This document provides an overview of Control Risks, an independent risk consultancy firm. It specializes in helping organizations manage political, integrity, and security risks in complex environments. It offers strategic consulting, expert analysis, investigations, and practical risk mitigation services. Key services include due diligence, anti-corruption, investigations, strategic intelligence, political/security risk reports, crisis management, and business continuity planning. Control Risks aims to effectively help clients solve problems and realize opportunities globally.

2. Managing Risk | Maximising Opportunity www.controlrisks.com
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.
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
• Security consulting
• Crisis management
• Business continuity planning
• Security design
• Travel security services
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.
For more information about how Control
Risks’ can help your organisation, please
contact Angela Mancini at:
Angela.Mancini@controlrisks.com
+65 9651 7220
+65 6671 9509
1
0HVVDJH IURP WKH 0LQLVWHU IRU )RUHLJQ $΍DLUV
and Minister for Law
Message from the U.S. Ambassador to
Singapore
Message from the Chairman of AmCham
Board of Governors
Executive Summary
Preface
Looking Back at American Business in
Singapore
The Early Years
Growing Business Partnerships
Interviews:
Gan Seow Kee, ExxonMobil
Michael Zink, Citi
Mark Nelson, Chevron
Iain McLaughlin, Coca-Cola
Stefan Jacoby, General Motors
The American Business Community Today
Introduction
Proȴle of the American Business Community
:orkforce Proȴle
Respondents' Role
Community Involvement
Interviews:
Bala Nadarajah, United Technologies
Corporation
Janet Ang, IBM
Je΍rey +ardee, Caterpillar
Ng Tian Chong, +ewlett-Packard
+sing +o, 'uPont
SME Panel:
Killick 'atta, International Brand Partners
Alison Eyring, 2rganisation Solutions
Chris Milliken, Peng:ine
Je΍ :eisel, Celadon +ealth 9entures
3
5
7
8
11
12
12
14
16
16
18
20
22
24
26
26
26
29
32
33
36
36
38
40
42
44
46
The Current Business Climate in Singapore
Introduction
Singapore’s Advantages as a Business
'estination
Government Support for Businesses
Perceptions of the U.S. Contribution to
Singapore
Current Operational Challenges in Singapore
Recruitment from the Local Talent Pool
)eedback on Key 'omestic and Regional Issues
Interviews:
Lay Lim Teo, Accenture
'ave +o΍mann, Mc'onald’s
Ooi +uey Tyng, 9isa
Tim Cofer, MondelÕ] International
Laurence Chin, United Airlines
Looking Ahead to ΅΃΅Έ Continuing to
Strengthen the U.S.-Singapore Business
Relationship
Introduction
Management Outlook
Challenges in the Next 'ecade
Productivity Focus
Supporting Local Talent
Concluding Remarks
Interviews:
Sam Kim, Procter Gamble
Jessica Tan, Microsoft
Jane Lau, Starbucks
George Tanasijevich, Marina Bay Sands
Brian Rogove, Cognita
Acknowledgements
50
50
50
51
52
53
54
56
58
58
60
62
64
66
68
68
69
72
73
74
75
76
76
78
80
82
84
86
RQWHQWV

3. 2
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.
DepositInsuranceScheme:Singaporedollardepositsofnon-bankdepositorsareinsuredbytheSingaporeDepositInsuranceCorporation,foruptoS$50,000inaggregateperdepositorperSchememember
by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For more information, please refer to SDIC’s website at www.sdic.org.sg.
By responding to this advertisement and providing your personal data, you consent to Citibank contacting you within the next 90 days to market Citibank Singapore Ltd’s Global Banking products and
services including via the telephone.Visit www.citibank.com.sg for more details.THE WORLD’S CITI is a service mark of Citigroup Inc. Citibank full disclaimers, terms and conditions apply to individual
products and banking services. ©2015 Citibank. Citi, Citi and Arc Design are registered service marks of Citigroup Inc. Citibank Singapore Limited Co. Reg. No. 200309485K Printed on 06/2015
Let your money
go places, instantly.
FREE INSTANT FUND TRANSFERS
BETWEEN CITI ACCOUNTS, GLOBALLY.
To start a Citi banking relationship, SMS citiclient to 72484.
3
0HVVDJH IURP WKH 0LQLVWHU IRU)RUHLJQ$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 ORQJVWDQGLQJ 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 ඎඌ±6LQJDSRUH )UHH 7UDGH $JUHHPHQW ඎඌඌൿඍൺ

