FKDUDFWHUL]HG DV EXVLQHVV IULHQGO\ DQG WKH FLW\ VWDWH VFRUHV ZHOO LQ VXUYH\V RQ WKH HDVLHVW SODFHV LQ WKH ZRUOG WR GR EXVLQHVV :H DVNHG UHVSRQGHQWV LI WKHLU ¿UPV KDYH UHFHLYHG VXSSRUW IURP WKH 6LQJDSRUH JRYHUQPHQW DQG KRZ WKH ඎ ඌ 6LQJDSRUH UHODWLRQVKLS KDV KHOSHG WKHLU EXVLQHVVHV JURZ LQ 6LQJDSRUH

+DV <RXU &RPSDQ\ 3UHYLRXVO\ %HQHILWHG IURP 6XSSRUW IURP WKH 6LQJDSRUH *RYHUQPHQW"

<HV

$OPRVW KDOI RI RXU VXUYH\¶V UHVSRQGHQWV KDYH UHFHLYHG VXSSRUW IURP WKH 6LQJDSRUH JRYHUQPHQW LQ WKH IRUP RI (FRQRPLF 'HYHORSPHQW %RDUG ൾൽൻ RU ,QWHUQDWLRQDO (QWHUSULVH ංൾ) Singapore DVVLVWDQFH 3URGXFWLYLW\ DQG ,QQRYDWLRQ &UHGLWV ඉංർ RU WKURXJK WKH ,QQRYDWLRQ DQG &DSDELOLW\ 9RXFKHU ංർඏ VFKHPH 2YHU D TXDUWHU RI ආඇർ UHVSRQGHQWV UHSRUW WKDW WKH ൾൽൻ KDV DVVLVWHG WKHP LQ HVWDEOLVKLQJ WKHLU EXVLQHVVHV LQ 6LQJDSRUH 6LPLODUO\ D TXDUWHU RI ආඇർV LQGLFDWH WKDW WKH\ KDYH UHFHLYHG VXSSRUW WR H[SDQG WKHLU RSHUDWLRQV LQ 6LQJDSRUH

1R

2WKHU

0DQ\ SURJUDPV DUH DYDLODEOH WR FRPSDQLHV RI DOO VL]HV RI ආඇർV DQG RI ඌආൾs KDYH EHQH¿WHG IURP WKH ඉංർ VXSSRUW SURYLGHG E\ WKH 0LQLVWU\ RI )LQDQFH DQG RI UHVSRQG HQWV LQGLFDWH WKDW WKH\ UHFHLYHG IXQGLQJ IURP WKH 0LQLVWU\ RI (GXFDWLRQ DQG WKH 0LQLVWU\ RI 0DQSRZHU &RQYHUVHO\ RI ඌආൾ UHVSRQGHQWV DQG RI ආඇർ UHVSRQGHQWV UHSRUW WKDW WKH\ KDYH QRW UHFHLYHG 6LQJDSRUH JRYHUQPHQW VXSSRUW 2QO\ RI ඌආൾ UHVSRQGHQWV LQGLFDWH WKDW WKH\ KDYH UHFHLYHG DVVLVWDQFH IURP WKH ංർඏ VFKHPH

51

Perceptions of the U.S. Contribution to Singapore U.s. businesses have been present in Singapore throughout much of the city’s modern history.

The level of understanding and cooperation between local residents and foreign companies is a key determinant for the success of the companies’ investments. Our respondents’ feedback on their relations with the Singapore government and the community reveals the different ways in which their engagement is perceived by the government and the local citizens. In Your Perception, Is the U.S. Business Contribution to Singapore Valued by the Singapore Government/Citizens? 90%

80% 69%

70%

60%

50% 37%

40%

30% 21%

25%

23%

20% 9%

10% 2%

1% 1%

0% Yes; contributions are genuinely valued.

Yes; but contributions are taken for granted.

No; contributions are not valued.

Singapore Government

No; U.S. business presence is considered a negative.

Singaporean citizens are likely not aware of U.S. contributions.

Singapore Citizens

Note: Respondents were asked about their perception of the government and citizens in two separate questions. The option "Singaporean citizens are likely not aware of U.S. contributions" was only available in the question regarding citizens.

Companies responding to the survey overwhelmingly believe that the government values their presence in Singapore: 69% of the respondents indicate that the government genuinely values the contributions of u.s. business. In contrast, only 60% of respondents are confident that the u.s. business contribution is valued by Singaporean citizens, while 25% believe Singaporean citizens are not aware of the contributions American

companies make on the local level. The discrepancy could be explained at least in part because government officials are more likely to understand which companies are and are not American as most companies do not use nationality in marketing. Another possible explanation relates to differing perceptions about the role and value of foreign labor as in direct competition with or as a supplement to the local talent pool.

52

85758C1_AmCham Report_41.indd 52

7/16/15 4:41 PM

&XUUHQW 2SHUDWLRQDO &KDOOHQJHV LQ 6LQJDSRUH :H DVNHG UHVSRQGHQWV IRU WKHLU SHUVSHFWLYHV RQ WKHLU FRPSDQLHV¶ JUHDWHVW RSHUDWLRQDO FKDOOHQJHV LQ 6LQJDSRUH

What Are Your Company's Greatest Operational Challenges in Singapore?

Cost of Space in Singapore

Recruiting Qualified Singaporeans

The Cost of Human Resources in Singapore

Difficulties Recruiting Staff with Sufficient Business Knowledge of the Region

Insufficient Employee Productivity Relative to Salary

Other

0%

20%

40%

60%

80%

Note: As multiple responses are allowed, the total percentage may exceed 100.

5HVSRQGHQWV SRLQW WR 6LQJDSRUH¶V OLPLWHG SK\VLFDO VL]H DQG UHODWLYHO\ VPDOO SRSXODWLRQ DV IDFWRUV XQGHUO\LQJ RSHUDWLRQDO FKDOOHQJHV :KHQ DVNHG WR QDPH WKHLU WRS WKUHH JUHDWHVW RSHUDWLRQDO FKDOOHQJHV LQ 6LQJDSRUH UHVSRQG HQWV SXW WKH FRVW RI VSDFH DW WKH WRS RI WKH OLVW ๠LV SHUFHSWLRQ LV VKDUHG HTXDOO\ DFURVV LQGXVWULHV DQG VHFWRUV 0DQSRZHU UHODWHG FRQFHUQV FDPH QH[W :KLOH UHFUXLWLQJ TXDOL¿HG 6LQJDSRUHDQV LV WKH VHFRQG PRVW IUHTXHQWO\ FLWHG RSHUDWLRQDO FKDOOHQJH ඌආൾs UHSRUW PRUH GL൶FXOW\ WKDQ ආඇർV ZLWK RQO\ RI ආඇർV LGHQWLI\LQJ LW DV DQ LVVXH DV FRPSDUHG to RI ඌආൾV ๠H PDQXIDFWXULQJ VHFWRU ) YLHZV UHFUXLWLQJ TXDOL¿HG 6LQJDSRUHDQV DV D JUHDWHU SUREOHP WKDQ WKH VHUYLFHV VHFWRU $ VXEVWDQWLDO SURSRUWLRQ RI UHVSRQGHQWV OLVW WKH FRVW RI KXPDQ UHVRXUFHV DQG GL൶FXO

WLHV UHFUXLWLQJ VWD൵ ZLWK NQRZOHGJH RI KRZ WR GR EXVLQHVV LQ WKH UHJLRQ ) as operational FKDOOHQJHV ๠H ¿IWK PRVW FRPPRQ UHVSRQVH DOVR UHODWHV WR FRVW DV RI UHVSRQGHQWV VD\ WKDW ³LQVX൶FLHQW HPSOR\HH SURGXFWLYLW\ UHODWLYH WR VDODU\´ LV DPRQJ WKHLU JUHDWHVW FKDOOHQJHV 6RPH UHVSRQGHQWV SURYLGHG ZULWH LQ UHVSRQVHV 6HYHUDO LQGLFDWH WKDW ³MRE KRSSLQJ´ LV DQRWKHU VLJQL¿FDQW FKDOOHQJH ,Q D WLJKW ODERU PDUNHW MRE KRSSLQJ FUHDWHV SUREOHPV JLYHQ WKDW ¿UPV KDYH GHGLFDWHG WLPH DQG FDSLWDO WR WUDLQLQJ HP SOR\HHV RQO\ WR KDYH WKHP OHDYH EHIRUH WKH FRP SDQ\ EHJLQV WR VHH WKH EHQH¿WV RI WKH WUDLQLQJ 2WKHU ZULWH LQ UHSOLHV LQFOXGH WKH GL൶FXOW\ RI VHFXULQJ ZRUNLQJ FDSLWDO IRU ඌආൾV IURP SULYDWH OHQGHUV WKH KLJK FRVW RI OLYLQJ LQ 6LQJDSRUH DQG WKH FRXQWU\¶V JHRJUDSKLF GLVWDQFH IURP RWKHU KLJK SRWHQWLDO UHJLRQV VXFK DV 1RUWK $VLD

53

5HFUXLWPHQW IURP WKH /RFDO 7DOHQW 3RRO 2QH RI WKH NH\ LVVXHV WR FRQVLGHU EHIRUH D ¿UP GHFLGHV WR HVWDEOLVK D SUHVHQFH LQ DQ\ FRXQWU\ LV ZKHWKHU LW ZLOO EH DEOH WR KLUH TXDOL¿HG WDOHQW IURP WKH ORFDO ZRUNIRUFH WR VWD൵ LWV RSHUDWLRQV ๠H ZHOO HGXFDWHG DQG ODUJHO\ (QJOLVK VSHDNLQJ ZRUNIRUFH LQ 6LQJDSRUH SOD\V D UROH LQ WKH QDWLRQ¶V DWWUDFWLYHQHVV DV D GHVWLQDWLRQ IRU IRUHLJQ GLUHFW LQYHVWPHQW :H DVNHG UHVSRQGHQWV KRZ HDV\ LW LV IRU WKHP WR KLUH ORFDO ZRUNHUV ,Q DGGLWLRQ ZH DVNHG WKHP IRU IHHGEDFN RQ WKH VNLOOV WKDW WKHLU FRPSDQLHV UHTXLUH How Confident Are You That You Can Recruit Qualified Singaporeans to Fill the Following Roles? 100%

90%

80%

70%

60%

50%

40%

30% 20%

10%

0% Entry Level Confident

Low Skill Level Somewhat Confident

Technical Not Confident

$ PDMRULW\ RI UHVSRQGHQWV DUH FRQ¿GHQW WKDW WKH\ ZLOO EH DEOH WR DWWUDFW TXDOL¿HG 6LQJDSRUHDQV IRU HQWU\ OHYHO SRVLWLRQV EXW FRQ¿GHQFH GHFUHDVHV DV WKH SRVLWLRQV LQFUHDVH LQ VHQLRULW\ DQG RU VNLOO OHYHO )RU VHQLRU PDQDJHPHQW SRVLWLRQV RI UHVSRQGHQWV IHHO VRPHZKDW FRQ¿GHQW LQ WKHLU DELOLW\ WR UHFUXLW 6LQJDSRUHDQV WR ¿OO YDFDQFLHV LQ WKH PDQDJHPHQW WHDPV DQG GR QRW IHHO

54

Middle Management Senior Management Do Not Know

FRQ¿GHQW DERXW LW DW DOO :KLOH UHFUXLWLQJ VHQLRU PDQDJHPHQW LV RIWHQ GL൶FXOW LQ DQ\ WLJKW ODERU PDUNHW WKH FRQFHQWUDWLRQ RI KHDGTXDUWHUV උà¹&#x;ൽ DQG LQWHOOHFWXDO SURSHUW\ LQWHQVLYH IXQFWLRQV KHUH PD\ PHDQ WKDW $PHULFDQ EXVLQHVVHV KDYH D GLVSURSRUWLRQDWH GHPDQG IRU KLJKHU VNLOOHG PRUH VHQLRU SHUVRQQHO

As You Recruit Singaporean Executives/Managers, Which Skills Are in the Shortest Supply?

Strategic Thinking/Devising Creative Solutions to Complex Business Plans

International Experience/Global Outlook

Demonstrated Leadership/Management Capabilties

Business Planning and Management Skills

Clear Track Record of Successful Execution

Other Technical Business Skills

0%

20%

40%

60%

80%

Note: As multiple responses are allowed, the total percentage may exceed 100.

5HVSRQGHQWV VHHN WR KLUH PRUH HPSOR\HHV ZLWK WKH DELOLW\ WR WKLQN VWUDWHJLFDOO\ DQG RU GHYLVH FUHDWLYH VROXWLRQV WR FRPSOH[ EXVLQHVV SUREOHPV DQG ZKR KDYH LQWHUQDWLRQDO H[SHULHQFH DQG D JOREDO RXWORRN )RU WKH LQWHUQDWLRQDO H[SHULHQFH JOREDO RXWORRN FKDUDFWHULVWLF WKLV EHQW LV PRUH SURQRXQFHG LQ WKH PDQXIDFWXULQJ LQGXVWU\ WKDQ

LQ WKH VHUYLFHV LQGXVWU\ ZLWK RI UHVSRQG HQWV IURP PDQXIDFWXULQJ SXWWLQJ WKHVH TXDOLWLHV ¿UVW FRPSDUHG WR RQO\ RI UHVSRQGHQWV IURP VHUYLFHV 2YHU KDOI RI WKH UHVSRQGHQWV DOVR VWDWH WKDW WKH\ ZRXOG OLNH WR UHFUXLW PRUH HPSOR\HHV ZKR GHPRQVWUDWH OHDGHUVKLS RU PDQDJHPHQW FDSDELOLWLHV

55

6HOHFWHG ,QVLJKWV &UHDWLYLW\ DQG )OH[LELLW\

ČŠ:H ORRN IRU WDOHQWV WKDW DUH FUHDWLYH WKLQNHUV FDQ PDQDJH DPELJXLW\ KDYH H[SHULHQFH LQ PRUH WKDQ RQH PDUNHW FDQ OHDG IURP WKH IURQW KDYH DQ RSLQLRQ DQG FDQ GHEDWH Č‹ 0DNH 0LVWDNHV

ČŠ:H ORRN WR GHYHORS WKH VNLOOV RI RXU PDQDJHUV H[HFXWLYHV Č‚ WKH IRFXV LV RQ PDQDJHPHQW DQG OHDGHUVKLS VNLOOVČ? ΖW LV RND\ WR PDNH PLVWDNHV ΖW LV ZKDW \RX OHDUQ IURP WKDW ZKLFK LV NH\ Č‹ How Has the Availability of Key Skills/Attributes Changed in the Singaporean Candidate Pool in the Last Five Years? Improvement

No Change

Decline

Do Not Know

0%

10%

20%

ŕš H PDMRULW\ RI VXUYH\ UHVSRQGHQWV EHOLHYH WKDW WKHUH KDV EHHQ DQ LPSURYHPHQW LQ WKH DYDLODELOL W\ RI NH\ VNLOOV DQG DWWULEXWHV LQ WKH 6LQJDSRUHDQ WDOHQW SRRO ŕś†ŕś‡ŕľźV DUH VOLJKWO\ PRUH SRVLWLYH RQ

30%

40%

50%

60%

WKLV TXHVWLRQ WKDQ ŕśŒŕś†ŕľžV ZLWK RI ŕś†ŕś‡ŕľźs LQGLFDWLQJ WKDW WKHUH KDV EHHQ DQ LPSURYHPHQW LQ WKH FDQGLGDWH SRRO ZLWKLQ WKH SDVW ÂżYH \HDUV DV FRPSDUHG WR RI ŕśŒŕś†ŕľžV

)HHGEDFN RQ .H\ 'RPHVWLF DQG 5HJLRQDO ,VVXHV 5HVSRQGHQWV DSSODXG WKH VXSSRUWLYH DQG IRUZDUG RULHQWHG QDWXUH RI 6LQJDSRUHÂśV EXVLQHVV HQ YLURQPHQW DQG RŕľľHU VXJJHVWLRQV IRU PDLQWDLQLQJ LWV OHDGLQJ HGJH :H DVNHG VXUYH\ SDUWLFLSDQWV ZKDW WKH\ WKLQN 6LQJDSRUHÂśV GRPHVWLF DQG UHJLRQDO SROLF\ SULRULWLHV VKRXOG EH Top Priority Domestic Policy Issues 70% 60%

50%

40% 30% 20% 10% 0%

Invest in Local Talent Focusing on Cooperate to Identify Ways to Lower Invest in Attracting More Foreign Talent Leadership Capabilities, Relevant the Cost of Doing Business in/from Recognizing the Local Talent Pool is Business Experience, and Qualifications Singapore Finite

Note: As multiple responses are allowed, the total percentage may exceed 100.

56

$PRQJ GRPHVWLF SROLF\ LVVXHV LQ 6LQJDSRUH WKH ULVLQJ FRVW RI GRLQJ EXVLQHVV LQ 6LQJDSRUH $P&KDP PHPEHUV¶ SULPDU\ FRQFHUQ UHODWHV RI UHVSRQGHQWV KRSH WR KDYH WKH FKDQFH WR WR FRQWLQXHG GHYHORSPHQW RI WKH WDOHQW SRRO FRRSHUDWH ZLWK WKH 6LQJDSRUH JRYHUQPHQW WR RI UHVSRQGHQWV LQGLFDWH WKDW LQYHVWLQJ LQ VHDUFK IRU ZD\V WR UHGXFH WKH FRVW RI GRLQJ EXVL ORFDO WDOHQW IRFXVLQJ RQ OHDGHUVKLS FDSDELOLWLHV QHVV ๠H FRVW LVVXH LV SDUWLFXODUO\ LPSRUWDQW WR UHOHYDQW EXVLQHVV H[SHULHQFH DQG TXDOL¿FDWLRQV WKH PDQXIDFWXULQJ VHFWRU ZKHUH RI UHVSRQG VKRXOG EH D SROLF\ SULRULW\ HQWV OLVW LW DV DQ LPSRUWDQW FRQFHUQ FRPSDUHG WR &RPSDQLHV DUH DOPRVW HTXDOO\ FRQFHUQHG DERXW RI UHVSRQGHQWV LQ WKH VHUYLFHV VHFWRU

Top Regional Policy Issues 70%

60%

50% 40%

30%

20%

10%

0%

Support Regulatory Support Address Regional Invest in Regional Strengthen Rule of Harmonization Multilateral Trade Corruption Infrastructure Law Within ASEAN Liberalization

Address Environmental Concerns

Note: As multiple responses are allowed, the total percentage may exceed 100.

