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Unit 10 Singapore's Economic Problems in 1960s and 1970s
 

Unit 10 Singapore's Economic Problems in 1960s and 1970s

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    Unit 10 Singapore's Economic Problems in 1960s and 1970s Unit 10 Singapore's Economic Problems in 1960s and 1970s Presentation Transcript

    • Unit 10 How did Singapore tackle Challenges in its Early Years of Independence?
    • Problems faced by Singapore
      • People of different races and religions living together.
        • PAP sought to develop a national identity
        • People were encouraged to work towards the good of the nation and work to protect and defend their achievements.
        • Government work to build a stable economy, provide housing and education to the people.
    • Economic Problems
      • Singapore has no natural resources like tin, rubber or oil.
      • It depended on entrepot trade for the last century.
      • By 1960s, more ports near Singapore were developed and we faced stiff competition from them.
      • They traded directly with other countries instead of sending their goods to Singapore for re-export.
      • Population had been growing and jobs had to be created for the people.
      • British forces were leaving Singapore. The people who had been working in the British bases lost their jobs.
    • Steps taken to solve economic problems
      • Consulted Dr. Albert Winsemius, a Dutch economist.
        • He recommended Singapore concentrate on manufacturing of low-value products like clothes, textiles and toys.
      • New factories were set up in Jurong, Redhill and Tanglin.
        • Factories were equipped with ready supply of electricity and water.
      • Economic Development Board (EDB) was set up in Aug 1961.
        • To encourage American, Japanese and European companies to set up factories in Singapore.
        • Had branches in America, Japan and Europe to provide information and assist international companies to set up factories in Singapore.
        • Foreign companies were given tax holidays – did not have to pay taxes for a few years while they continued operations in Singapore.
    • Other roles of EDB
      • Helped small industries expand.
      • Provided loans to new industries.
      • Conducted studies on new types of industries to be set up.
      • To develop and manage industrial estates. (Role was handed over to Jurong Town Corporation in 1968).
    • Support for industries
      • Government continued to expand the international airport at Paya Lebar in the 1960s so that it could handle more cargo and bigger aircrafts.
      • Port of Singapore Authority was set up in 1964 to supervise, manage and develop port operations.
      • Late 1960s, a container port was built to deal with container ships arriving from other countries.
    • Building the infrastructure
      • Public Utilities Board (PUB) Established to co-ordinate the supply of water, electricity and gas to the people in residential and industrial areas in Singapore.
      • Telecommunications were improved so people in Singapore could reach out to people overseas. This enabled business contacts overseas to be established.
      • Banking facilities of 35 major banks were improved. Money were lent to businesses to start new factories.
    • Communication betw workers and employers
      • Industrial Relations Ordinance 1960
      • Arbitration Courts to settle disagreements.
      • New labour laws were introduced to ensure fair treatment of workers.
      • National Trade Union Congress (NTUC) formed.
      • Government helped to set up market for sale of goods produced in Spore.
    • Competition. What should we do?
      • 1970s our competitors for low-value products were HK, Taiwan & S Korea. We switched to producing high-value products like
        • electronics industries that produced TV, calculators, medical instruments and computer parts.
        • aircraft industry that produced aircraft parts and components.
        • oil rig industries that built oil rigs.
      • Workers needed very specialised skills to produce these high-value products. Companies with technical know-how were encouraged to provide training to the workers. They were given tax holidays and other financial incentives in return.
    • Education
      • New schools and vocational institutes were set up to provide education and technical training.
      • Training institutes were jointly set up by the government and international companies. For example, the French-Singapore Institute and German-Singapore Institute.
      • The Polytechnics, National University of Singapore and Nanyang Technological University were expanded to provide training for technicians and engineers.
    • Jurong Industrial Estate (JIE)
      • July 1960 Minister of Finance, Goh Keng Swee introduced an idea of developing Jurong as an industrial estate.
        • Located away from any built-up area and close to Malaysia, our hinterland.
        • Deep water that is suitable for building a harbour.
        • Was an area of jungles, swamp and old rubber estates as well as a small fishing village.
        • Communication lines were laid.
        • Roads, railway tracks and a network of telephone lines, a power station and a reservoir were constructed.
    • JIE - Continuation
      • Jurong had own port with wharves and modern facilities so that ships from overseas could bring in raw materials and manufactured goods could be exported.
      • 1963 The National Iron and Steel Mills was the first factory to be set up in Jurong. Soon more factories followed.
      • 1967 1 st phase of development was completed.
      • 1968 there were 300 factories and 21,000 workers in Jurong. Factories in Jurong produced clothes, textiles, toys, woods products and beverages.
    • JIE – Continuation II
      • Jurong grew fast in the first 2 decades.
      • It became one of the largest industrial estates in Asia.
      • End 1970 Jurong had 1400 factories, providing jobs for 112 000 workers.
      • By 1968 JIE and other industrial estates came under newly formed Jurong Town Corporation(JTC).
      • JTC developed Kallang basin, Sims Avenue and Redhill which are near residential areas.
    • External Developments and effects on Singapore
      • 1960s world trade was flourishing and most international companies were willing to invest in Singapore. Our economy grew.
      • 1970s rise of oil prices affected world economy. This resulted in world-wide recession. Singapore was able to pull through because of the hard work of the people and it had a strong economic foundation.
    • Reasons for Our Success in building a Strong Economy
      • Geographical position
        • Located at the meeting points of the east and the west.
      • Contribution of leaders in Singapore
        • Leaders were far sighted and made careful decisions.
      • Contribution of older generation in Singapore
        • Hardworking, disciplined and willing to work together.