4. 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 7UDQV3DFL¿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 ൩൨ൢ൧ 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 ൤ൠൠൠൠ MREV LQ WKH ඎඌ 8ඌ H[SRUWV RI JRRGV DQG VHUYLFHV WR 6LQJDSRUH DOVR KHOSHG WR
FUHDWH PRUH WKDQ ൢൠൠൠൠൠ MREV LQ WKH ඎඌ ZKLFK LV HTXLYDOHQW WR ൦൥ RI WKH MREV FUHDWHG WKURXJK
WUDGH ZLWK WKH $VLD3DFL¿F UHJLRQ ๠LV PDNHV 6LQJDSRUH WKH ൡൣWK ODUJHVW MRE FUHDWRU LQ WKH ඎඌ
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 HQGൢൠൡ൥ ൺඌൾൺඇ ZLOO EH LQWHJUDWHG DQG WUDQVIRUPHG LQWR D VLQJOH UHJLRQ PDUNHW DQG 6LQJDSRUH
LV ZHOOSRVLWLRQHG 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 $PKDP

5. IRU LWV H[FHOOHQW
ZRUN LQ VHUYLQJ WKH 8QLWHG 6WDWHV EXVLQHVV FRPPXQLW LQ 6LQJDSRUH , DOVR WKDQN $PKDQ IRU
WKH LPSRUWDQW UROH LW KDV SODHG LQ QXUWXULQJ WKH FORVH WLHV EHWZHHQ RXU EXVLQHVV FRPPXQLWLHV
K. Shanmugam
MINISTER FOR FOREIGN AFFAIRS AND MINISTER FOR LAW,
SINGAPORE

6. 5
0HVVDJH IURP WKH 86 $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 FLWVWDWH WR WKH SURVSHURXV QDWLRQ ZH ZLWQHVV
WRGD $V ZH ORRN WR WKH QH[W ൥ൠ HDUV , ¿UPO EHOLHYH ඎඌ FRPSDQLHV ZLOO FRQWLQXH WR EH VWURQJ
DQG DFWLYH SDUWQHUV WKURXJK LQFUHDVHG LQYHVWPHQW HPSORPHQW RSSRUWXQLWLHV DQG WHFKQRORJLFDO
FROODERUDWLRQ
๠LV VSHFLDO DQQLYHUVDU UHSRUW KLJKOLJKWV WKH LPSRUWDQFH 6LQJDSRUH KROGV IRU WKH ඎඌ 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 ZDV 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

7. 7
0HVVDJH IURP WKH KDLUPDQ RI $PKDP %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 ZDV 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 IRUZDUGORRNLQJ DQDOVLV 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඀൥ൠ PHPEHU 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 $PKDP
PHPEHUV DOLNH :H ORRN IRUZDUG WR RQJRLQJ FROODERUDWLRQ LQ WKLV LPSRUWDQW HQGHDYRU
0D , R൵HU VSHFLDO WKDQNV WR HYHURQH ZKR FRQWULEXWHG WR WKLV UHSRUW²WKH ർൾඈV ZKR ZHUH
LQWHUYLHZHG WKH $PKDP PHPEHUV ZKR SDUWLFLSDWHG LQ WKH VSHFLDO ඌ඀൥ൠ VXUYH 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 $PKDP 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 WKRXJKWSURYRNLQJ
Dr. James R. Andrade
CHAIRMAN
AMCHAM BOARD OF GOVERNORS