2Q WKH UHJLRQDO IURQW WKH UHVXOWV RI RXU VXU YH\ LQGLFDWH WKDW WKH LVVXHV RI JUHDWHVW LQWHUHVW WR WKH $PHULFDQ EXVLQHVV FRPPXQLW\ UHTXLUH FRRUGLQDWLRQ DPRQJ WKH YDULRXV JRYHUQPHQWV RI 6RXWKHDVW $VLD ๠H PDMRULW\ RI UHVSRQG HQWV DJUHH WKDW UHJXODWRU\ KDUPRQL]DWLRQ ZLWKLQ ൺඌൾൺඇ DQG PXOWLODWHUDO WUDGH

OLEHUDOL]DWLRQ DUH WRS SULRULWLHV 5HVSRQGHQWV DOVR LQGLFDWH LQ WKHLU ZULWH LQ UH VSRQVHV WKDW FURVV ERUGHU WD[ LVVXHV DQG ¿QGLQJ VNLOOHG WDOHQW WR VWD൵ UHJLRQDO RSHUDWLRQV DUH DOVR RI FRQFHUQ DQG WKDW 6LQJDSRUH VKRXOG FRQWLQXH WR SOD\ D OHDGHUVKLS UROH LQ WKH UHJLRQ WR GULYH SROL FLHV WKDW ZLOO FUHDWH EXVLQHVV RSSRUWXQLWLHV

57

6WUHWFK <RXU %RXQGDULHV ZLWK $FFHQWXUH Lay Lim Teo Senior Managing Director Č‚ Singapore & ASEAN

Accenture positions itself at the intersection of business and technology. Whether it is strategy, digital, technology, or operations, Accenture drives value by helping to shape new businesses, designing operating models for the future, and harnessing technology to help clients innovate and become high performers.

A

FFHQWXUHœV FRXQWU\ KHDG /D\ /LP 7HR WDONHG DERXW $FFHQWXUHœV JURZWK KHUH LQ 6LQJDSRUH DQG LWV UROH LQ KHOSLQJ 6LQJDSRUH EHFRPH D ZRUOG OHDGHU LQ GLYHUVH DU HDV ³:H DUH FHOHEUDWLQJ $FFHQWXUHœV ྤྠWK \HDU LQ 6LQJDSRUH LQ ྡྷྠྥྼ KDYLQJ EHHQ LQFRUSRUDWHG LQ ྥྊྦྷྼ 2QH RI RXU PRVW PHPRUDEOH H[SHULHQFHV KHUH ZDV KHOSLQJ WR PRGHUQL]H 6LQJDSRUHœV WD[ DGPLQLVWUDWLRQ LQFOXGLQJ SLRQHHULQJ WKH H[WHQVLYH XVH RI LPDJH SURFHVVLQJ WHFKQRORJ\ EDFN ZKHQ LW ZDV ORFDWHG DW ZKDW LV QRZ WKH )XOOHUWRQ +RWHO ´ ³:H DUH H[FHSWLRQDOO\ SURXG RI WKH RSSRUWX

QLWLHV ZH KDYH KDG WR ZRUN WRJHWKHU ZLWK FRP SDQLHV DQG WKH JRYHUQPHQW WR WUDQVIRUP WKH ZD\ 6LQJDSRUH ZRUNV DQG OLYHV DQG WR KHOS HQDEOH 6LQJDSRUH WR EHFRPH RQH RI WKH OHDGLQJ H *RYHUQPHQWV LQ WKH ZRUOG ´ Âł:H VWDUWHG DV D PDQDJHPHQW DQG WHFKQRORJ\ FRQVXOWLQJ ÂżUP VHUYLQJ ŕś†ŕś‡ŕľźV DQG ORFDO RUJDQ L]DWLRQV DFURVV GLYHUVH LQGXVWULHV $QG LQ WKH ODVW ྤྠ\HDUV $FFHQWXUH LQ 6LQJDSRUH KDV JURZQ LQ VFDOH DQG VFRSH DQG VWD\HG UHOHYDQW WR WKH FOLHQWV WKDW ZH VHUYH ´ /D\ /LP FRQWLQXHG Âł8QOLNH PDQ\ $PHULFDQ

Accenture employees at its annual International Womenȇs Day celeErations.

58

FRPSDQLHV $FFHQWXUH GRHV QRW KDYH D IRUPDO WR KHOS WKHP GR WKDW ´ $VLD 3DFL¿F KHDGTXDUWHUV LQ 6LQJDSRUH ² RU ³2XU ERUGHUOHVV ൽඇൺ DOVR HQDEOHV XV WR EULQJ UHJLRQDO KHDGTXDUWHUV DQ\ZKHUH HOVH :H RS WKH EHVW GLJLWDO WKLQNLQJ DQG GLJLWDO WHFKQRORJLHV HUDWH DV D WUXO\ JOREDO RUJDQL]DWLRQ DQG GHOLY WR WKH IRUH ZKLFK LV IDVW EHFRPLQJ DQ HVVHQWLDO HU D VHDPOHVV HPSOR\HH DQG FOLHQW H[SHULHQFH GULYHU RI JURZWK DQG HQWHUSULVH WUDQVIRUPDWLRQ WKDW HQDEOHV XV WR VHUYH RXU FOLHQWV LQ DQ\ SDUW QR ORQJHU MXVW DQ HQDEOHU RI FKDQJH %XVLQHVVHV RI WKH ZRUOG ´ ,WV JOREDO OHDGHUVKLS LV EDVHG DUH IDVW SODFLQJ WKHVH DW WKH FHQWHU RI JURZWK LQ GL൵HUHQW FLWLHV DFURVV 1RUWK $PHULFD DQG VWUDWHJLHV IURP WDLORULQJ FXVWRPHU H[SHULHQFHV (XURSH $QG $FFHQWXUH RSHUDWHV D JOREDO GH DW VFDOH LQ UDSLGO\ FKDQJLQJ PDUNHWV WR GULYLQJ OLYHU\ QHWZRUN WKDW HQDEOHV LW WR µIROORZ WKH VXQ ¶ QHZ DSSURDFKHV WR UHFUXLWPHQW DQG WDOHQW PDQ LQ RUGHU WR VHUYH FOLHQW QHHGV URXQG WKH FORFN DJHPHQW ๠LV LV HVSHFLDOO\ UHOHYDQW LQ ൺඌൾൺඇ +RZHYHU /D\ /LP QRWHG ³๠LV FDSDELOLW\ LV DOVR ZKHUH ൡൠൠPLOOLRQ QHZ ൺඌൾൺඇ FRQVXPHUV ZLOO ZHOO FRPSOHPHQW HG E\ ORFDO FRXQWU\ WHDPV ZKR XQGHU VWDQG WKH QXDQFHV RI WKHLU EXVLQHVV 1RZ \RX KDYH $6($1 &KLQHVH DQG DQG FXOWXUH DQG DUH ΖQGLDQ FRPSDQLHV FRPLQJ KHUH DQG DEOH WR EULQJ WKDW WR bear in client rela ZDQWLQJ WR XVH 6LQJDSRUH DV D ODXQFK WLRQVKLSV ´ SDG WR FUHDWH JOREDO FRPSDQLHV ,W LV WKLV YHU\ TXDOLW\ WKDW SURYHG WR EH WKH VHFUHW VDXFH IRU WKH EXVL QHVV LQ WKH ൺඌൾൺඇ UHJLRQ ³ൺඌൾൺඇ LV EHFRPLQJ PRUH LQWHJUDWHG DGG ඎඌ ൧൧ൠELOOLRQ LQ QHZ VSHQGLQJ WR WKH HFRQ DV D UHJLRQ DQG D FRPPXQLW\ \HW WKH ULFKQHVV RP\ RYHU WKH QH[W IHZ \HDUV ´ VDLG /D\ /LP $QG RI LWV FXOWXUH DQG FRPSOH[LWLHV VKRXOG QRW EH $FFHQWXUH LV ZHOO SODFHG WR KHOS FOLHQWV LPDJLQH XQGHUHVWLPDWHG $FFHQWXUH KDV EHHQ DEOH WR WDS WHVW DQG SLORW WUDQVIRUPDWLRQDO RSSRUWXQLWLHV ERWK ORFDO H[SHUWLVH DQG WKH GHHS H[SHULHQFH RI SUHVHQWHG E\ WKH GLJLWDO ZRUOG EULQJLQJ WKH D JOREDO ¿UP WR EULQJ WKH EHVW RI $FFHQWXUH WR D RQFH VHSDUDWH ZRUOGV RI EXVLQHVV VWUDWHJ\ DQG JURZLQJ SRUWIROLR RI FOLHQWV ´ 6KH H[SHFWV WKDW WHFKQRORJ\ VWUDWHJ\ WRJHWKHU DQG WDNLQJ WHFK WKH FRPSDQ\¶V ERUGHUOHVV ൽඇൺ ZLOO FRQWLQXH WR QRORJ\ ZHOO EH\RQG WKH UHPLW RI WKH ർංඈ EH DQ DGYDQWDJH /RRNLQJ IRUZDUG /D\ /LP VHHV WKDW 6LQJDSRUH ³๠DW ൽඇൺ SRVLWLRQV XV YHU\ ZHOO IRU WZR WKLQJV ZLOO FRQWLQXH WR EH LPSRUWDQW IRU $FFHQWXUH $V RXU FOLHQWV JURZ DQG VFDOH ZH DUH SHUIHFWO\ EHFDXVH RI WKH DSSHWLWH IRU LQQRYDWLRQ ³:H SRVLWLRQHG WR VHUYH WKHLU FKDQJLQJ QHHGV , VHH KDYH KDG WKH SULYLOHJH RI ZRUNLQJ ZLWK ERWK D JURZLQJ QXPEHU RI FRPSDQLHV IURP WKLV SDUW JRYHUQPHQW DQG ORFDO RUJDQL]DWLRQV KHUH WR KHOS RI WKH ZRUOG ZKR KDYH DVSLUDWLRQV WR EHFRPH WUDQVIRUP WKHLU RSHUDWLRQV DQG FUHDWH YDOXH E\ JOREDO EUDQGV DQG JOREDO SOD\HUV ´ ORRNLQJ DW WKHP WKURXJK D GL൵HUHQW OHQV ´ :KLOH ,Q WKH SDVW JOREDO FOLHQWV ZDQWHG WR GHYHORS $FFHQWXUH KDV GL൵HUHQW LQQRYDWLRQ FHQWHUV KHUH DQG XVH 6LQJDSRUH DV D JDWHZD\ WR $VLD /D\ LW LV WKH DELOLW\ RI WKHVH FHQWHUV WR SOXJ WKH LQQR /LP H[SODLQHG ³1RZ , WKLQN WKH UHYHUVH ÀRZ YDWLYHQHVV RI 6LQJDSRUH LQWR $FFHQWXUH¶V JOREDO LV WUXH 1RZ \RX KDYH ൺඌൾൺඇ &KLQHVH DQG QHWZRUN WKDW FUHDWHV D ODVWLQJ DGYDQWDJH ´ /D\ ,QGLDQ FRPSDQLHV FRPLQJ KHUH DQG ZDQWLQJ WR /LP HPSKDVL]HG ³6LQJDSRUH LV QRW MXVW WKH KRPH XVH 6LQJDSRUH DV D ODXQFK SDG WR FUHDWH JOREDO RI DQ උà¹&#x;ൽ ODE RXU YLHZ LQ 6LQJDSRUH LV WKDW FRPSDQLHV $QG $FFHQWXUH LV ZHOO SRVLWLRQHG WKH ODE LV SDUW RI WKH JOREDO HFRV\VWHP ´

59

/RYLQJ ,W DW 0F'RQDOGÂśV An interview with Dave HoÎ?mann President of Asia PaciČ´c Middle East and Africa APMEA

As the world’s largest Tuick-service restaurant chain, the Mc'onald’s Corporation operates over ΆΉ,΃΃΃ Mc'onald’s restaurants in more than ΄΃΃ countries, serving ΉΌ million people a day on average. Singapore landed on the Mc'onald’s map in ΄ΌΊΌ when the company opened its Č´rst outlet here and broke worldwide records (at the time) for the most Mc'onald’s hamburgers sold on an opening day. Today, around ΋,΃΃΃ employees in over ΄΅΃ Mc'onald’s restaurants across the island serve six million customers each month.

D

DYH WDONHG DERXW KRZ 0F'RQDOGÂśV XVHV JUHDW 6LQJDSRUH WDOHQW WKDW ZHÂśYH H[SRUWHG WR LWV 6LQJDSRUH ORFDWLRQ Âł2WKHUV KDYH RWKHU SODFHV OLNH .HQQHWK &KDQ ZKR KHDGV QRW KDG TXLWH WKH VXFFHVV RI JHWWLQJ WKH RXU &KLQD RSHUDWLRQV DQG MXVW ZRQ DQ DZDUG IRU WDOHQW WKDW ZH KDYH DQG LW FRXOG EH WKH QDWXUH RI WKH WRS 6LQJDSRUHDQ ŕľźŕľžŕśˆ RXWVLGH RI 6LQJDSRUH WKH LQGXVWU\ ´ ,W LV WKDW WDOHQW LQ SDUWLFXODU WKDW LQ ྡྷྠྥྤ .HQQHWK LV FXUUHQWO\ WKH PRVW VHQLRU 0F'RQDOGÂśV KDV GRQH D JUHDW MRE RI FXOWLYDWLQJ $VLDQ OHDGHU LQ WKH RUJDQL]DWLRQ +LV DELOLW\ WR KDYLQJ UHFHLYHG WKH %HVW (PSOR\HU $ZDUG IURP OHDG D ODUJH EXVLQHVV ZLWK D VWURQJ YLVLRQ IRU ŕľşŕśˆŕś‡ +HZLWW Âł0F'RQDOGÂśV 6LQJDSRUH KDV UH VXVWDLQDEOH JURZWK KLV SDVVLRQ IRU WKH EUDQG FHLYHG WKLV UHFRJQLWLRQ PXOWLSOH WLPHV RYHU WKH KLV DELOLW\ WR PDUVKDO VLJQLÂżFDQW UHVRXUFHV DQG FKDQQHO WKHP WRZDUGV WKH ULJKW IRFXV DUHDV DQG SDVW \HDUV ´ PHQWLRQHG 'DYH 0F'RQDOGÂśV KDV DOVR H[FHOOHG DW SURYLGLQJ KLV DELOLW\ WR HQHUJL]H DQG JURZ WKH RUJDQL]DWLRQ LWV 6LQJDSRUHDQ HPSOR\HHV ZLWK SDWKV WR OHDG PDNH KLP DQ RXWVWDQGLQJ RYHUVHDV ŕľźŕľžŕśˆ DQG D HUVKLS UROHV 'DYH QRWHG Âł:HÂśYH JRW D ORW RI SURXG VRQ RI 6LQJDSRUH ´ 6LQJDSRUH LV D JUHDW PDUNHW IRU 0F'RQDOGÂśV EHFDXVH WKH FRXQWU\ DQG WKH FRPSDQ\ VKDUH VLPLODU FKDUDFWHULVWLFV VXFK DV WKH SXUVXLW RI GRLQJ WKLQJV EHWWHU LQQRYDWLQJ DQG VHWWLQJ WUHQGV 0F'RQDOGÂśV DOVR ZRUNV WR EULQJ KDSSL QHVV WR WKRVH ZKR PLJKW QHHG LW VOLJKWO\ PRUH WKDQ RWKHUV 6LQFH ྥྊྨྊ 5RQDOG 0F'RQDOG +RXVH &KDULWLHV 6LQJDSRUH KDV GLVEXUVHG RYHU ŕśŒ ྌ PLOOLRQ WR PRUH WKDQ ྊྠྠVLFN QHHG\ FKLO GUHQ Âł:H DUH UHDOO\ SURXG RI 5RQDOG 0F'RQDOG +RXVH &KDULWLHV :H ORYH WR EH DEOH WR ZRUN ZLWK WKH GRFWRUV DQG ZHÂśYH JRW D JUHDW SDUWQHUVKLS The Ronald McDonald House at the National ZLWK WKH 1DWLRQDO 8QLYHUVLW\ +RVSLWDO ŕš DWÂśV University Hospital provides a ‘home away from KRZ ZH JLYH EDFN WR WKH FRPPXQLWLHV ZH VHUYH ´ homeȇ for families Eringing them closer to their hospitalized children.

60

2YHUDOO ZKLOH WKH UHYHQXH IURP 6LQJDSRUH DQG FXVWRPL]H D EXUJHU ZLWK SUHPLXP LQJUHGL LV EXW D VPDOO SDUW RI WKH 0F'RQDOG¶V SRUWIROLR HQWV WR PDWFK WKHLU PRRGV ³:H¶UH FRQVWDQWO\ LW LV D YLWDO SDUW RI WKH EXVLQHVV 6LQJDSRUH LV D LQQRYDWLQJ WR FUHDWH D EHWWHU EUDQG H[SHULHQFH PDUNHW OHDGHU DQG ZKHQ LGHDV ZRUN LQ 6LQJDSRUH IRU RXU FXVWRPHUV :H ZDQW WR EH UHOHYDQW WR RXU VXFFHVV HOVHZKHUH RIWHQ IROORZV 'DYH HODERUDW FXVWRPHUV¶ PRGHUQ OLIHVW\OHV DQG WR H[FHHG WKHLU HG ³)URP WKH EUDQG SHUFHSWLRQ DQG LQÀXHQFH H[SHFWDWLRQV ´ DGGHG 'DYH 7LPH ZLOO WHOO LI WKLV PHQX LQQRYDWLRQ EHFRPHV DQRWKHU UXQDZD\ KLW VWDQGSRLQW LW¶V KLJKO\ LQÀXHQWLDO ´ 2YHU WKH \HDUV 0F'RQDOG¶V KDV FUHDWHG IRU 0F'RQDOG¶V EXW KLVWRU\ LV FHUWDLQO\ RQ WKH XQLTXH SURPRWLRQV JHDUHG WR 6LQJDSRUH¶V WUHQG FRPSDQ\¶V VLGH VHWWLQJ SRSXODWLRQ 6LQJDSRUHDQV ÀRFNHG WR WKH ³:H IHHO SULYLOHJHG WR EH D EUDQG WKDW PDQ\ UHVWDXUDQWV LQ ൢൠൠൠGXULQJ WKH ³+HOOR .LWW\ FUD]H´ DQG 2WKHUV KDYH QRW KDG TXLWH WKH VXFFHVV ZKHQ 0F'RQDOG¶V EURXJKW EDFN WKH RI JHWWLQJ WKH WDOHQW WKDW ZH KDYH DQG LW WR\V ODVW \HDU LW FRXOG EH WKH QDWXUH RI WKH LQGXVWU\ PDGH WKH SURPR WLRQ HYHQ EHWWHU E\ DOORZLQJ FXVWRPHUV WR EX\ WKH FROOHFWLEOHV ERWK LQ LWV UHVWDXUDQWV 6LQJDSRUHDQV KDYH JURZQ XS ZLWK RYHU WKH DQG RQ LWV ZHEVLWH DOORZLQJ HYHQ PRUH SHRSOH SDVW ൣ൦ \HDUV 2XU FXVWRPHUV KDYH WROG XV WKDW WR DFFHVV WKHP 0F'RQDOG¶V KDV RIWHQ IHDWXUHG LQ VRPH VSHFLDO $V 0F'RQDOG¶V FHOHEUDWHV LWV ൦ൠWK DQQLYHUVDU\ PRPHQW RI WKHLU OLYHV $W WKH HQG RI WKH GD\ JOREDOO\ LW KDV ODXQFKHG D QHZ PHQX FXVWRP KDYLQJ WKDW VSHFLDO SODFH LQ WKH KHDUWV DQG PLQGV L]DWLRQ SODWIRUP FDOOHG µ&UHDWH \RXU 7DVWH¶ LQ RI RXU FXVWRPHUV DQG WKH FRPPXQLW\ LV ZKDW 6LQJDSRUH ZKLFK OHWV FXVWRPHUV EHFRPH WKH FKHI PDWWHUV PRVW WR XV ´

Ronald McDonald House Charities Singapore creates and supports programs that directly improve the health and well-Eeing of children.

61

Connecting Consumers ZLWK 9LVD An interview with Ooi Huey Tyng Country Manager Singapore & Brunei

9isa is a global payments technology company that connects consumers, businesses, banks, and governments in more than ΅΃΃ countries and territories worldwide. 9isa Inc.'s headTuarters are in the San Francisco Bay area, and it has nearly ΄΃,΃΃΃ employees around the world. 9isa has built one of the world's most advanced processing networks, capable of handling more than ΈΉ,΃΃΃ transactions per second reliably, conveniently, and securely. In ΅΃΄·, its global network processed Ή·.Ό billion total transactions worth US Ί.Ά trillion in total volume. 9isa’s global aspiration is to allow consumers to use electronic payments safely and securely anytime and anywhere.

A

FFRUGLQJ WR 2RL +XH\ 7\QJ 9LVD &RXQWU\ 0DQDJHU IRU 6LQJDSRUH DQG %UXQHL Âł9LVD KDV EHHQ RSHUDWLQJ LQ 6LQJDSRUH VLQFH ྥྊྨྥ EULQJLQJ ZRUOG FODVV FDSDELOLWLHV LQ HOHFWURQLF SD\ PHQWV WR WKH PDUNHW :LWK LWV UDSLG JURZWK RSHQ QHVV DQG SUR EXVLQHVV HQYLURQPHQW 6LQJDSRUH KDV EHFRPH RQH RI 9LVDÂśV PRVW LPSRUWDQW PDUNHWV LQ $VLD 3DFLÂżF )RU D ථ ŕśŒ EDVHG PXOWLQDWLRQDO 6LQJDSRUH LV D IDQWDVWLF SODFH WR EH LQ ´

FRQVXPSWLRQ H[SHQGLWXUH DV D SURSRUWLRQ RI *URVV 'RPHVWLF 3URGXFW ŕś€ŕľ˝ŕś‰ PRUH WKDQ ྌྠ6LQJDSRUHDQV DUH WHFK VDYY\ DQG HDUO\ DGRSWHUV RI QHZ WHFKQRORJLHV DQG WKH JRYHUQPHQW LV FRPPLWWHG WR H[SDQGLQJ LQQRYDWLRQ DQG FUHDWLQJ QHZ EXVLQHVV RSSRUWXQLWLHV ´ $ VLJQLÂżFDQW JURXS RI 6LQJDSRUHÂśV FRPPX QLW\ LV WKH DྡXHQW 6LQJDSRUHÂśV ŕś€ŕľ˝ŕś‰ per capita RI PRUH WKDQ ŕśŽŕśŒ$ྼྼ ŕľ ŕľ ŕľ LV RQH RI WKH KLJKHVW LQ WKH ZRUOG Âłŕš H ILUVW 9LVD ,QILQLWH 9LVD LV HVSHFLDOO\ H[FLWHG DERXW SURJUDP IRU DI IOXHQW FXVWRPHUV WKH IXWXUH RI GLJLWDO SD\PHQWV LQ ODXQFKHG LQ ZDV 6LQJDSRUH :H DOVR VHH 6LQJDSRUH DV DQ 6LQJDSRUH LQ ྡྷྠྠྣ LPSRUWDQW WHVW EHG IRU LQQRYDWLRQ LQ 2YHU WKH \HDUV WKH 9LVD ,QÂżQLWH EUDQG WKH IXWXUH DQG ZDQW WR KHOS WKH QDWLRQ KDV EHFRPH V\QRQ\ UHDOL]H LWV YLVLRQ RI EHFRPLQJ D UHJLRQDO PRXV ZLWK DྡXHQFH OHDGHU LQ LQQRYDWLRQ VRSKLVWLFDWLRQ DQG H[FOXVLYLW\ VR DOO RI Âłŕš UHH VSHFLÂżF DVSHFWV RI WKH 6LQJDSRUH PDU RXU EDQN LVVXHUV LQ 6LQJDSRUH RŕľľHU 9LVD ,QÂżQLWH NHW PDNH LW D IDQWDVWLF SODFH WR GR EXVLQHVV ´ WR WKHLU KLJK HQG FXVWRPHUV ´ 7\QJ HPSKDVL]HG KLJKOLJKWHG 7\QJ Âł6LQJDSRUH KDV KLJK SHUVRQDO ,QWHUQHW SHQHWUDWLRQ LQ 6LQJDSRUH H[FHHGV PRVW

62

RI LWV $VLDQ QHLJKERUV DW ൨ൡ FRPSDUHG WR WKH UHVHDUFK VKRZV WKDW P FRPPHUFH ZLOO RYHUWDNH $VLD 3DFL¿F DYHUDJH RI ൣ൦ DQG DOVR KDV RQH H FRPPHUFH LQ 6LQJDSRUH E\ ൢൠൡ൦ :H EHOLHYH LQ RI WKH KLJKHVW UDWHV RI VPDUWSKRQH RZQHUVKLS WKH LPSRUWDQFH RI DQ RSHQ LQQRYDWLRQ SODWIRUP LQ $VLD DW ൨൥ ZKHUH ZH ZRUN ZLWK RXU EDQNV PHUFKDQWV DQG ³๠H 6LQJDSRUH JRYHUQPHQW KDV DQ DPELWLRXV RWKHU WHFKQRORJ\ SDUWQHUV WR FR GHYHORS QHZ URDGPDS IRU EHFRPLQJ D VPDUW QDWLRQ LQ ൡൠ \HDUV SURGXFWV DQG VHUYLFHV WR NHHS SDFH WKH UDSLG DQG LV FRPPLWWHG WR DFFHOHUDWLQJ WKH PRYH WR HYROXWLRQ RI WHFKQRORJ\ ´ D FDVKOHVV HFRQRP\ 9LVD LV HVSHFLDOO\ H[FLWHG 9LVD LV VWURQJO\ FRPPLWWHG WR JLYLQJ EDFN WR DERXW WKH IXWXUH RI GLJLWDO SD\PHQWV LQ 6LQJDSRUH WKH FRPPXQLW\ ,Q -XQH ൢൠൡ൥ DV SDUW RI LWV FRQWUL :H DOVR VHH 6LQJDSRUH DV DQ LPSRUWDQW WHVW EHG EXWLRQ WR ඌ඀൥ൠ 9LVD SDUWQHUHG ZLWK ඈർൻർ %DQN IRU LQQRYDWLRQ LQ WKH IXWXUH DQG ZDQW WR KHOS WKH ඇඍඎർ /LQN ඇඍඎർ )DLU3ULFH DQG QRQ SUR¿W QDWLRQ UHDOL]H LWV YLVLRQ RI EHFRPLQJ D UHJLRQDO RUJDQL]DWLRQ )RRG IURP WKH +HDUW WR VXSSRUW ൥ൠൠ OHVV SULYLOHJHG IDPLOLHV DQG SDLG IRU WKHLU OHDGHU LQ LQQRYDWLRQ ´ VDLG 7\QJ 9LVD LV GULYLQJ WKH IXWXUH RI SD\PHQWV ZLWK D QXP SXUFKDVHV DW WKH VXSHUPDUNHW WR PHHW WKHLU ED EHU RI ELJ LQQRYDWLRQV LQFOXGLQJ SUR[LPLW\ IDFH VLF QHHGV ³,W ZDV D JUHDW RSSRUWXQLW\ WR GR WR IDFH SD\PHQWV WKURXJK 9LVD SD\:DYH UHPRWH VRPHWKLQJ IRU RWKHU 6LQJDSRUHDQV DQG WKRVH RQOLQH SD\PHQWV WKURXJK 9LVD &KHFNRXW SHHU WR OHVV IRUWXQDWH WKDQ RXUVHOYHV ´ FRPPHQWHG 7\QJ SHHU SD\PHQWV WKURXJK 9LVD 'LUHFW DQG HQDEOLQJ $V D ඎ ඌ PXOWLQDWLRQDO 9LVD KDV WKH EHQH¿W GLJLWDO SD\PHQWV WKURXJK 9LVD 7RNHQ 6HUYLFH RI EHLQJ ERWK JOREDO DQG ORFDO DW WKH VDPH WLPH ³6LQJDSRUH LV RQH RI WKH ¿UVW PDMRU PDUNHWV WR ³:H DUH DEOH WR EULQJ WKH EHVW RI RXU LQWHUQDWLRQDO HPEUDFH 9LVD SD\:DYH :LWK ൣൠ RI DOO 9LVD NQRZOHGJH DQG H[SHULHQFH WR WKH 6LQJDSRUH PDU FDUG WUDQVDFWLRQV LQ 6LQJDSRUH QRZ FRQWDFWOHVV NHW ´ 7\QJ KLJKOLJKWHG ³2XU FOLHQWV SDUWQHUV 6LQJDSRUH LV DW WKH FXWWLQJ HGJH RI SD\PHQWV DQG WKH 6LQJDSRUH JRYHUQPHQW RIWHQ DVN ZKDW LQQRYDWLRQ ,Q 6LQJDSRUH VXSHUPDUNHWV WZR LQ LV KDSSHQLQJ RXWVLGH RI 6LQJDSRUH VR WKDW WKH\ WKUHH 9LVD WUDQVDFWLRQV DUH RQ 9LVD SD\:DYH FDQ OHDUQ DERXW WKH ODWHVW GHYHORSPHQWV DQG EHVW VR FRQVXPHUV DUH FOHDUO\ FKRRVLQJ FRQYHQL SUDFWLFHV ZH VHH DFURVV RWKHU PDUNHWV WR HQVXUH HQFH FRXSOHG ZLWK VHFXULW\ ´ VDLG 7\QJ ³:H DUH WKDW 6LQJDSRUH FDQ EHFRPH RQH WKH EHVW ´ UHDG\ IRU 9LVD SD\:DYH WR PRYH WR SD\PHQWV ³:H DUH FRPPLWWHG WR 6LQJDSRUH IRU WKH ORQJ YLD PRELOH GHYLFHV LQ DGYDQFHG PDUNHWV ๠H WHUP ´ VDLG 7\QJ ³:KHUH ZH DUH ULJKW QRZ LW H[WHQVLRQ IURP FDUGV WR VPDUWSKRQHV LV D QDWXUDO LV D JUHDW SODFH WR EH ´ VKH DGGHG SURJUHVVLRQ ± JLYHQ WKH LQIUDVWUXFWXUH LV DOUHDG\ LQ SODFH ZLWK PRELOH SUR[LPLW\ SD\PHQWV XVLQJ WKH VDPH WHFKQRORJ\ DV FRQWDFWOHVV FDUGV ´ ,Q WKH IXWXUH 9LVD SODQV WR FROODERUDWH ZLWK RWKHUV LQ 6LQJDSRUH WR KHOS GULYH WKH QDWLRQ¶V SURGXFWLYLW\ DJHQGD WKURXJK LWV GLJLWDO R൵HULQJV ³9LVD LV PDNLQJ WUHPHQGRXV LQYHVWPHQW LQ SURPRW LQJ HOHFWURQLF SD\PHQWV IRU ORZ YDOXH SXUFKDVHV ± IURP IRRG FRXUWV WR SXEOLF WUDQVSRUW DQG FRQYHQ LHQFH VWRUHV ZKHUH FDVK LV VWLOO NLQJ &DVK DFWXDOO\ FRVWV WLPH DQG PRQH\ IRU VPDOO EXVLQHVVHV DQG FRQVXPHUV ZKLFK FDQ EH EHWWHU VSHQW RQ GULYLQJ UHDO EXVLQHVV RXWFRPHV ´ VKH DGGHG ( FRPPHUFH LQ 6LQJDSRUH LV DOVR ERRPLQJ ³5HFHQWO\ ZH KDYH VHHQ D WUHPHQGRXV JURZWK LQ H FRPPHUFH ZKHUH WKH \HDU RQ \HDU JURZWK RI SD\PHQWV YROXPH KDV WULSOHG WKDW RI IDFH WR 9isa Country Manager for Singapore and Brunei Ooi Huey Tyng ȴrst row: fourth from left with Singapore IDFH WUDQVDFWLRQV DV RI 0DUFK ൢൠൡ൥ ,Q IDFW 9LVD Country Planning team made up of ΄Ά nationalities ç a truly inclusive and fun culture at 9isa.

63

0RQGHOĆ?] & ŕŻ˜ UHDWLQJ 'HOLFLRXV 0RPHQWV RI -R\ An interview with Tim Cofer Executive 9ice President and President of Asia PaciČ´c and Eastern Europe Middle East & Africa EEMEA

MondelĂ•] International is a lot like SingaporeČƒrelatively young but with a long and proud history in Asia. Although the MondelĂ•] name has only been around for two years, it has had operations in the region for over ΄΃΃ years, bringing delicious moments of joy to consumers with brands like Oreo, &DGEXU\ 'DLU\ 0LON, &KRFODLUV, and 9HJHPLWH. As the world’s leading snacking company, MondelĂ•] is constantly developing new products to respond to the uniTue tastes and preferences of Asian consumers.

“S

LQJDSRUH KDV EHHQ WKH KHDUW RI RXU $VLDQ EXVLQHVV LQ PRUH UHFHQW WLPHV :HœYH KDG D FRFRD SURFHVVLQJ SODQW LQ -XURQJ IRU PRUH WKDQ ྣྠ\HDUV DQG D UHJLRQDO KXE IRU 6RXWKHDVW $VLD KHUH VLQFH ྥྊྊྌ ,Q ྡྷྠྠྼ ZH PRYHG RXU $VLD 3DFL¿F +HDGTXDUWHUV IURP

0HOERXUQH $XVWUDOLD WR 6LQJDSRUH DQG RXU WHDP KHUH QRZ OHDGV WKH ZD\ IRU RYHU ྡྷྠྠྠྠHPSOR\ HHV DFURVV WKH UHJLRQ ´ VDLG 7LP ³6LQJDSRUH WKULYHV RQ LQQRYDWLRQ DQG LWV FXOWXUDO GLYHUVLW\ KDV PDGH LW D UHJLRQDO WUHQG VHWWHU :H RIWHQ FKRRVH WR ODXQFK SURGXFWV KHUH NQRZLQJ WKDW

Students from the National University of Singapore NUS enjoying the diÎ?erent fun-Č´lled Čľavors of &DGEXU\ 'DLU\ 0LON during its launch in Singapore in ΅΃΄·.

64

VXFFHVV LQ 6LQJDSRUH LV D XVHIXO LQGLFDWRU IRU VRSKLVWLFDWHG FRQVXPHUV ORRNLQJ IRU QHZ DQG VXFFHVV HOVHZKHUH 2XU ODWHVW ODXQFK LV D JUHDW LQQRYDWLYH SURGXFWV SDUWLFXODUO\ ZKHQ LW FRPHV H[DPSOH FRPELQLQJ WZR RI RXU LFRQLF EUDQGV² WR VQDFNV 2I FRXUVH ZH QHHG WR LQYHVW LI ZH &DGEXU\ 'DLU\ 0LON DQG 2UHR FRRNLHV²LQ D DUH JRLQJ WR EH DEOH WR PDNH WKH PRVW RI WKH GHOLFLRXV QHZ FKRFRODWH EDU $QG ZH NLFNHG R൵ RSSRUWXQLWLHV ZH VHH LQ WKH UHJLRQ :H UHFHQW WKH FDPSDLJQ ULJKW KHUH LQ 6LQJDSRUH ´ O\ DQQRXQFHG D ඎඌ ൣ൧ൠ PLOOLRQ LQYHVWPHQW WR ³6LQJDSRUH KDV D XQLTXH SRVLWLRQ LQ $VLD ,W DFTXLUH 9LHWQDP¶V QXPEHU RQH FRRNLH FDNH FRPELQHV DOO WKH GLYHUVLW\ DQG H[ FLWHPHQW RI WKLV 6LQJDSRUH KDV D XQLTXH SRVLWLRQ LQ IDVW SDFHG DQG H[ $VLD ΖW FRPELQHV DOO WKH GLYHUVLW\ DQG FLWLQJ UHJLRQ ZLWK D VWURQJ HFRQRP\ H[FLWHPHQW RI WKLV IDVW SDFHG DQG ILUVW FODVV LQIUD H[FLWLQJ UHJLRQ ZLWK D VWURQJ HFRQRP\ VWUXFWXUH DQG SROLW ȴUVW FODVV LQIUDVWUXFWXUH DQG SROLWLFDO LFDO VWDELOLW\ $V DQ LQYHVWRU WKRVH DUH VWDELOLW\ $V DQ LQYHVWRU WKRVH DUH WKH WKH WKLQJV WKDW JLYH WKLQJV WKDW JLYH PH FRQȴGHQFH PH FRQ¿GHQFH ´ ³๠HUH LV QR GRXEW 6LQJDSRUH EHQH¿WV IURP LWV XQLTXH JHRJUDSKLF ORFDWLRQ ZLWK HDV\ DQG FRQIHFWLRQHU\ EXVLQHVV .LQK 'R ZKLFK DFFHVV WR WKH IDVW JURZLQJ ൺඌൾൺඇ PDUNHWV ZLOO VLJQL¿FDQWO\ LQFUHDVH RXU SUHVHQFH LQ WKLV ZKLOH VWLOO EHLQJ FRQYHQLHQW IRU SODFHV IXUWKHU G\QDPLF DQG IDVW JURZLQJ PDUNHW :H¶YH DOVR D¿HOG OLNH ,QGLD &KLQD DQG $XVWUDOLD ZKHUH ZH EURNHQ JURXQG RQ WZR QHZ VWDWH RI WKH DUW IDF KDYH WKULYLQJ EXVLQHVVHV %XW LW¶V QRW MXVW WKH OXFN WRULHV WR PDNH FRRNLHV LQ &KLQD DQG FKRFRODWH LQ RI ORFDWLRQ ,QYHVWPHQW LQ WKH FLW\ KDV FUHDWHG D ,QGLD WKDW WRJHWKHU ZLOO LQYROYH D IXUWKHU ඎඌ ൣൠൠ YLEUDQW VRFLDO DQG FXOWXUDO KXE IRU 6LQJDSRUHDQV PLOOLRQ RI LQYHVWPHQW :LWK WKLV NLQG RI FRP DQG LQWHUQDWLRQDO YLVLWRUV ๠DW PDNHV LW HDV\ WR PLWPHQW ZH¶UH FRQ¿GHQW RYHU WKH QH[W IHZ \HDUV DWWUDFW DQG UHWDLQ WKH WDOHQW ZH QHHG WR JURZ LQ WKH $VLD 3DFL¿F UHJLRQ FDQ EH WKH JURZWK HQJLQH WKH UHJLRQ ´ 7LP DGGHG ³,Q DOO PDUNHWV ZKHUH RI 0RQGHOƝ] ,QWHUQDWLRQDO $QG RI FRXUVH DV ZH RSHUDWH ZH¶UH IDFHG ZLWK SROLFLHV DQG UHJ KRPH WR RXU UHJLRQDO ඁඊ 6LQJDSRUH LV ULJKW DW XODWLRQV WKDW D൵HFW KRZ ZH GR EXVLQHVV :KDW WKH KHDUW RI LW DOO ´ GL൵HUHQWLDWHV 6LQJDSRUH LV WKH RSHQQHVV RI LWV JRYHUQPHQW WR FROODERUDWH DQG KDYH D GLDORJXH ZLWK WKRVH LPSDFWHG E\ WKHVH SROLFLHV LQFOXGLQJ EXVLQHVVHV OLNH RXUV ๠LV WUDQVSDUHQW DSSURDFK SURYLGHV D ZLQ ZLQ VLWXDWLRQ IRU HYHU\RQH DQG EHQH¿WV 6LQJDSRUH DV D ZKROH $ JRRG H[DPSOH LV WKH 6LQJDSRUH &RGH RI $GYHUWLVLQJ 3ULQFLSOHV ZKLFK ZDV FR FUHDWHG ZLWK WKH IRRG LQGXVWU\ JRYHUQPHQW DQG YROXQWDU\ RUJDQL]DWLRQV WR GHYHORS JXLGHOLQHV RQ DGYHUWLVLQJ WR FKLOGUHQ ´ ,Q DGGLWLRQ WR WKH WUDQVSDUHQW UHJXODWRU\ HQ YLURQPHQW WKDW 6LQJDSRUH R൵HUV LW LV DOVR VLWX DWHG LQ D WUHPHQGRXV JURZWK DUHD ³$VLD LV DQ Play with 2UHR went live in Singapore in April ΅΃΄Έ H[FLWLQJ SODFH WR EH ´ VDLG 7LP ³,W LV KRPH WR hitting the streets of Orchard Road and heartland ൦ൠ RI WKH ZRUOG¶V SRSXODWLRQ²LQFUHDVLQJO\ areas. Passers-Ey played mini games and had a chance to try the new 2UHR Coconut Delight.

65

%XLOGLQJ *OREDO $OOLDQFHV ZLWK 8QLWHG $LUOLQHV An interview with Laurence Chin Country Manager Singapore & OÉžine Sales

United Airlines’ rich history in aviation traces its roots back to a ΄Ό΅Ή Čľight when it carried airmail from Washington to Nevada. That Čľight by Walter T. 9arney in a small Swallow biplane was the birth of United and the beginning of commercial Čľight. More than ΋΃ years later, in ΅΃΄΃, United merged with Continental Airlines, creating a comprehensive global route network, operating Έ,΃΃΃ Čľights a day to ΆΊΆ destinations in every continent. United is also one of Č´ve founding members of the Star Alliance Network, the Č´rst and largest global airline alliance.

/

DXUHQFH &KLQ 8QLWHGÂśV &RXQWU\ 0DQDJHU WR DQ\ZKHUH LQ WKH 8QLWHG 6WDWHV ŕš DW LV RXU 6LQJDSRUH 2ྡLQH 6DOHV WDONHG DERXW VWUHQJWK²FRQQHFWLYLW\ IRU RXU FXVWRPHUV WR KRZ 8QLWHG YLHZV SRWHQWLDO EXVLQHVV WKH ථ ŕśŒ DQG YLFH YHUVD :H DOVR KDYH D MRLQW Âł:H ORRN DW ZRUOGZLGH RSSRUWXQLWLHV :H DVN YHQWXUH SDUWQHUVKLS ZLWK ŕľşŕś‡ŕľş $OO 1LSSRQ RXUVHOYHV :KHUH FDQ ZH EHVW XWLOL]H RXU DVVHWV $LUZD\V DQG WRJHWKHU ZH KDYH VL[ Ă€LJKWV RXW IRU D PD[LPXP UHWXUQ RQ RXU LQYHVWPHQW" 2XU RI 6LQJDSRUH RSHUDWLQJ LQ WKH PRUQLQJV DQG HYH REMHFWLYH PXVW DOZD\V EH WR JURZ RXU QHWZRUN QLQJV ZKLFK SURYLGHV RSSRUWXQLWLHV IRU EXVLQHVV WR DGG YDOXH WR EHQHÂżW RXU FXVWRPHUV ZKR Ă€\ SHRSOH WUDYHOLQJ RXW RI 6LQJDSRUH WR WKH 8QLWHG ZLWK XV :H JURZ RXU QHWZRUN FRQWLQXDOO\ EXW 6WDWHV YLD +RQJ .RQJ DQG RXU 7RN\R 1DULWD KXE ´ /DXUHQFH DGGHG ZH JURZ LW YHU\ FDUHIXOO\ ´ ŕš H WUDYHO LQGXVWU\ LQ 6LQJDSRUH LV D FRPSHW Âł8QLWHG KDV EHHQ LQ 6LQJDSRUH VLQFH ྥྊྨྌ DQG RXU RŕľśFH LQ 6LQJDSRUH KDV VRPH ྼྊ HPSOR\HHV LWLYH RQH /DXUHQFH SURŕľľHUHG 8QLWHGÂśV VWUDWHJ\ Âł6LQJDSRUH LV D JUHDW SODFH WR EH ZLWK D ORW RI RSSRUWXQLWLHV 7KH 3DFLČ´F UHJLRQ LV WKH IDVWHVW DQG FRPSHWLWLRQ ,V WKDW D GLŕľśFXOW\"´ JURZLQJ VR WKLV LV ZKHUH EXVLQHVV DVNHG /DXUHQFH RSSRUWXQLWLHV DUH KLJKHVW Âł1R WKHUH ZLOO DO ZD\V EH FKDOOHQJHV *RRG EXVLQHVVHV SURYLGLQJ VDOHV DQG RSHUDWLRQV VHUYLFHV DV ZHOO VXUYLYH EDG RQHV GRQÂśW )RU 8QLWHG ZH SURYLGH DV D UHVHUYDWLRQ KXE WR DJHQWV DQG FXVWRPHUV LQ WKH SURGXFW DQG ZH PDNH VXUH WKDW LW LV WKH VWDWH 6LQJDSRUH DQG $XVWUDOLD &XUUHQWO\ ZH RSHUDWH RI WKH DUW IRU WKH FXVWRPHU EH LW QHWZRUN DLUFUDIW WZR Ă€LJKWV D GD\ YLD +RQJ .RQJ DQG 7RN\R WR RU WHFKQRORJ\ :H GRQÂśW JR RYHUERDUG ZH GRQÂśW WKH 8QLWHG 6WDWHV :H FDQ SUHWW\ PXFK Ă€\ \RX GR WKH XQQHFHVVDU\ LQ RUGHU WR GLŕľľHUHQWLDWH EXW

66

we do provide a product in which the customers ¬њQG YDOXH DQG DUH ZLOOLQJ WR SD\ DQ HTXLWDEOH SULFH IRU LW ає†H FXVWRPHU DW WKH HQG RI WKH GD\ KDV WKH SXUFKDVLQJ SRZHU DV LW VKRXOG EH ¬і /RRNLQJ DKHDG WR RSSRUWXQLWLHV LQ WKH UHJLRQ /DXUHQFH SRLQWHG WR WKH ULVLQJ DаµЈXHQFH DQG GHPRJUDSKLFV +H VDLG ¬≥$V \RX NQRZ WKH 3DFL¬њF UHJLRQ LV WKH IDVWHVW JURZLQJ VR WKLV LV ZKHUH EXVLQHVV RSSRUWXQLWLHV DUH KLJKHVW ає†LV SDUW RI WKH ZRUOG LV GRLQJ ZHOO¬≤DW OHDVW LQ WKH IRUHVHHDEOH IXWXUH ¬і /DXUHQFH DOVR SRLQWHG WR WKH VXFFHVVIXO RXWcome of the аґО аґМ 6LQJDSRUH аµњаґНаµЇ ¬≥ає†H аґО аґМ -SinJDSRUH аµњаґНаµЇ WKH ¬њUVW аµњаґНаµЇ EHWZHHQ WKH аґО аґМ and an аµЇаґМаµЊаµЇаґЗ FRXQWU\ LV WKH JROG VWDQGDUG RI аµњаґНаµЇV ¬і KH VDLG ¬≥аґО аґМ FRPSDQLHV DQG $P&KDP ZHUH LQYROYHG LQ FRQVXOWDWLRQV ZLWK WKH аґО аґМ (PEDVV\ DQG WKH JRYHUQPHQW DERXW WKLQJV аґО аґМ EXVLQHVVHV ZHUH FRQFHUQHG DERXW ає†H QHJRWLDWLRQV WXUQHG RXW ZHOO DQG ZH KDYH DQ аµњаґНаµЇ that is phenomHQDOO\ VXFFHVVIXO IRU ERWK аґОаґМаµЇ DQG 6LQJDSRUH

,I ZH FDQ VKRZ ZKDW¬ґV SRVVLEOH WKDW JRRG WUDGH DJUHHPHQWV UHVXOW LQ D ZLQ IRU DOO RXU H[DPSOH FRXOG HQFRXUDJH RWKHU FRXQWULHV WR MRLQ LQ VLPLODU WUDGH SDFWV 0RUH UHFHQWO\ ZH KDYH WKH 7UDQV 3DFL¬њF 3DUWQHUVKLS RU аґНаґЙаґЙ QHJRWLDWLRQV D WUDGH DJUHHPHQW LQYROYLQJ PDQ\ FRXQWULHV DQG IRONV DUH ZRUNLQJ WRZDUGV WKDW +RSHIXOO\ E\ WKH HQG RI WKH \HDU WKH аґНаґЙаґЙ ZLOO FRPH DERXW ¬і 8QLWHG DOVR EHQH¬њWV IURP WKH VWURQJ WLHV EHWZHHQ 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV ¬≥, VWURQJO\ IHHO WKDW WKH UHODWLRQVKLS 6LQJDSRUH has with the аґО аґМ FRPHV FORVH WR WKH VSHFLDO UHODWLRQVKLS WKDW WKH аґО аґМ has with the аґО аґД and $XVWUDOLD ,W¬ґV QRW D UHODWLRQVKLS EDVHG VROHO\ RQ SROLWLFV EXW RQ VKDUHG YDOXHV VXFK DV WUDQVSDUHQF\ UXOH RI ODZ DQG VHFXULW\ ¬і /DXUHQFH DGGHG (QGLQJ WKH LQWHUYLHZ KH VDLG ¬≥)XQGDPHQWDOO\ 6LQJDSRUHDQV DQG $PHULFDQV EHOLHYH LQ PHULWRFUDF\ %HFDXVH WKHUH LV HTXDO RSSRUWXQLW\ IRU HYHU\RQH UHJDUGOHVV RI UDFH ODQJXDJH RU UHOLJLRQ ZH FDQ VXFFHHG ¬і

Some of the employees from United Airlines in Singapore at Singapore Changi International Airport.

67

/RRNLQJ $KHDG WR ྡྷྠྡྷྼ Continuing to Strengthen WKH 8 6 6LQJDSRUH %XVLQHVV 5HODWLRQVKLS Introduction The story of Singapore has been remarkable, and the city-state is determined to achieve still more. As the prospects for a fully-reali]ed ASEAN economic community grow, Singapore will continue to be a dynamic and strategic market that operates as the gateway to Asia. This section examines companies’ future investment plans, provides their insights into future operational challenges, and investigates possible avenues for further enhancing the competitiveness of the local talent pool.

The integrated Singapore reČ´nery and petrochemical complex is ExxonMoEil s largest.

68

0DQDJHPHQW 2XWORRN +RZ ZLOO 6LQJDSRUH HYROYH LQ WKH GHFDGH WR FRPH DQG ZKDW UROH GR $PHULFDQ EXVLQHVVHV H[SHFW WR SOD\ LQ VXFK DQ HYROXWLRQ" 5HVSRQGHQWV ZHUH DVNHG D VHULHV RI TXHVWLRQV DLPHG DW ¿QGLQJ RXW KRZ WKH\ YLHZ WKHLU FRPSDQLHV¶ EXVLQHVV SURVSHFWV LQ WKH QH[W ൡൠ\HDUV ๠H RXWORRN IRU LQYHVWPHQW LQ 6LQJDSRUH LV YHU\ SRVLWLYH $OPRVW WZR WKLUGV RI WKH UHVSRQGHQWV LQGLFDWH WKDW WKHLU FRPSDQLHV ZLOO OLNHO\ LQFUHDVH WKHLU OHYHOV RI LQYHVWPHQW LQ 6LQJDSRUH &RQYHUVHO\ RQO\ VD\ WKDW WKH\ LQWHQG WR GLYHVW IURP WKH FRXQWU\

Looking Ahead to 2025, How Will Your Company's Investment in Singapore Have Changed? 70%

60%

50%

40% 30%

20%

10%

0% Additional Investment

About the Same

Divestment

%XVLQHVVHV WKDW KDYH KDG 6LQJDSRUH DV D KXE IRU OHVV WKDQ ¿YH \HDUV OHDG DOO JURXSV IRU H[SHFWLQJ LQFUHDVHG LQYHVWPHQW ZLWK LQGLFDWLQJ WKDW WKH\ DUH SODQQLQJ WR DGG WR WKHLU LQYHVWPHQW KHUH

0RUH WKDQ KDOI RI UHVSRQGHQWV IURP FRPSDQLHV WKDW KDYH PDLQWDLQHG D KXE LQ 6LQJDSRUH IRU PRUH WKDQ ¿IWHHQ \HDUV VD\ WKDW WKHLU ¿UPV ZLOO FRQ WLQXH WR LQFUHDVH WKHLU LQYHVWPHQW LQ 6LQJDSRUH

69

Looking Ahead to 2025, How Will the Number of Employees Hired by Your Company in Singapore Have Changed? 100% 90% 80%

70% 60% 50% 40%

30% 20%

10% 0% More Employees

About the Same

/RRNLQJ DKHDG WR р╡вр╡ар╡вр╡е WZR WKLUGV RI RXU UHVSRQGHQWV LQGLFDWH WKDW WKHLU ZRUNIRUFH LQ 6LQJDSRUH LV OLNHO\ WR H[SDQG ZLWKLQ WKH QH[W

Fewer Employees

GHFDGH 2QO\ RI FRPSDQLHV H[SHFW WR UHGXFH WKH VL]H RI WKHLU ZRUNIRUFH

Looking Ahead to 2025, How Will the Percentage of Expatriates Hired by Your Company in Singapore Have Changed? 60%

50%

40%

30% 20%

10%

0% About the Same Percentage of Expats Services

Manufacturing

Lower Percentage of Expats

Overall

$W WKH VDPH WLPH RXU UHVSRQGHQWV SUHGLFW WKDW WKH SHUFHQWDJH RI H[SDWULDWHV WKH\ KLUH ZLOO UH PDLQ DW FXUUHQW OHYHOV RU GHFUHDVH )LUPV LQ WKH PDQXIDFWXULQJ VHFWRU IRUHVHH D VOLJKWO\ JUHDWHU GHFUHDVH LQ H[SDWULDWH HPSOR\PHQW WKDQ ┬┐UPV

70

Higher Percentage of Expats

LQ WKH VHUYLFHV VHFWRU RI WKHP SUHGLFW WKDW WKH\ ZLOO EH KLULQJ D ORZHU SHUFHQWDJH RI H[SD WULDWHV DV FRPSDUHG WR RI UHVSRQGHQWV LQ WKH VHUYLFHV LQGXVWU\

Looking Ahead to 2025, How Will the Number of Highly Skilled Technical Employees Hired by Your Company Have Changed? 70%

60%

50%

40% 30% 20% 10%

0% More Highly Skilled Technical Employees SMEs

MNCs

Roughly the Same Percentage

Fewer Highly Skilled Technical Employees

Overall

ŕš H RYHUZKHOPLQJ PDMRULW\ RI UHVSRQG HQWV LQGLFDWH WKDW WKH\ LQWHQG WR LQFUHDVH RU PDLQ WDLQ WKH QXPEHU RI KLJKO\ VNLOOHG WHFKQLFDO VWDŕľľ

HPSOR\HG E\ WKHLU FRPSDQLHV $ KLJKHU SURSRU WLRQ RI ŕś†ŕś‡ŕľźV IRUHVHH DGGLWLRQDO HPSOR\ PHQW RI KLJKO\ VNLOOHG HPSOR\HHV WKDQ ŕśŒŕś†ŕľžV

Looking Ahead to 2025, How Will the Regional HQ of Your Company Have Changed? 80% 70% 60% 50% 40% 30%

20%

10% 0% No Change to Regional HQ

Singapore to Become Regional HQ

,Q OLQH ZLWK 6LQJDSRUHÂśV DPELWLRQV WR FRQWLQXH WR JURZ DV D KXE IRU EXVLQHVV DQG LQQRYDWLRQ RI RXU UHVSRQGHQWV LQGLFDWH WKDW WKH\ H[SHFW WR PRYH WKHLU UHJLRQDO KHDGTXDUWHUV WR 6LQJDSRUH $OPRVW RI UHVSRQGHQWV DOUHDG\

Move Regional HQ Out of Singapore

XVH 6LQJDSRUH DV D UHJLRQDO KXE IRU DW OHDVW VRPH EXVLQHVV OLQHV DQG WKH RYHUZKHOPLQJ PDMRULW\ RI UHVSRQGHQWV LQGLFDWH WKDW WKHUH ZLOO EH QR FKDQJH WR WKHLU UHJLRQDO චඩ ZLWKLQ WKH QH[W GHFDGH

71

&KDOOHQJHV LQ WKH 1H[W 'HFDGH :H DVNHG UHVSRQGHQWV WR SURYLGH WKHLU SHUVSHFWLYHV RQ WKH ELJJHVW FKDOOHQJHV IDFLQJ WKHLU RUJDQL]DWLRQ LQ WHQ \HDUV What Will Be the Biggest Challenges Facing Your Organization in 2025? 80% 70% 60% 50%

40%

30%

20%

10% 0% Cost of Doing Business: Material Prices/Availability Availability of Local Talent to Fill Leadership Positions Rising Competition From Other Economies in the Region Demographics of the Available Workforce Availability of Technically Qualified and Accredited Candidates Declining Economic Growth Rates in Singapore Declining Economic Growth Rates in the Region Changing Political Landscape in Singapore Leading to Uncertainty

Note: Because multiple responses are allowed, the total percentage may exceed 100%.

2YHU KDOI RI RXU UHVSRQGHQWV DJUHH WKDW WKH ELJJHVW FKDOOHQJHV IDFLQJ WKHLU RUJDQL]DWLRQV D GHFDGH IURP QRZ ZLOO EH WKH FRVW RI GRLQJ EXVL QHVV VKRUWDJH RI ORFDO WDOHQW WR ¿OO OHDGHUVKLS SRVLWLRQV DQG ULVLQJ FRPSHWLWLRQ IURP RWKHU HFRQRPLHV LQ WKH UHJLRQ 5HVSRQGHQWV IURP WKH VHUYLFHV VHFWRU DUH IDU PRUH FRQFHUQHG WKDQ WKRVH IURP WKH PDQXIDF WXULQJ VHFWRU DERXW GHFOLQLQJ JURZWK UDWHV LQ 6LQJDSRUH DV FRPSDUHG WR DQG WKH GHPRJUDSKLFV RI WKH DYDLODEOH ZRUNIRUFH YHUVXV UHVSHFWLYHO\ $W WKH VDPH WLPH UH VSRQGHQWV IURP WKH PDQXIDFWXULQJ VHFWRU DUH

72

PRUH FRQFHUQHG DERXW WKH DYDLODELOLW\ RI WHFK QLFDOO\ TXDOL¿HG FDQGLGDWHV LQGLFDWH WKDW WKLV LV D SRVVLEOH IXWXUH FKDOOHQJH DV FRPSDUHG to RI UHVSRQGHQWV LQ WKH VHUYLFHV VHFWRU /DUJHU FRPSDQLHV ZHUH FRQVLGHUDEO\ PRUH FRQFHUQHG DERXW WKH ULVLQJ FRVW RI GRLQJ EXVL QHVV WKDQ VPDOO FRPSDQLHV DV FRPSDUHG WR 6LPLODUO\ WKH\ ZHUH PRUH FRQFHUQHG DERXW WKH ULVLQJ FRPSHWLWLRQ IURP RWKHU HFRQRPLHV LQ WKH UHJLRQ YHUVXV DQG DYDLODELOL W\ RI WHFKQLFDOO\ TXDOL¿HG FDQGLGDWHV as FRPSDUHG WR

3URGXFWLYLW\ )RFXV ๠H 6LQJDSRUH JRYHUQPHQW KDV UHFHQWO\ ODXQFKHG D VHULHV RI PHDVXUHV DLPHG DW LQFUHDVLQJ SURGXFWLYLW\ :H DVNHG UHVSRQGHQWV WR UDWH WKH OLNHO\ LPSRUWDQFH RI SURGXFWLYLW\ PHDVXUHV WR WKHLU RUJDQL]DWLRQ LQ WKH QH[W ¿YH \HDUV DV ZHOO DV DERXW WKH PHDVXUHV WKHLU ¿UPV SODQ WR LPSOHPHQW WR UDLVH SURGXFWLYLW\ OHYHOV LQ WKHLU 6LQJDSRUH RSHUDWLRQV GXULQJ WKDW SHULRG +RZ ΖPSRUWDQW :LOO 3URGXFWLYLW\ 0HDVXUHV %H IRU <RXU 2UJDQL]DWLRQ LQ WKH 1H[W )LYH <HDUV"

0LQLPDO ΖPSRUWDQFH

1RUPDO ΖPSRUWDQFH

8WPRVW ΖPSRUWDQFH

๠H RYHUZKHOPLQJ PDMRULW\ RI UHVSRQGHQWV VDLG WKDW SURGXFWLYLW\ PHDVXUHV ZLOO EH RI QRU PDO RU WKH XWPRVW LPSRUWDQFH WR WKHLU RUJDQL ]DWLRQV RYHU WKH QH[W ¿YH \HDUV 5HVSRQGHQWV

IURP WKH VHUYLFHV VHFWRU SODFH D VOLJKWO\ KLJKHU LPSRUWDQFH RQ SURGXFWLYLW\ PHDVXUHV WKDQ WKRVH IURP WKH PDQXIDFWXULQJ VHFWRU ZLWK DQG UHVSHFWLYHO\ VHOHFWLQJ ³XWPRVW LPSRUWDQFH ´

+RZ 'RHV <RXU 2UJDQL]DWLRQ 3ODQ WR ΖQFUHDVH 3URGXFWLYLW\ LQ <RXU 2SHUDWLRQV LQ 6LQJDSRUH LQ WKH 1H[W 7KUHH WR )LYH <HDUV"

0LQLPL]H :DVWH

5HORFDWH VRPH 2SHUDWLRQV WR D /RZHU &RVW &RXQWU\

ΖPSURYH 6NLOOV ΖPSURYH 'HYHORS 1HZ ΖQWURGXFH 5HVWUXFWXUH 5HIRUP RI (PSOR\HHV 0DQDJHPHQW DQG 1HZ WKH 3HUIRUPDQFH 3UDFWLFHV ΖQQRYDWLYH 7HFKQRORJLHV 2UJDQL]DWLRQ 0DQDJHPHQW 3URFHVVHV 6\VWHP

Note: As respondents were allowed to choose up to three responses, the total percentage may exceed 100.

:H DVNHG UHVSRQGHQWV ZKR DVVLJQHG QRUPDO RU XWPRVW LPSRUWDQFH WR SURGXFWLYLW\ JDLQV WR GHVFULEH WKHLU SODQV WR LPSURYH SURGXFWLYLW\ OHYHOV LQ WKHLU ORFDO RSHUDWLRQV 5HVSRQGHQWV DFURVV DOO LQGXVWULHV LQGLFDWH WKDW WKH\ ZLOO VHHN WR LPSURYH WKH VNLOOV RI HPSOR\HHV DQG WKHLU PDQDJHPHQW SUDFWLFHV ) to increase SURGXFWLYLW\ LQ WKHLU 6LQJDSRUH RSHUDWLRQV 2YHU D WKLUG RI FRPSDQLHV DUH DOVR OLNHO\ WR FKRRVH WR GHYHORS QHZ DQG LQQRYDWLYH SURFHVV HV ZLWKLQ WKHLU EXVLQHVV PRGHO LQ RUGHU WR LQ

FUHDVH SURGXFWLYLW\ ඌආൾV DUH OHVV OLNHO\ WR RSW IRU UHVWUXFWXULQJ WKHLU RUJDQL]DWLRQV WR LPSURYH SURGXFWLYLW\ YHUVXV RI ආඇർV $ERXW RQH WKLUG RI UHVSRQGHQWV IURP ERWK WKH VHUYLFHV DQG PDQXIDFWXULQJ VHFWRUV LQGLFDWH WKDW LQWURGXFLQJ QHZ WHFKQRORJLHV LQWR WKHLU RSHUD WLRQV ZLOO EH D SUHIHUUHG VROXWLRQ IRU LQFUHDVLQJ SURGXFWLYLW\ $ ODUJHU VKDUH RI UHVSRQGHQWV IURP WKH PDQXIDFWXULQJ VHFWRU WKDQ IURP VHU YLFHV FLWH PLQLPL]LQJ ZDVWH

73

6XSSRUWLQJ /RFDO 7DOHQW $V 6LQJDSRUH FRQWLQXHV RQ LWV XSZDUG WUDMHFWRU\ PRUH ORFDO WDOHQW ZLOO EH QHHGHG WR ¿OO ULVLQJ GHPDQG IRU KLJKO\ VNLOOHG VWD൵ :H DVNHG UHVSRQGHQWV ZKDW VWUDWHJLHV IRU PHHWLQJ WKLV GHPDQG WKH\ EHOLHYH ZLOO EH PRVW H൵HFWLYH DQG LQ ZKDW ZD\V WKHLU FRPSDQLHV DUH UHDG\ WR FRQWULEXWH What Steps Should the Singapore Government Take to Address Skills Gaps and/or Continue to Improve the Singapore Talent Pool? 60%

50%

40%

30% 20% 10% 0%

Expose Early & More Support for Rotate Public More Work-Based Include Mandatory Alter "Bonding" Mid-Career Talent Singaporean Sector Employees Learning Programs Internship in Requirements for to Senior Business Workers and Through Private Tertiary Education Government Leaders Families While Sector Roles Curriculum Scholarships Overseas

Note: As respondents were allowed to choose up to three responses, the total percentage may exceed 100.

๠H PDMRULW\ RI UHVSRQGHQWV RSW IRU H[SRVLQJ HDUO\ DQG PLG FDUHHU WDOHQW WR VHQLRU EXVLQHVV OHDGHUV &RPSDQLHV DOVR VXJJHVW URWDWLQJ SXEOLF VHFWRU HPSOR\HHV WKURXJK SULYDWH VHFWRU UROHV DQG PRUH ZRUN EDVHG OHDUQLQJ SURJUDPV ๠H\ ZRXOG DOVR OLNH WR VHH PDQGDWRU\ LQWHUQVKLSV

LQFOXGHG LQ WHUWLDU\ HGXFDWLRQ FXUULFXOD MඇർV DQG ඌආൾV GL൵HU RQ WKH SULRULW\ RI SUR YLGLQJ PRUH VXSSRUW IRU 6LQJDSRUHDQ ZRUNHUV DQG WKHLU IDPLOLHV ZKLOH RYHUVHDV RI ආඇർs VXSSRUW LW FRPSDUHG WR RQO\ RI ඌආൾV

What Role Can AmCham Member Companies Play in These Issues? 70%

60%

50% 40%

30%

20% 10% 0%

Offer Internships

Form Working Group to Advise MOE of Employer Needs

Provide Career Advice/Talks to Students/Classes

Provide Curriculum Provide Slots for 1-to-2 Advice Directly to Year Rotations Universities

Note: As multiple responses are allowed, the total percentage may exceed 100%.

74

1XPHURXV $PHULFDQ ¿UPV OLNH ංൻආ 3URFWHU ZRUNHUȐ 6XFFHVV RI WKH QDWLRQ LV *DPEOH DQG 8QLWHG 7HFKQRORJLHV KDYH SUR WR GHYHORS URXQGHG WHFKQLFDO VNLOOV GXFWLYH SDUWQHUVKLSV ZLWK WKH JRYHUQPHQW WKDW DQG HɝFLHQW PDQDJHPHQW IHZHVW LQWURGXFH QHZ H[SHUWLVH WR 6LQJDSRUHDQV 7R OD\HUV DV HɝFLHQF\ LQ D ȴQLWH EXLOG VNLOOV DQG LQQRYDWLYH FDSDELOLWLHV WHFKQRO UHVRXUFH ORFDWLRQ LV NH\ ȋ RJ\ ¿UPV VXFK DV *RRJOH 'URSER[ DQG 3DODQWLU Apprenticeships KDYH VSRQVRUHG KDFNDWKRQV WR HQJDJH FROOHJH VWX Ȋ5HLQIRUFH DQG HVWDEOLVK DSSUHQWLFHVKLSV GHQWV 0F'RQDOG¶V 6LQJDSRUH R൵HUV D 8QLYHUVLW\ DV DQ DOWHUQDWLYH FDUHHU URXWH DQG $FFUHGLWHG 3URJUDP WKDW SURYLGHV VSRQVRUVKLS IRU VXSSRUW FRPSDQLHV WR WDNH RQ DSSUHQWLFHV IXUWKHU HGXFDWLRQ IRU LWV KLJK SRWHQWLDO HPSOR\HHV HDUO\ YV GHJUHH EDVHG GHYHORSPHQW ȋ DW WKH PDQDJHULDO OHYHO &LWLJURXS KDV D SDUWQHU Demonstrate Improvement in Standard of VKLS ZLWK WKH 1DWLRQDO 8QLYHUVLW\ RI 6LQJDSRUH Living Due to Foreign Investment/Talent ZKHUH LW VSRQVRUV ඇඎඌ¶V 'HVLJQ ๠LQNLQJ FRXUVH Ȋ:KLOH DFFHVV WR IRUHLJQ WDOHQW LV UHTXLUHG DQG SURYLGHV WUDLQLQJ LQ LQQRYDWLRQ WR LWV VWD൵ IRU JURZWK WKH *RYHUQPHQW KDV WR FUHDWH 0DQ\ $PHULFDQ FRPSDQLHV DOUHDG\ KDYH ZHOO a situation where Singaporeans see GHYHORSHG LQWHUQVKLS SURJUDPV 2Q DQ LQGLYLG WKHLU OLYHV LPSURYLQJ EHFDXVH RI IRUHLJQ XDO FRPSDQ\ OHYHO UHVSRQGHQWV HPSKDVL]H WKHLU LQYHVWPHQW DQG WDOHQW ȋ ZLOOLQJQHVV WR R൵HU LQWHUQVKLSV WR VWXGHQWV 0RUH WKDQ KDOI RI RXU UHVSRQGHQWV H[SUHVV &RQFOXGLQJ 5HPDUNV D VWURQJ LQWHUHVW LQ SDUWLFLSDWLQJ LQ D ZRUNLQJ 6LQJDSRUH R൵HUV D VXSHULRU SODWIRUP IRU EXVL JURXS WR DGYLVH WKH 0LQLVWU\ RI (GXFDWLRQ ආඈൾ) QHVV ,WV SROLF\ HQYLURQPHQW LQIUDVWUXFWXUH DQG RQ HPSOR\HU QHHGV 2WKHU LGHDV LQFOXGH SURYLG KLJK TXDOLW\ KXPDQ FDSLWDO EDVH DUH SURYHQ FRP LQJ FDUHHU DGYLFH WR VWXGHQWV DQG SURYLGLQJ SHWLWLYH DGYDQWDJHV WKDW KHOS VHFXUH 6LQJDSRUH¶V FXUULFXOXP DGYLFH WR XQLYHUVLWLHV DWWUDFWLYHQHVV DV DQ LQYHVWPHQW GHVWLQDWLRQ $V JOREDO FRPSHWLWLRQ ULVHV DQG UHJLRQDO HFRQ 6HOHFWHG 5HVSRQGHQWV¶ ,QVLJKWV RPLHV LPSURYH WKHLU SHUIRUPDQFH 6LQJDSRUH LV ORRNLQJ DKHDG WR WUDQVIRUP LWV KLJKO\ HGX Technological Innovation FDWHG ZRUN IRUFH IXUWKHU WKURXJK JRYHUQPHQW ȊΖQYHVW LQ ORFDO WDOHQW IRFXVLQJ RQ SURJUDPV VXFK DV 6NLOOV)XWXUH (QDEOLQJ LWV WHFKQRORJ\ WHFKQLFDO DQG LQQRYDWLRQ ZRUNIRUFH WR PHHW IXWXUH QHHGV LV DOVR $P&KDP FDSDELOLW\ ȋ PHPEHUV WRS SULRULW\ $V WKLV UHSRUW FRQ¿UPV Realistic Information on Employer Needs $PHULFDQ ¿UPV ZLOO FRQWLQXH WR EH D UHOLDEOH Ȋ3URYLGH UHDOLVWLF LQIRUPDWLRQ RQ WKH SDUWQHU LQ WKLV HQGHDYRU QXPEHUV W\SHV DQG VNLOO OHYHOV UHTXLUHG $P&KDP PHPEHUV KDYH LQYHVWHG LQ WKHLU ZRUN IRU YDULRXV MREV LQ GL΍HUHQW VHFWRUV ZLWK IRUFHV IRU GHFDGHV DQG FRQWLQXH WR GR VR ๠H\ DFFXUDWH ZDJH LQIRUPDWLRQ 7KLV ZRXOG KLUH ORFDO WDOHQW GHYHORS WKHLU SURIHVVLRQDO VNLOOV KHOS 6LQJDSRUHDQV UHFRJQL]H SRWHQWLDO DQG DGYDQFH WKHLU FDUHHU SURVSHFWV ๠H\ SURYLGH VNLOOV MREV DQG H[SHFWDWLRQ JDSV HDUOLHU ȋ WKHLU HPSOR\HHV RSSRUWXQLWLHV WR JDLQ H[SHULHQFH ZRUNLQJ LQ D൶OLDWHG R൶FHV RYHUVHDV ๠H UHVXOWV Overseas Experience Ȋ0RVW FDQGLGDWHV ODFN RYHUVHDV H[SHULHQFH DUH D FOHDU ZLQ ZLQ DV VHHQ LQ WKH QXPEHUV RI 6LQJDSRUHDQV HPSOR\HG E\ $PHULFDQ FRPSDQLHV DQG HGXFDWLRQȐ 6LQJDSRUHDQV VKRXOG DQG RFFXS\LQJ VHQLRU SRVLWLRQV ZLWK $PHULFDQ SXUVXH RYHUVHDV JUDGXDWH HGXFDWLRQ RU FRPSDQLHV ERWK DW KRPH DQG DEURDG HDUO\ FDUHHU MREV RXWVLGH RI 6LQJDSRUH $PHULFDQ FRPSDQLHV FRQWLQXH WR HYROYH DQG 7KHQ FRPH KRPH WR OHDG D SEA UHJLRQDO RU LQQRYDWH DORQJVLGH 6LQJDSRUH ๠H QH[W ൥ൠ \HDUV ΖQWHUQDWLRQDO UROH ȋ ZLOO XQGRXEWHGO\ EULQJ FKDOOHQJHV 6LQJDSRUH LV Blue Collar Workers SRLVHG QRW MXVW WR RYHUFRPH WKHP EXW WR WUDQV ȊΖQYHVW LQ WKH KLJKO\ VNLOOHG EOXH FROODU IRUP WKHP LQWR VSULQJERDUGV $PHULFDQ FRP SDQLHV KDYH EHHQ DUH DQG ZLOO FRQWLQXH WR EH WKHUH HYHU\ VWHS RI WKH ZD\ 75

3 * 5HDFKLQJ &RQVXPHUV (YHU\ 'D\ An interview with Sam Kim 9ice President ASEAN & Asia Development Markets

Procter & Gamble (P&G) was named Singapore’s most attractive employer at the ΅΃΄Έ Randstad Awards and the consumer goods giant serves nearly ȴve billion people around the world. With a product footprint in more than ΄΋΃ countries and employing over ΄·΃ nationalities in more than Ί΃ countries, P&G is touching consumers’ lives everywhere.

S

DP .LP WDONHG DERXW ඉ๟඀¶V JURZWK LQ WHFKQRORJ\ DYDLODEOH KHUH :H KDYH EHHQ DEOH 6LQJDSRUH ³$V 6LQJDSRUH JUHZ DV D FRXQ WR JURZ WRJHWKHU DQG WKH JRYHUQPHQW KDV EHHQ WU\ VR GLG ඉ๟඀ ZKHUH ZH VHW XS RXU RSHU D VWURQJ SDUWQHU LQ KHOSLQJ XV 6R WKLV VHUYHV DV DWLRQV ൢ൧ \HDUV DJR )URP D ORFDO RSHUDWLRQ KHUH WKH FRPPHUFLDO KHDGTXDUWHUV IRU DOO RI $VLD ,W LW TXLFNO\ EHFDPH D UHJLRQDO KHDGTXDUWHUV UHSUH DOVR VHUYHV DV RXU JOREDO KHDGTXDUWHUV IRU RXU senting ൺඌൾൺඇ $XVWUDOLD DQG ,QGLD $ERXW QLQH %DE\ FDUH DQG ඌ඄ ං​ං EXVLQHVV $W ඉ๟඀ LQQR \HDUV DJR ZH FRQVROLGDWHG RXU RSHUDWLRQV DQG YDWLRQ LV RXU OLIH EORRG ´ 6DP HODERUDWHG ³,W¶V UHORFDWHG RXU $VLD KHDGTXDUWHUV WR 6LQJDSRUH DERXW ORRNLQJ WRZDUGV WKH QH[W GHFDGH ZKHUH EHFDXVH ZH UHDOO\ UHFRJQL]HG WKH VWURQJ SRRO 6LQJDSRUH LV JRLQJ LQ WHUPV RI LWV YLVLRQ DQG KRZ ZH DUH IROORZLQJ ๠H GHFLVLRQ WR LQ :H KDYH RYHU ·΃΃ 5 ' HPSOR\HHV YHVW ඌ ൢ൥ൠ PLOOLRQ DQG DJDLQ WKLV LV ZKHUH SDUWQHUVKLS WR EXLOG DQ උ๟ൽ IDFLOLW\ LQ %LRSROLV ZLWK WKH 6LQJDSRUH JRYHUQPHQW LV LV WR IDFLOLWDWH GH VWURQJ :H SDUWQHU ZLWK $ 67$5 DQG YHORSPHQW RI VX DUH DEOH WR OHYHUDJH RQ WKH EULJKWHVW SHULRU SURGXFWV WR LPSURYH FRQVXPHU PLQGV DQG WDOHQW LQ UHVHDUFK DQG OLYHV DQG ZKDW ZH GHYHORSPHQW ZKR ZRUN LQ 6LQJDSRUH FDQ GR LQ WKH QH[W ൡൠ WR ൢൠ \HDUV HVSH RI GLYHUVLW\ WKH WDOHQW DQG WKH YDOXH FUHDWLRQ FLDOO\ ZLWK WKH UHVSHFW JLYHQ WR LQQRYDWLRQ DQG R൵HUHG E\ WKH 6LQJDSRUH JRYHUQPHQW , WKLQN LQWHOOHFWXDO SURSHUW\ ๠DW LV ZK\ ඉආ Lee rec LW¶V QR GL൵HUHQW IURP WKH ZD\ WKDW 6LQJDSRUH RJQL]HG ඉ๟඀¶V H൵RUWV LQ KLV ൢൠൡൣ 1DWLRQDO 'D\ KDV JURZQ ,W¶V DQ H[FHSWLRQDO ¿W IRU XV ZKHUH UDOO\ VSHHFK :H DUH YHU\ SURXG RI WKLV VSLULW RI ZH VHUYH WKH FRQVXPHUV IURP DOO RYHU WKH ZRUOG LQQRYDWLRQ DQG FRRSHUDWLRQ ZH KDYH KHUH ๠LV $OVR 6LQJDSRUH LV VWURQJ LQ WHUPV RI WKH LQIUD LV RQH RI WKH PRVW DGYDQFHG VLWHV LQ WKH ZRUOG VWUXFWXUH DQG WKH D൶QLW\ IRU LQQRYDWLRQ DQG :H KDYH RYHU ൤ൠൠ උ๟ൽ HPSOR\HHV DQG DJDLQ

76

WKLV LV ZKHUH SDUWQHUVKLS ZLWK WKH 6LQJDSRUH JRYHUQPHQW LV VWURQJ :H SDUWQHU ZLWK ൺ*ඌඍൺඋ DQG DUH DEOH WR OHYHUDJH RQ WKH EULJKWHVW PLQGV DQG WDOHQW LQ UHVHDUFK DQG GHYHORSPHQW ZKR ZRUN LQ 6LQJDSRUH ´ ³:H DOVR KDYH PDQXIDFWXULQJ IDFLOLWLHV KHUH ´ FRQWLQXHG 6DP ³3HRSOH GR QRW DXWRPDWLFDOO\ WKLQN RI 6LQJDSRUH DV D PDQXIDFWXULQJ EDVH EXW LQ ൢൠൠ൧ ZH HVWDEOLVKHG RXU ¿UVW PDQXIDFWXULQJ IDFLOLW\ LQ $VLD IRU SHUIXPH :H PDQXIDFWXUH WKH SHUIXPHV WKDW JR LQWR SURGXFWV OLNH KDLU FDUH DQG GHWHUJHQWV ´ ๠H 6LQJDSRUH SODQW SOD\V D SURPLQHQW UROH LQ VXSSRUWLQJ WKH FRPSDQ\¶V JOREDO SHUIXPH SURGXFWLRQ UHTXLUHPHQW ³$QRWKHU YHU\ LPSRUWDQW PDQXIDFWXULQJ VLWH LQ 6LQJDSRUH LV 3 * V 3XUL¿HU RI :DWHU SODQW 3 * LV SURXG RI RXU QRQ SUR¿W LQLWLDWLYH WKH &KLOGUHQ¶V 6DIH 'ULQNLQJ :DWHU 3URJUDP ZKLFK SURGXFHV ZDWHU SXUL¿FDWLRQ VDFKHWV WR KHOS FOHDQ FRQWDPLQDWHG ZDWHU ๠LV \HDU PDUNV ඉ๟඀¶V ൡൠWK DQQLYHUVDU\ RI WKH SURJUDP ZKHUHE\ JOREDOO\ ZH KDYH SURYLGHG RYHU HLJKW ELOOLRQ OLWHUV RI FOHDQ ZDWHU WR IDPLOLHV LQ QHHG ´ VDLG 6DP ³๠LV FRP SUHKHQVLYH SURJUDP IRUPV DQ LPSRUWDQW SDUW RI RXU ർඌඋ H൵RUWV DQG WKH JOREDO PDQXIDFWXULQJ IDFLOLW\ LV ORFDWHG LQ 6LQJDSRUH ๠H ZDWHU SX UL¿FDWLRQ WHFKQRORJ\ HQDEOHV SHRSOH WR SXULI\ GLUW\ ZDWHU LQ D VLPSOH D൵RUGDEOH DQG FRQYHQ LHQW ZD\ 6R WKLV LV OLIH VDYLQJ WHFKQRORJ\ :H GHFLGHG WR SXW WKH JOREDO PDQXIDFWXULQJ SODQW KHUH LQ 6LQJDSRUH EHFDXVH IURP D ORJLVWLFV DQG VDIHW\ VWDQGSRLQW 6LQJDSRUH LV WKH LGHDO ORFD WLRQ ´ $V WKH ZRUOG¶V ODUJHVW FRQVXPHU SURGXFWV FRPSDQ\ ඉ๟඀ WKLQNV WKDW WKH IXWXUH IRU WKH $VLDQ PDUNHW LV EULJKW ³$VLD UHSUHVHQWV KDOI RI WKH ZRUOG¶V SRSXODWLRQ DQG UHSUHVHQWV D PDUNHW RSSRUWXQLW\ RI RYHU ඎඌ ൡൠൠ ELOOLRQ ,W¶V DOVR WKH PDUNHW IRU WKH JURZLQJ PLGGOH FODVV FRQVXP HUV IRU RXU SURGXFWV WKH IDVW PRYLQJ FRQVXPHU JRRGV ,Q DGGLWLRQ WR WKH GHPRJUDSKLFV WKHUH¶V DOVR WHFKQRORJ\ ZLWK PRELOH DQG VPDUWSKRQHV SHRSOH DUH DFFHVVLQJ LQIRUPDWLRQ DQG EHFRPLQJ HGXFDWHG LQ SURGXFWV WKDW ZHUH QRW SUHYLRXVO\ SRVVLEOH 6R , WKLQN 6LQJDSRUH LV DQ LQVSLUDWLRQ IRU RWKHU PDUNHWV ´ $ERXW WKH ZRUNIRUFH LQ 6LQJDSRUH 6DP DGGHG ³, WKLQN ZH QHHG WR FRQWLQXH WR SURPRWH GLYHUVLW\ DQG WKH DELOLW\ WR KDYH D GLYHUVH WDOHQW SRRO $Q\

FRXQWU\ RSHUDWLRQ LV DERXW JURZLQJ ORFDO WDOHQW $QG ZH KDYH D UHDVRQ IRU LQFUHDVLQJ ORFDO WDOHQW EHFDXVH ZH ZDQW RXU HPSOR\HHV WR EHVW UHÀHFW ORFDO FRQVXPHU EDVH 6R LQ 6LQJDSRUH ZH ZRXOG ZDQW PRUH 6LQJDSRUHDQV LQ WKH RUJDQL]DWLRQ WR SURYLGH XV ZLWK ORFDO LQVLJKWV DQG XQGHUVWDQGLQJ WR PDNH EHWWHU SURGXFWV DQG LPSURYH WKHLU OLYHV DQG WKLV ZRXOG EH WKH VDPH LQ ๠DLODQG ZLWK ๠DLV RU LQ WKH ඎ ඌ ZLWK $PHULFDQV +DYLQJ VDLG WKDW ZH DOVR QHHG WR EH DEOH WR DWWUDFW D GLYHUVH WDOHQW SRRO LQ WKH RUJDQL]DWLRQ LQ RUGHU WR VWLPXODWH GLYHUVH WKLQNLQJ DQG FUHDWLYLW\ ඉ๟඀ LV YHU\ XQLTXH LQ WKDW LW JURZV LWV OHDGHUVKLS IURP ZLWKLQ WKH FRPSDQ\ <HVWHUGD\ ZDV P\ ൢ൩WK DQQLYHUVDU\ ZLWK ඉ๟඀ DQG YLUWXDOO\ DOO RI RXU HPSOR\HHV VWDUW DV QHZ KLUHV DV , KDYH GRQH EDFN LQ ൡ൩൨൦ 2EYLRXVO\ ZKHQ ZH QHHG VSHFLDOLVWV ZH KLUH IURP RXWVLGH ´ 2Q WKH VXEMHFW RI OHDGHUVKLS ඉ๟඀ LV FRPPLW WHG WR VXSSRUWLQJ ඌආൾV ZKLFK DUH WKH JURZWK HQJLQH RI WKH ൺඌൾൺඇ HFRQRP\ )RU ൺඌൾൺඇ¶V ORQJ WHUP GHYHORSPHQW DQG SURVSHULW\ DV ZHOO DV IRU WKH VXFFHVV RI WKH ൺඌൾൺඇ (FRQRPLF &RPPXQLW\ LW LV FULWLFDO WKDW ඌආൾs in ൺඌൾൺඇ are DEOH WR WDNH DGYDQWDJH RI RSSRUWXQLWLHV FRPSHWH RQ D OHYHO SOD\LQJ ¿HOG DQG DFFHOHUDWH JURZWK ඉ๟඀ LV SURXG WR SDUWQHU ZLWK WKH ඎඌ ൺඌൾൺඇ %XVLQHVV &RXQFLO ඎඌൺൻർ DQG WKH ඎ ඌ $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW ඎඌൺංൽ LQ GH YHORSLQJ D ODQGPDUN EXVLQHVV DOOLDQFH WR ERRVW FRPSHWLWLYHQHVV RI ඌආൾV LQ WKH UHJLRQ 6DP VKDUHG ³:H DUH SDUWLFXODUO\ GHOLJKWHG WKDW ඉ๟඀ KDV DQ RSSRUWXQLW\ WR VKDUH VRPH RI LWV JOREDOO\ DGPLUHG DQG DZDUGHG OHDGHUVKLS GHYHORSPHQW SUDFWLFHV WKURXJK D VHULHV RI µඉ๟඀ /HDGHUVKLS &ROOHJHV¶ IRU ඌආൾV :H DUH GHOLJKWHG WR LQDX JXUDWH WKH ¿UVW RI WKHVH LQ 6LQJDSRUH ODVW \HDU ZLWK WKH VXSSRUW DQG SDUWQHUVKLS RI ඌඉඋංඇ඀ 6LQJDSRUH DQG ZH ORRN IRUZDUG WR KRVWLQJ PRUH VXFK FROOHJHV DURXQG ൺඌൾൺඇ ´

Opening of the P&G Leadership College for SMEs in Singapore

77

0LFURVRIW 0DNHV 5HDO ,PSDFW IRU D %HWWHU 6LQJDSRUH An Interview with Jessica Tan Managing Director Singapore

In August ╬Е╬Г╬Д╬И, Singapore wonтАЩt be the only one celebrating a birthday, as Microsoft celebrates ╬Е╬И years of driving innovation and growth here in Singapore. The worldwide leader in software, services, devices, and solutions started its Singapore o╔Эce with only two employees in ╬Д╬М╬М╬Г and has since expanded its footprint in Singapore to reach a team of over ╬М╬Г╬Г employees that represent global, regional, and country operations and an ecosystem of over ╬Е,╬Г╬Г╬Г business partners.

M

A key focus for Microsoft has Eeen to empower our youth with next-generation skills and that includes developing computational thinking as a national capaEility. Here a Microsoft employee teaches a Eoy how to code using Kodu games programming at a YouthSpark Kids Camp in Singapore.

78

LFURVRIW┬╢V LQYHVWPHQW RI RYHU р╢М р╡д р╡з ELOOLRQ KHUH KDV DOORZHG LW WR EH DQ DFWLYH SDUWQHU LQ QDWLRQ EXLOGLQJ LQ 6LQJDSRUH DQG LI \RX DVN -HVVLFD 7DQ 0DQDJLQJ 'LUHFWRU IRU 0LFURVRIW 6LQJDSRUH WKLV OHDG HU LQ WHFKQRORJ\┬╢V PRVW LPSRUWDQW LQYHVWPHQW LQ 6LQJDSRUH KDV EHHQ EXLOGLQJ DQG QXUWXULQJ HFRV\VWHPV WKDW DOORZ VWDUW XSV DQG VPDOOHU EXVLQHVVHV WR UHDFK WKHLU IXOO SRWHQWLDO ┬│2YHU р╡ир╡а р╡ар╡ар╡а MREV ZHUH FUHDWHG UHODWHG WR WKH 0LFURVRIW HFRV\VWHP DQG 0LFURVRIW SDUWQHUV DQG UHODWHG р╢Вр╢Н RUJDQL]DWLRQV HPSOR\ DQ HVWLPDWHG р╡др╡з RI WKH WRWDO р╢Вр╢Н ZRUNIRUFH LQ 6LQJDSRUH ┬┤ H[SODLQHG -HVVLFD ┬│:KDW LV UHDOO\ FHQWUDO WR 0LFURVRIW DV D FRPSDQ\ LQ HYHU\ FRXQWU\ ZH RSHUDWH LQ LQFOXGLQJ 6LQJDSRUH LV WKDW RXU EHOLHI DQG RXU PLVVLRQ LV FHQWHUHG RQ HQDEOLQJ SHRSOH DQG RUJDQL]DWLRQV WR UHDOL]H WKHLU IXOO SRWHQWLDO 2XU IRFXV LV RQ UHDOO\ KHOSLQJ RUJDQL]DWLRQV DQG LQGLYLGXDOV DFKLHYH PRUH EH PRUH ┬┤ $QG 0LFURVRIW KDV WKH VXFFHVV VWRULHV WR EDFN WKLV XS р╣аURXJK LWV %L]6SDUN SURJUDP 0LFURVRIW KDV VXSSRUWHG VXSSRUWHG FORVH WR р╡б р╡гр╡ар╡а ORFDO ORFDO VWDUW XSV E\ SURYLGLQJ IUHH DFFHVV WR WHFKQRORJ\ EXVLQHVV PHQWRULQJ PDUNHW YLVL ELOLW\ DQG D FROODERUDWLYH FRPPXQLW\ ,Q р╡вр╡ар╡ар╡й

WKH 0LFURVRIW ,QQRYDWLRQ &HQWUH ZDV DOVR HV DEOHV \RXWKV WR VXFFHHG LQ WRGD\¶V HFRQRP\ WDEOLVKHG LQ 6LQJDSRUH FR IXQGHG E\ ඌඉඋංඇ඀ DQG EXLOG WKH HFRQRP\ RI WKH IXWXUH WKURXJK 6LQJDSRUH WR GHYHORS SURJUDPV WR QXUWXUH DQG GLUHFW DFFHVV WR WHFKQRORJ\ DQG UHOHYDQW VNLOOV PHQWRU ඌආൾV ZLWK WKH XQLTXH SURSRVLWLRQ RI $ NH\ DSSURDFK KDV EHHQ WR HQKDQFH 6LQJDSRUH¶V WHFKQRORJLFDO NQRZ KRZ ZRUOG FODVV HGXFDWLRQ E\ HQFRXUDJLQJ WKH XVH ³$Q H[DPSOH RI D %L]6SDUN DOXPQL ZKR KDV RI WHFKQRORJ\ WR HQDEOH LQQRYDWLYH SHGDJRJLFDO JURZQ IURP DQ RUJDQL]DWLRQ ZLWK D VWD൵ VWUHQJWK PHWKRGV RI WHDFKLQJ DQG OHDUQLQJ ๠URXJK WKH RI OHVV WKDQ ¿YH WR RYHU ൤ൠൠ VSUHDG DFURVV $VLD FRPSDQ\¶V <RXWK6SDUN SURJUDP \RXWKV DUH 3DFL¿F LV D=DD6 ,Q WKHLU HDUO\ GD\V ZH HQ DOVR HPSRZHUHG ZLWK DFFHVV WR WHFKQRORJ\ DQG DEOHG D=DD6 ZLWK WKH WHFKQRORJLFDO expertise to get RQWR WKH FORXG DQG 2XU EHOLHI DQG RXU PLVVLRQ LV FHQWHUHG WKHUHDIWHU KHOSHG WKHP WR JR WR PDU RQ HQDEOLQJ SHRSOH DQG RUJDQL]DWLRQV NHW E\ FRQQHFWLQJ WR UHDOL]H WKHLU IXOO SRWHQWLDO 2XU IRFXV WKHP WR 0LFURVRIW¶V FXVWRPHUV 7RGD\ LV RQ UHDOO\ KHOSLQJ RUJDQL]DWLRQV DQG WKH\ SURYLGH LQQR LQGLYLGXDOV DFKLHYH PRUH EH PRUH YDWLYH FORXG VROX WLRQV WR ERWK SXEOLF VHFWRU DQG HQWHU SULVH FXVWRPHUV E\ EXLOGLQJ RQ 0LFURVRIW¶V $]XUH ´ VDLG -HVVLFD D EHWWHU HGXFDWLRQ LQVSLULQJ WKHP WR UHLPDJLQH ³$QRWKHU VXFFHVV VWRU\ LV +XH/DE D OHDGLQJ WKH RSSRUWXQLWLHV WKH\ KDYH WR UHDOL]H WKHLU SR OHDUQLQJ VRIWZDUH GHYHORSPHQW VSHFLDOLVW ZKR WHQWLDO DQG KHOS WKHP ¿QG D MRE RU VWDUW WKHLU KDG KXPEOH EHJLQQLQJV EXW LV WRGD\ GHOLYHULQJ RZQ EXVLQHVV QH[W JHQHUDWLRQ OHDUQLQJ H[SHULHQFHV WKURXJK ³$ SURJUDP ZH RSHUDWH LV FDOOHG 'LJL*LUO] WKH LQQRYDWLYH XVH RI WHFKQRORJ\ WR VFKRROV LQ ZKHUH ZH HQJDJH ZLWK \RXQJ IHPDOH VWXGHQWV WR LQVSLUH WKHP WR H[SORUH FDUHHUV LQ WHFKQRORJLHV $VLD (XURSH DQG WKH ඎඌൺ ´ ๠H WHFKQRORJ\ JLDQW VHHV LWV ORQJ WHUP IXWXUH 2QH RI WKH XQLTXH FKDOOHQJHV ZH KDYH ZLWK WKLV LQ 6LQJDSRUH DQG 0LFURVRIW EHOLHYHV RQH RI LWV ODERU PDUNHW LV WKDW WKHUH DUH QRW HQRXJK SHRSOH PRVW SUR¿WDEOH LQYHVWPHQWV LQ 6LQJDSRUH LV LWV in ංඍ HVSHFLDOO\ IHPDOHV ,Q WHUPV RI XQLYHUVLW\ JUDGXDWHV WKH JLUOV RXWQXPEHU WKH ER\V EXW WKH\ KXPDQ FDSLWDO ³%HFDXVH RI KRZ GHYHORSHG DQG G\QDPLF WKLV HLWKHU GR QRW UHPDLQ LQ WKH ZRUNIRUFH RU WKH\ PDUNHW LV WKLQJV GR PRYH YHU\ IDVW ๠HUH DUH DUH QRW LQ WHFKQRORJ\ 6R ZH DVNHG ZRPHQ LQ XSVLGHV DQG GRZQVLGHV WR WKLV ๠H JURZWK ZH WHFKQRORJ\ WR VSHQG WLPH DQG VKDUH ZLWK WKHVH VHH LQ WKH UHJLRQ PRWLYDWHV XV WR VFDOH IDVW $W VWXGHQWV DV \RXQJ DV SULPDU\ VFKRRO JRLQJ WKH WKH VDPH WLPH DFFHOHUDWHG JURZWK FDXVHV WKH RSSRUWXQLWLHV LQ WKH LQGXVWU\ DQG KRZ ZKDW WKH\ WDOHQW PDUNHW WR EH YHU\ WLJKW ๠HUHIRUH WKH GR DUH FUHDWLQJ SRVLWLYH LPSDFW LQ WKH FRPPX DELOLW\ WR WDS LQWR WKDW WDOHQW EDVH DQG EH DEOH WR QLW\ ´ VDLG -HVVLFD VFDOH TXLFNO\ LV DOZD\V FKDOOHQJLQJ EHFDXVH LW¶V %\ EHLQJ DW WKH IRUHIURQW RI DGGUHVVLQJ WKH DQ H[WUHPHO\ FRPSHWLWLYH PDUNHW ´ VDLG -HVVLFD JHQGHU DQG GLYHUVLW\ JDS LQ WKH WHFKQRORJ\ ๠LV LV RQH UHDVRQ ZK\ RQH RI 0LFURVRIW¶V LQGXVWU\ 0LFURVRIW LV EHWWLQJ WKDW D PRUH GL SULRULWLHV LQ 6LQJDSRUH LV WR HQVXUH VXVWDLQDEOH YHUVH ZRUNIRUFH LV D PRUH LQQRYDWLYH ZRUNIRUFH WDOHQW IRU WKH GLYHUVH HFRQRP\ WKDW EXVLQHVVHV :KDW EHWWHU HFRV\VWHP WR WHVW WKLV WKHRU\ WKDQ RSHUDWH LQ WRGD\ ,Q SDUWQHUVKLS ZLWK HGXFD 6LQJDSRUH" WRUV JRYHUQPHQWV DQG OHDGHUV 0LFURVRIW HQ

79

)RVWHULQJ р╣аULYLQJ &RPPXQLWLHV ZLWK 6WDUEXFNV An interview with Jane Lau Managing Director Singapore

From its ╚┤rst store in SeattleтАЩs Pike Place Market in ╬Д╬М╬К╬Д, Starbucks has grown to more than ╬Е╬Е,╬Г╬Г╬Г stores in ╬Й╬Й countries. Starbucks has clear growth goals for the China and Asia-Paci╚┤c (CAP) region, aiming to be the employer of choice in its line of business and a leader in co╬Нee. The ╚┤rst Starbucks store opened in Liat Tower on Orchard Road in ╬Д╬М╬М╬Й. Right from the beginning, Starbucks Singapore has committed itself to being a di╬Нerent kind of company.

J

DQH H[SODLQHG ZKDW WKLV PHDQV WR 6WDUEXFNV ┬│:KHQ ZH VD\ D GLр╡╡HUHQW NLQG RI FRPSDQ\ ZH PHDQ D FRPSDQ\ WKDW ZDQWV WR FRQWULE XWH EDFN WR VRFLHW\ LQ D SRVLWLYH ZD\ 2I FRXUVH LW KDV WR EH DOLJQHG ZLWK RXU YDOXHV , DP SURXG WR VD\ WKDW ZH DUH GRLQJ WKDW VXFFHVVIXOO\ LQ 6LQJDSRUH IRU WKH SDVW р╡бр╡й \HDUV :H KDYH EHHQ SDUWQHULQJ ZLWK D QXPEHU RI RUJDQL]DWLRQV RQ

KDYH EHHQ SDUWQHUV ZLWK WKHP IRU RYHU D GHFDGH ┬┤ -DQH GLVFXVVHG KRZ 6WDUEXFNV LQFRUSRUDWHG WKLV UHODWLRQVKLS LQWR LWV ODQGPDUN р╡бр╡ар╡аWK VWRUH LQ 6LQJDSRUH ┬│$SDUW IURP WKH р╡бр╡ар╡аWK VWRUH DV D NH\ PLOHVWRQH IRU WKH FRPSDQ\ LW┬╢V DOVR VLJQL┬┐FDQW EHFDXVH LW PDUNV D GHFDGH WKDW ZH KDYH ZRUNHG ZLWK р╡║р╢Лр╡╝ ┬┤ VDLG -DQH ┬│:H KDYH SDUWQHUHG ZLWK WKHP VLQFH р╡вр╡ар╡ар╡е DQG ZH ZHUH DOVR ZRUNLQJ ZLWK WKH 3DWKOLJKW 6FKRRO XQGHU WKH р╡║р╢Лр╡╝ :H 6WDUEXFNV LV D SHRSOH EXVLQHVV DQG ZRUNHG ZLWK WKHP to open a training ZH DUH GHOLYHULQJ WKH 6WDUEXFNV FDIp LQ WKH VFKRRO H[SHULHQFH HYHU\GD\ ZLWK PRUH DQG WUDLQHG WKH VWX WKDQ ╬Д ╬Г╬Г╬Г SDUWQHUV RQ WKH ╚╡RRU GHQWV ZLWKLQ WKDW ID FLOLW\ /DVW \HDU VL[ 6R IRU XV ZKDW╚ЗV PRVW LPSRUWDQW FOLHQWV IURP р╡║р╢Лр╡╝ LV WKDW ZH DUH FRQVWDQWO\ WKLQNLQJ VWDUWHG ZRUNLQJ LQ DERXW KRZ WR GHYHORS WKRVH SHRSOH RXU р╡бр╡ар╡аWK VWRUH :H UH VFRSHG WKH MRE VR WKH\ FDQ EHFRPH OHDGHUV QRW UROH IRU WKHVH VL[ RQO\ LQ WKH FRPSDQ\ EXW DOVR LQ SDUWQHUV DQG VWDUWHG WKHLU IDPLOLHV DQG FRPPXQLWLHV WUDLQLQJ WKHP DERXW QLQH PRQWKV EHIRUH VR WKDW WKH\ FRXOG D ORQJ WHUP EDVLV DQG WZR LQ SDUWLFXODU WKDW LQWHJUDWH ZHOO LQWR RXU HQYLURQPHQW ┬┤ ZH DUH YHU\ SURXG RI DUH WKH $XWLVWLF 5HVHDUFK р╣аHUH DUH FKDOOHQJHV LQ DQ\ PDUNHW DQG LQ &HQWHU р╡║р╢Лр╡╝ DQG р╣аH 6DOYDWLRQ $UP\ ZKHUH ZH GXVWU\ HVSHFLDOO\ ZKHQ RSHUDWLQJ LQ D GLр╡╡HUHQW

80

FRXQWU\ ┬│)RU XV LW┬╢V YHU\ VLPSOH :H ZDQW WR EH WKH р╡╝р╡║р╢Й UHJLRQ ZLWK +RQJ .RQJ DV RXU UHJLRQDO IRFXVHG RQ EXLOGLQJ VXVWDLQLQJ DQG HDUQLQJ WKH KHDGTXDUWHUV 2XU 6LQJDSRUH RSHUDWLRQV DUH WUXVW IURP WKH SHRSOH RI 6LQJDSRUH 6WDUEXFNV SUHWW\ LQGHSHQGHQW WKRXJK DQG ZH RSHUDWH WKH LV D SHRSOH EXVLQHVV DQG ZH DUH GHOLYHULQJ WKH р╡бр╡бр╡г VWRUHV KHUH DV DQ LQGLYLGXDO XQLW ┬┤ VDLG -DQH 6WDUEXFNV H[SHULHQFH HYHU\GD\ ZLWK PRUH WKDQ р╡вр╡ар╡бр╡е LV WKH IRXUWK \HDU WKDW -DQH KDV EHHQ UXQ р╡б р╡ар╡ар╡а SDUWQHUV RQ WKH ├АRRU 6R IRU XV ZKDW┬╢V PRVW QLQJ 6LQJDSRUH RSHUDWLRQV ┬│, ZDV DPD]HG DW LPSRUWDQW LV WKDW ZH DUH FRQVWDQWO\ WKLQNLQJ KRZ Hр╡╢FLHQW DQG WUDQVSDUHQW WKH JRYHUQPHQW LV DERXW KRZ WR GHYHORS WKRVH SHRSOH VR WKH\ FDQ р╣аH\ KDYH EHHQ H[WUHPHO\ VXSSRUWLYH LQ WHUPV EHFRPH OHDGHUV QRW RQO\ LQ WKH FRPSDQ\ EXW RI EXVLQHVV :H KDYH DQ RQJRLQJ GLDORJXH ZLWK WKHP RQ KRZ WR LPSURYH SURGXFWLYLW\ DQG WR H[ DOVR LQ WKHLU IDPLOLHV DQG FRPPXQLWLHV ┬┤ -DQH LV KDSS\ WKDW 6WDUEXFNV LV RSHUDWLQJ ZHOO SHULPHQW XVLQJ GLр╡╡HUHQW WHFKQRORJLHV WR KHOS WKH LQ 6LQJDSRUH ┬│6LQJDSRUH KDV LWV RZQ VHW RI FKDO EXVLQHVV :H EHOLHYH WKH 6LQJDSRUH JRYHUQPHQW OHQJHV EXW ZH KDYH WR EH DEOH WR PDQDJH WKH KDV EHHQ IDQWDVWLF LQ UHDFKLQJ RXW WR EXVLQHVVHV RSHUDWLQJ HQYLURQPHQW %HFDXVH DW WKH HQG 0RVW LPSRUWDQWO\ EXVLQHVVHV VKRXOG FRQWLQXH RI WKH GD\ \RX FDQ┬╢W H[SHFW WKH H[WHUQDO HQYL WR KDYH RSHQ GLDORJXHV ZLWK WKH JRYHUQPHQW ┬┤ URQPHQW WR DGDSW WR \RXU ZD\ ┬┤ $QG 6WDUEXFNV 6WHSSLQJ LQWR р╡вр╡ар╡бр╡ж DQG LWV р╡вр╡аWK \HDU LQ LV FHUWDLQO\ ZHOO YHUVHG LQ RSHUDWLQJ LQ $VLD 6LQJDSRUH 6WDUEXFNV ZLOO FRQWLQXH WR VHUYH ┬│*HRJUDSKLFDOO\ ZH GH┬┐QH 6LQJDSRUH DV SDUW RI ERWK FXVWRPHUV DQG WKH FRPPXQLW\

Denise Phua President of ARC Singapore speaks to StarEucks partners at the StarEucks Singapore ╬Д╬Г╬Гth store opening at the Fullerton WaterEoat House.

81

&UHDWLQJ 8QSDUDOOHOHG ([SHULHQFHV ZLWK 0DULQD %D\ 6DQGV An interview with George Tanasijevich President and Chief Executive OÉ?cer

Marina Bay Sands (MBS) celebrates its Έth Anniversary in Singapore this year and is the result of Singapore’s forwardthinking, historical decision to introduce integrated resorts. MBS has been active in Singapore since ΅΃΃Έ, when its parent company Las 9egas Sands began its successful bid to develop an integrated resort at Marina Bay. The business of large-scale, MICE-focused Integrated Resorts involves designing, building, and operating resorts that oÎ?er hotels, restaurants, malls, theaters, museums, attractions, convention facilities, and casinos in iconic developments. Today, Las 9egas Sands is the world’s most valuable integrated resorts company based on market capitali]ation and Marina Bay Sands is the most successful integrated resort in the world in as measured by EBIT'A.

“A

OŕŻ˜ WKRXJK RXU SDUHQW FRPSDQ\ LV KHDGTXDU RU PRUH WKDQ ŕśŒ ྦྷྡྷྠPLOOLRQ RI RXU SURFXUHPHQW WHUHG LQ $PHULFD ZH KDYH PDGH JUHDW FRQWUDFWV WR 6LQJDSRUH EDVHG FRPSDQLHV 2XU HŕľľRUW WR EHFRPH D ORFDO FRPSDQ\ ´ VDLG WHDP PHPEHUV UDLVH PLOOLRQV RI GROODUV HDFK *HRUJH Âł2XU SURFXUHPHQW SUDFWLFHV SURPRWH \HDU IRU ORFDO FKDULWLHV WKURXJK RXU DQQXDO 6DQGV WKH FUHDWLRQ DQG JURZWK RI PDQ\ KRPH JURZQ IRU 6LQJDSRUH IHVWLYDO ŕš LV LV RXU XQLTXH FRU ÂżUPV ,Q ྡྷྠྥྤ IRU H[DPSOH ZH DZDUGHG ྊྠSRUDWH VRFLDO UHVSRQVLELOLW\ SURJUDP ZKHUH ZH

Marina Bay Sands and the skyline of Singapore.

82

OHYHUDJH RXU SURSHUW\ IRU IXQG UDLVLQJ IRU ORFDO KDYH SODQV WR FRQWLQXH WR UHLQYHVW DQG UHLQYLJ EHQH¿FLDULHV ´ RUDWH DOO HOHPHQWV RI 0DULQD %D\ 6DQGV RQ D %HVLGHV FUHDWLQJ XQSDUDOOHOHG H[SHULHQFHV IRU FRQWLQXDO EDVLV 7R GR VR ZH JDWKHU DQG DQD JXHVWV ආൻඌ LWVHOI KDV DOVR H[SHULHQFHG PRPHQWV O\]H FXVWRPHU IHHGEDFN WKURXJK YDULRXV PHDQV WR UHPHPEHU *HRUJH QRWHG ³:H FRQWLQXH WR WR JXLGH RXU SODQQLQJ DQG SURJUDPPLQJ :H H[SHULHQFH PHPRUDEOH PRPHQWV RQ DQ RQJRLQJ SURDFWLYHO\ PDQDJH RXU RSHUDWLRQV DQG FRQWLQ EDVLV DW 0DULQD %D\ 6DQGV &HUWDLQO\ WKH GD\ ZH XDOO\ ORRN IRU ZD\V WR XSJUDGH DQG LPSURYH RXU ZHUH DQQRXQFHG DV WKH ZLQQHU RI WKH ELG WR EXLOG EXVLQHVV DQG OHLVXUH DPHQLWLHV DQG DWWUDFWLRQV 0DULQD %D\ 6DQGV RQ 0D\ ൢ൦ ൢൠൠ൦ ZDV YHU\ ([DPSOHV RI UHFHQW HQKDQFHPHQWV RI 0DULQD H[FLWLQJ 'XULQJ FRQVWUXFWLRQ WKH FRPSOHWLRQ RI %D\ 6DQGV LQFOXGH WKH RQJRLQJ UHGHVLJQ DQG WKH 6N\ 3DUN UHSUHVHQWHG D VLJQL¿FDQW PLOHVWRQH UHIXUELVKPHQW RI DOO RI RXU KRWHO URRPV WKH ,Q DGGLWLRQ WKH DGUHQDOLQ ZDV KLJK RQ $SULO ൢ൧ GHYHORSPHQW RI DGGLWLRQDO UHWDLO ÀDJVKLS OX[XU\ ൢൠൡൠ DV ZH RSHQHG RXU GRRUV WR WKH SXEOLF IRU WKH VWRUHV LQ RXU PDOO WKH FXUDWLRQ RI XQLTXH H[KL ¿UVW WLPH DQG JRW WR ZLWQHVV SHRSOHV¶ UHDFWLRQ ELWLRQV DQG WKH LQWURGXFWLRQ RI QHZ FHOHEULW\ WR RXU PDQ\ \HDUV RI H൵RUW 2QFH ZH EHFDPH FKHI UHVWDXUDQWV ´ ,Q LWV TXHVW WR FRQWLQXH WR DGDSW DQG DWWUDFW FXV RSHUDWLRQDO WKH PHPRUDEOH PRPHQWV EHJDQ WR UDSLGO\ RFFXU :HOFRPLQJ 0U /HH .XDQ <HZ WRPHUV ආൻඌ ¿QGV VWUHQJWK LQ LWV FRRUGLQDWLRQ WR WKH SURSHUW\ ZDV DOZD\V D WUXH KRQ RU DQG D UHDO KLJK $OWKRXJK RXU SDUHQW FRPSDQ\ LV OLJKW RI P\ FDUHHU KHDGTXDUWHUHG LQ $PHULFD ZH KDYH 5DLVLQJ PLOOLRQV PDGH JUHDW H΍RUW WR EHFRPH D ORFDO RI GROODUV IRU FKDU LWLHV KDV EHHQ WUXO\ FRPSDQ\ 2XU SURFXUHPHQW SUDFWLFHV JUDWLI\LQJ DQG RXU SURPRWH WKH FUHDWLRQ DQG JURZWK RI PHPRUDEOH ආංർൾ DQG HQWHUWDLQPHQW PDQ\ KRPH JURZQ ȴUPV ΖQ ΅΃΄· IRU HYHQWV DUH WRR QX H[DPSOH ZH DZDUGHG Ό΃ RU PRUH PHURXV WR PHQWLRQ ´ WKDQ 6 Ί΅΃ PLOOLRQ RI RXU SURFXUHPHQW :KLOH ආൻඌ¶ VXF FHVV WRGD\ DSSHDUV FRQWUDFWV WR 6LQJDSRUH EDVHG FRPSDQLHV WR KDYH DOZD\V EHHQ LQHYLWDEOH /DV 9HJDV 6DQGV FDUHIXOO\ UHVHDUFKHG WKH SUR ZLWK WKH 6LQJDSRUH JRYHUQPHQW ³๠H JRYHUQ MHFW SURSRVDO EHIRUH ELGGLQJ *HRUJH DGGHG ³:H PHQW KDV GHYLVHG D FRPSUHKHQVLYH WRXULVP SODQ ZHUH LQLWLDOO\ DWWUDFWHG WR 6LQJDSRUH EHFDXVH RI WKDW LV QRW VWDWLF EXW LV PXOWL GLPHQVLRQDO DQG WKH FRPPHUFLDO RSSRUWXQLW\ R൵HUHG E\ WKH JRY UHVSRQGV ZHOO WR FKDQJHV LQ HQYLURQPHQWDO DQG HUQPHQW DQG 6LQJDSRUH¶V UHSXWDWLRQ IRU LQWHJULW\ PDUNHW IDFWRUV ´ *HRUJH VDLG /RRNLQJ DKHDG DQG WUDFN UHFRUG DV D WRS ORFDWLRQ IRU ORQJ WHUP /DV 9HJDV 6DQGV ZLOO DOVR FRQWLQXH WR DQDO\]H LQYHVWPHQW *LYHQ RXU H[SHULHQFH ZH DUH HDJHU PDUNHW RSSRUWXQLWLHV LQ WKH UHJLRQ ³)XWXUH GH WR LQFUHDVH RXU LQYHVWPHQW LQ 6LQJDSRUH ,Q YHORSPHQW RSSRUWXQLWLHV ZLOO EH HYDOXDWHG RQ WKH PHDQWLPH ZH ORRN IRU RWKHU RSSRUWXQLWLHV D FDVH E\ FDVH EDVLV 2XU DPELWLRQ ZRXOG EH WR WR H[SDQG WKH EXVLQHVV RI /DV 9HJDV 6DQGV LQ GHYHORS ODUJH VFDOH ආංർൾ IRFXVHG LQWHJUDWHG PDUNHWV RXWVLGH RI 6LQJDSRUH ZKHUH ZH FDQ UHVRUWV LQ PDMRU PHWURSROLWDQ FLWLHV ZLWK ZHOO GH FUHDWH YDOXH IRU RXU VKDUHKROGHUV ´ YHORSHG WRXULVP DQG WUDQVSRUWDWLRQ LQIUDVWUXF $OWKRXJK ආൻඌ LV RQO\ ¿YH \HDUV ROG LQ WKH WXUH ´ :KLOH WKRVH SURSHUWLHV UHPDLQ WR EH VHHQ IDVW PRYLQJ LQWHJUDWHG UHVRUWV LQGXVWU\ LW SD\V 0DULQD %D\ 6DQGV KDV FKDQJHG WKH VN\OLQH DQG WR FRQWLQXH WR LQQRYDWH *HRUJH H[SODLQHG ³:H WKH QDWLRQ RI 6LQJDSRUH IRUHYHU

83

& ŕŻ˜ RJQLWD RQ 7HDFKLQJ ([FHOOHQFH An interview with Brian Rogove Chief Executive OÉ?cer Asia PaciČ´c

Cognita is the leading global provider of private education in K-΄΅, delivering a wide range of curricula such as the International Baccalaureate (IB) as well as the national curricula of various leading education markets. Since its founding in ΅΃΃·, there are now ΉΉ schools across Europe, Latin America and Asia, including Stamford American International School and the Australian International School in Singapore.

“&

ognita started our Asia operations here \HDUV ROG LQ 1XUVHU\ WR +LJK 6FKRRO :H KDYH LQ 6LQJDSRUH EDFN LQ 2FWREHU ྡྷྠྠྦྷ seen demand grow across Asia for an American with the acquisition of the Australian curriculum with the International Baccalaureate International School (ŕľşŕś‚ŕśŒ). We immediately 'LSORPD GULYHQ E\ VWXGHQWV ORRNLQJ WR PDWULFXinvested in brand new Junior School facilities ODWH WR $PHULFDQ XQLYHUVLWLHV ´ %ULDQ DGGHG Âł:H LQ ྡྷྠྠྨ DQG DJDLQ LQ D QHZ 6HQLRU 6FKRRO LQ ensure our schools have the very best teachers ྡྷྠྥྠྺŕś‚ŕśŒ now provides a high quality educa- recruited globally all year round. In Asia alone ZH KDYH RYHU ྥ ྼྠྠemployees with Singapore as the &RJQLWD ZRQ WKH Č´UVW 5HTXHVW IRU regional චඩ.â€? ΖQIRUPDWLRQ IRU IRUHLJQ VFKRROV Brian discussed E\ WKH 6LQJDSRUH JRYHUQPHQW :H why Singapore was a natural choice as GHVLJQHG DQG EXLOW 6WDPIRUG $PHULFDQ Cognita’s education ΖQWHUQDWLRQDO 6FKRRO ZKLFK RSHQHG hub for the region. Âł)RU PH , SUREDEO\ LQ $XJXVW ΅΃΃Ό DQG QRZ KDV RYHU VSHQG ྨྠRI P\ Î… ·΃΃ VWXGHQWV IURP WZR \HDUV ROG time on a plane LQ 1XUVHU\ WR +LJK 6FKRRO and I love getting Rŕľľ WKH SODQH DW ྊ RU ྥྠRÂśFORFN RQ D WLRQ WR RYHU ྡྷ ྼྠྠVWXGHQWV ,Q 1RYHPEHU ྡྷྠྠྨ )ULGD\ QLJKW DQG EHLQJ KRPH LQ ྣྠPLQXWHV &RJQLWD ZRQ WKH ÂżUVW 5HTXHVW IRU ,QIRUPDWLRQ (YHU\WKLQJ ZRUNV ŕš HUH LV WKH HDVH RI GRLQJ for foreign schools by the Singapore govern- EXVLQHVV WUDQVSDUHQF\ EXVLQHVV RSSRUWXQLWLHV ment. We designed and built Stamford American DQG IRU XV LW KDV D KDOR HŕľľHFW IRU WKH UHVW RI WKH ,QWHUQDWLRQDO 6FKRRO ZKLFK RSHQHG LQ $XJXVW region. Other countries in the region improve ྡྷྠྠྊ DQG QRZ KDV RYHU ྡྷ ྤྠྠVWXGHQWV IURP WZR because they strive to achieve what Singapore

84

KDV DFKLHYHG 6LQJDSRUH LV VRPHWKLQJ RI D UROH ZHUH WR EHJLQ WR ULVH UDSLGO\ DJDLQ LW ZRXOG EH PRGHO IRU WKH UHJLRQ ´ D ULVN WR 6LQJDSRUH ORZHULQJ LWV DWWUDFWLYHQHVV 2QH RI %ULDQ¶V PRVW PHPRUDEOH PRPHQWV KDV 2YHUDOO WKRXJK 6LQJDSRUH LV D JRRG SODFH WR EH ´ EHHQ WKH ODXQFK RI WKH *OREDO 0HQWRU 3URJUDP 0RVW RI WKH FKDOOHQJHV IRU &RJQLWD UHPDLQ DW 6WDPIRUG JLYLQJ VWXGHQWV DFFHVV WR WKH EHVW RXWVLGH RI 6LQJDSRUH DQG WKHUH WKH 6LQJDSRUH LQWHUQDWLRQDO PLQGV DQG OHDGHUV DFURVV WKH JRYHUQPHQW FDQ SOD\ D KHOSIXO UROH %ULDQ H[ ¿HOGV RI EXVLQHVV VFLHQFH VRFLDO HQWHUSULVH SODLQHG ³6RPH PDUNHWV WHQG WR KDYH PDFURHFR DWKOHWLFV DQG WKH DUWV %ULDQ VKDUHG ³:H MXVW QRPLF DQG WUDQVSDUHQF\ FKDOOHQJHV HVSHFLDOO\ ZUDSSHG XS DQ H[FLWLQJ VFKRRO \HDU ZLWK IRXU LQ D KLJKO\ UHJXODWHG LQGXVWU\ OLNH HGXFDWLRQ 2O\PSLF 0HGDOLVWV WKUHH 1REHO ODXUHDWHV DQG $FWXDOO\ KDYLQJ WKH 6LQJDSRUH JRYHUQPHQW EHLQJ GLVWLQJXLVKHG IRUPHU ඎ ඌ 0LOLWDU\ &RPPDQGHU DQ DGYRFDWH WR KHOS XV WDON WR WKH 0LQLVWU\ RI DQG ർංൺ 'LUHFWRU 'DYLG + 3HWUDHXV YLVLWLQJ (GXFDWLRQ LQ VD\ 9LHWQDP LV D JUHDW KHOS ´ 6WDPIRUG¶V VWDWH RI WKH DUW 5HDJDQ ๠HDWHU ๠LV KDV JLYHQ RXU VWXGHQWV WKH RSSRUWXQLW\ WR DVN TXHVWLRQV DQG EH FRDFKHG DQG PHQWRUHG E\ WKH EHVW WKRXJKW OHDGHUV JOREDOO\ ´ &RJQLWD KDV DOVR SDUWQHUHG ZLWK RWKHU $P&KDP PHPEHUV OLNH 0LFURVRIW DQG %ORRPEHUJ LQ VHW WLQJ XS WKH 6WDPIRUG ,QQRYDWLRQ &HQWHU ๠URXJK D SURMHFW EDVHG DSSURDFK VWXGHQWV IRFXV RQ ¿QG LQJ FUHDWLYH VROXWLRQV WR ZRUOG SUREOHPV ³:H ZHUH IRUWXQDWH WR KDYH 3HWHU *UDXHU &KDLUPDQ RI %ORRPEHUJ RSHQ WKH %ORRPEHUJ /DE LQ WKH ,QQRYDWLRQ &HQWHU ´ VDLG %ULDQ ³:H DUH WKH ¿UVW LQWHUQDWLRQDO VFKRRO WR R൵HU D ¿QDQFLDO ODERUD WRU\ HTXLSSHG ZLWK WKH %ORRPEHUJ 3URIHVVLRQDO VHUYLFH WKH OHDGLQJ LQIRUPDWLRQ SODWIRUP XVHG E\ RYHU ൣൢൠ ൠൠൠ ¿QDQFLDO SURIHVVLRQDOV ZRUOG ZLGH 6WDPIRUG VWXGHQWV FDQ QRZ DFFHVV QHZV VWRULHV DV WKH\ EUHDN SHUIRUP PDUNHW DQDO\VLV FRPSDUH LQYHVWPHQW VWUDWHJLHV DQG DQDO\]H VSH FL¿F FRPSDQLHV DOO ZLWKLQ D JXLGHG DFDGHPLF HQYLURQPHQW :H DUH DOVR DERXW WR DQQRXQFH D SDUWQHUVKLS ZLWK D WRS ¿YH 8 6 HQJLQHHULQJ XQLYHUVLW\ ZKHUH ZH ZLOO KDYH D WHQXUHG SUR IHVVRU KHDG XS WKH 6WDPIRUG ,QQRYDWLRQ &HQWHU 2XU SDUWQHUVKLS LQFOXGHV D PDNHU VSDFH DQG D FHQWHU IRU HQWUHSUHQHXUVKLS ´ %ULDQ FRQWLQXHV WR OHDG D FRQVXOWDWLYH DS SURDFK EHWZHHQ EXVLQHVVHV DQG JRYHUQPHQW DFURVV LVVXHV LQFOXGLQJ UHJXODWLRQV SHUWDLQLQJ WR SULYDWH HGXFDWLRQ SURYLGHUV DQG VWHPPLQJ WKH ULVLQJ FRVWV RI OLYLQJ LQ 6LQJDSRUH %ULDQ VDLG ³,Q UHFHQW \HDUV WKH LQFUHDVH LQ KRXVLQJ FRVWV ZDV RQH RI WKH NH\ GULYHUV IRU LQFUHDVHG IHHV DW WKH VFKRROV VLPSO\ EHFDXVH WKH FRPSHQVDWLRQ Stamfordȇs state-of-the-art campus including SDFNDJHV RI H[SDWULDWH VWD൵ ZKR PDNH XS PRVW three swimming pools Έ΃΃-seat theater and home RI WKH VWD൵ LQFOXGH KRXVLQJ ,I KRXVLQJ FRVWV of EducationUSA an American University Advising Center in partnership with the U.S. EmEassy.

85

$FNQRZOHGJHPHQWV ๠LV UHSRUW ZDV FRPSLOHG DQG SXEOLVKHG E\ ๠H $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH (GLWRU ,Q &KLHI ๠RPDV + 0F1XWW +HDG RI *RYHUQPHQW 3XEOLF $൵DLUV $P&KDP 6LQJDSRUH (GLWRUV -RUG\Q $UQGW 'LUHFWRU RI 5HVHDUFK $P&KDP 6LQJDSRUH 3DXO %XUJPDQ *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH -RVKXD .OHLQ *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH $QQD /HZDQGRZVND *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH 3DXOLQH /LP *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH *DEULHOD /XFLDQR *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH &U\VWDO 2QJ *RYHUQPHQW 5HODWLRQV ,QWHUQ $P&KDP 6LQJDSRUH &ODULVVD :RQJ &RPPXQLFDWLRQV 3XEOLF $൵DLUV ([HFXWLYH $P&KDP 6LQJDSRUH $QDO\WLFDO DQG 3URGXFWLRQ 6XSSRUW 'DQH &KDPRUUR 6HQLRU 0DQDJLQJ 'LUHFWRU ൺඌൾൺඇ &RQWURO 5LVNV 1RHOOH $KOEHUJ .OHLWHUS 3URMHFW &RRUGLQDWRU $P&KDP 6LQJDSRUH $QJHOD 6DSS 0DQFLQL 0DQDJLQJ 'LUHFWRU ൺඌൾൺඇ &RQWURO 5LVNV )UDQN 7VDL 5HJLRQDO 5HVHDUFK 0DQDJHU &RQWURO 5LVNV :H ZRXOG OLNH WR WKDQN WKH VHQLRU EXVLQHVV OHDGHUV RI WKH IROORZLQJ FRPSDQLHV IRU WKHLU SDUWLFLSDWLRQ LQ LQWHUYLHZV FRQGXFWHG IRU WKLV UHSRUW -DQHW $QJ 9LFH 3UHVLGHQW 6\VWHPV RI (QJDJHPHQW 6PDUWHU &LWLHV ංൻආ /DXUHQFH &KLQ &RXQWU\ 0DQDJHU 6LQJDSRUH 2൷LQH 6DOHV 8QLWHG $LUOLQHV 7LP &RIHU ([HFXWLYH 9LFH 3UHVLGHQW DQG 3UHVLGHQW RI $VLD 3DFL¿F DQG (DVWHUQ (XURSH 0LGGOH (DVW $IULFD ൾൾආൾൺ 0RQGHOƝ] ,QWHUQDWLRQDO .LOOLFN 'DWWD ർൾඈ ,QWHUQDWLRQDO %UDQG 3DUWQHUV $OLVRQ (\ULQJ ർൾඈ 2UJDQLVDWLRQ 6ROXWLRQV *DQ 6HRZ .HH &KDLUPDQ DQG 0DQDJLQJ 'LUHFWRU ([[RQ0RELO $VLD 3DFL¿F -H൵UH\ +DUGHH ([HFXWLYH 'LUHFWRU *RYHUQPHQW &RUSRUDWH $൵DLUV $VLD 3DFL¿F DQG 6LQJDSRUH &RXQWU\ 0DQDJHU &DWHUSLOODU +VLQJ +R *URXS 0DQDJLQJ 'LUHFWRU ± ൺඌൾൺඇ 'X3RQW 'DYH +R൵PDQQ 3UHVLGHQW RI $VLD 3DFL¿F 0LGGOH (DVW DQG $IULFD ൺඉආൾൺ 0F'RQDOG¶V &RUSRUDWLRQ 6WHIDQ -DFRE\ ඀ආ ([HFXWLYH 9LFH 3UHVLGHQW DQG 3UHVLGHQW ඀ආ ,QWHUQDWLRQDO *HQHUDO 0RWRUV &RPSDQ\ 6DP .LP 9LFH 3UHVLGHQW ൺඌൾൺඇ $VLD 'HYHORSPHQW 0DUNHWV 3URFWHU *DPEOH &RPSDQ\ -DQH /DX 0DQDJLQJ 'LUHFWRU 6LQJDSRUH 6WDUEXFNV ,DLQ 0F/DXJKOLQ 3UHVLGHQW ൺඌൾൺඇ %XVLQHVV 8QLW ๠H &RFD &ROD &RPSDQ\

86

Chris Milliken, ŕľźŕľžŕśˆ, PengWine Bala Nadarajah, President, Southeast Asia, United Technologies Corporation Mark Nelson, President of International Products, Downstream & Chemicals, Chevron Ng Tian Chong, Managing Director, Southeast Asia, Taiwan, & Hong Kong, Hewlett-Packard Ooi Huey Tyng, Country Manager, Singapore & Brunei, Visa %ULDQ 5RJRYH &KLHI ([HFXWLYH 2ŕľśFHU $VLD 3DFLÂżF &RJQLWD Jessica Tan, Managing Director, Singapore, Microsoft *HRUJH 7DQDVLMHYLFK 3UHVLGHQW DQG &KLHI ([HFXWLYH 2ŕľśFHU 0DULQD %D\ 6DQGV Lay Lim Teo, Senior Managing Director – Singapore & ŕľşŕśŒŕľžŕľşŕś‡, Accenture -Hŕľľ :HLVHO 0DQDJLQJ 'LUHFWRU &HODGRQ +HDOWK 9HQWXUHV 0LFKDHO =LQN +HDG RI $VHDQ DQG &LWL &RXQWU\ 2ŕľśFHU 6LQJDSRUH &LWL

Survey Methodology Sample size Data collection method Data collection period

List of 5,229 executives of AmCham member companies, the response rate was 6% (327) Web-based, self-administered survey. No enforcement on participation. January 7, 2015 to February 4, 2015

Note on Language AmCham Singapore’s membership includes both American companies and non-American companies WKDW KDYH VLJQLÂżFDQW FRQQHFWLRQV WR ථ ŕśŒ FRPPHUFH $OO ZHUH LQYLWHG WR SDUWLFLSDWH LQ WKH VXUYH\ DQG WKHUH ZDV QR VLJQLÂżFDQW GLŕľľHUHQFH LQ UHVSRQVHV EDVHG XSRQ FRPSDQ\ QDWLRQDOLW\ ŕš HUHIRUH IRU simplicity, we have used the terms “American companies,â€? “AmCham members,â€? and “respondentsâ€? LQWHUFKDQJHDEO\ WKURXJKRXW WKH UHSRUW )RU PRUH LQIRUPDWLRQ RQ WKH UHSRUW YLVLW ZZZ DPFKDP RUJ VJ 6*ྼྠCOPYRIGHT STANDARDS ŕ­ĄLV GRFXPHQW FRQWDLQV SURSULHWDU\ UHVHDUFK FRS\ULJKWHG PDWHULDOV DQG OLWHUDU\ SURSHUW\ RI ŕ­ĄH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH ,W LV IRU WKH JXLGDQFH RI \RXU FRPSDQ\ RQO\ DQG LV QRW WR EH FRSLHG TXRWHG ZLWKRXW FLWDWLRQ SXEOLVKHG RU GLYXOJHG WR RWKHUV RXWVLGH RI \RXU RUJDQL]DWLRQ ZLWKRXW WKH SHUPLVVLRQ RI ŕ­ĄH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH ŕ­ĄLV GRFXPHQW LV RI JUHDW YDOXH WR ŕ­ĄH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH $FFRUGLQJO\ LQWHUQDWLRQDO DQG GRPHVWLF ODZV DQG SHQDOWLHV JXDUDQWHHLQJ SDWHQW FRS\ULJKW WUDGHPDUN DQG WUDGH VHFUHW SURWHFWLRQ VHFXUH WKH LGHDV FRQFHSWV DQG UHFRPPHQGDWLRQV UHODWHG ZLWKLQ WKLV GRFXPHQW 1R FKDQJHV PD\ EH PDGH WR WKLV GRFXPHQW ZLWKRXW WKH SHUPLVVLRQ RI ŕ­ĄH $PHULFDQ &KDPEHU RI &RPPHUFH LQ 6LQJDSRUH

87

For more information on our fully-furnished apartments, facilities and services, visit Great World Serviced Apartments online at: www.greatworld.com.sg, contact us at: +65 6722 7766 or email: apartments@greatworld.com.sg

N Z YK LK\ MV T HPZ Z [H : ^ ^ ZP[ =P [ ^ H LY Z[ NP 9L

Future Virtuosos Required Ages 2-6 Stamford American is GHOLJKWHG WR RijHU Early Years Specialists à ® +HPS` -VYLPNU 3HUN\HNL à ® >VYSK 9LUV^ULK :\a\RP =PVSPU 7YVNYHT à ® :WLJPHSPZ[ (Y[ 7YVNYHT à ® :[Y\J[\YLK 7O`ZPJHS ,K\JH[PVU 7YVNYHT à ® :WLJPHSPZ[ 3PIYHY` 7YVNYHT

:[HTMVYK VɈLYZ HU V\[Z[HUKPUN PU[LYUH[PVUHS LK\JH[PVU MVY Z[\KLU[Z MYVT [V `LHYZ >L VɈLY [OL YPNVYV\Z 0) 7YVNYHT ¶ LUOHUJLK I` (TLYPJHU Z[HUKHYKZ HUK H MVJ\Z VU SHUN\HNLZ ¶ [V LX\PW `V\Y JOPSK MVY NSVIHS JP[PaLUZOPW

:[HTMVYK (TLYPJHU 0U[LYUH[PVUHS :JOVVS *7, 9LNPZ[YH[PVU 5\TILY! + 7LYPVK VM 9LNPZ[YH[PVU! (\N\Z[ [V (\N\Z[

Inquiry Hotline

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.