8. 8
([HFXWLYH 6XPPDU
5HÀHFWLRQV 3HUVSHFWLYHV IURP WKH $PHULFDQ %XVLQHVV RPPXQLW KLJKOLJKWV ඎඌ FRPSDQLHV¶
RSWLPLVP DERXW SURVSHFWV LQ 6LQJDSRUH 6XUYH UHVSRQGHQWV DQG LQWHUYLHZHHV DUH JUDWHIXO IRU
KDYLQJ KDG WKH RSSRUWXQLW WR JURZ WRJHWKHU ZLWK 6LQJDSRUH RYHU WKH SDVW ¿YH GHFDGHV DQG
DQWLFLSDWH IXUWKHU VXFFHVVHV LQ WKH IXWXUH
$PHULFDQ ¿UPV KDYH EHHQ SUHVHQW LQ 6LQJDSRUH IRU PRUH WKDQ D FHQWXU ๠H JURZWK RI WKH VL]H
DQG VFRSH RI WKHLU RSHUDWLRQV KDV PLUURUHG WKH XSZDUG WUDMHFWRU RI WKH 6LQJDSRUH HFRQRP :LWK
WKH 6LQJDSRUH JRYHUQPHQW¶V DFWLYH H൵RUWV WR DWWUDFW IRUHLJQ LQYHVWPHQW WKH $PHULFDQ EXVLQHVV
SUHVHQFH LQ 6LQJDSRUH JUHZ UDSLGO DIWHU ൡ൩൦൥ DQG LWV HYROXWLRQ PLUURUHG 6LQJDSRUH¶V RZQ MRXUQH
IURP D ODERULQWHQVLYH PDQXIDFWXULQJ FHQWHU WR D UHJLRQDO KXE KRVWLQJ FDSLWDO DQG NQRZOHGJH
LQWHQVLYH KLJKWHFKQRORJ RSHUDWLRQV
$PHULFDQ FRPSDQLHV KDYH LQYHVWHG LQ WKHLU ZRUNIRUFHV SURYLGLQJ HGXFDWLRQ XSVNLOOLQJ DQG
OHDGHUVKLS GHYHORSPHQW ๠H KDYH FRQWULEXWHG WR WKH FRPPXQLWLHV LQ ZKLFK WKH OLYH DQG ZRUN
LQFOXGLQJ WKURXJK LQGLYLGXDO FRUSRUDWH VRFLDO UHVSRQVLELOLW SURJUDPV DQG WKURXJK SDUWLFLSDWLRQ LQ
WKH ඎඌ (PEDVV$PKDP 6LQJDSRUH KRVWHG RUSRUDWH RPPXQLW 'D WKH ODUJHVW VLQJOHGD
YROXQWHHU HYHQW LQ WKH QDWLRQ $ORQJ WKH ZD $PHULFDQ FRPSDQLHV KDYH UHFHLYHG D ZLGH UDQJH
RI 6LQJDSRUH DZDUGV IRU H[FHOOHQFH LQFOXGLQJ WKH ඇඌඍൻ 7HFKQRORJ $ZDUG ඌආൾ $VLD $ZDUG
'LVWLQJXLVKHG 3XEOLF 6HUYLFH 6WDU 1DQDQJ (QWUHSUHQHXU $ZDUG %HVW ඁඋ /HDGHU $ZDUG DQG
ඌංൺ $UFKLWHFWXUDO 'HVLJQ $ZDUG
2XU PHPEHUV LQGLFDWH WKDW 6LQJDSRUH¶V JUHDWHVW DGYDQWDJHV DUH WKH HDVH RI FRQGXFWLQJ EXVLQHVV
VWDEOH SROLWLFDO HQYLURQPHQW VRXQG LQIUDVWUXFWXUH DQG IDYRUDEOH WD[ UDWHV ๠HVH FRXSOHG ZLWK LWV
VWUDWHJLF ORFDWLRQ LQ WKH FHQWHU RI WKH IDVWJURZLQJ ൺඌൾൺඇ UHJLRQ PDNH 6LQJDSRUH DQ DWWUDFWLYH
LQYHVWPHQW GHVWLQDWLRQ $V WKH 6LQJDSRUH JRYHUQPHQW FRQWLQXHV WR ¿QHWXQH 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
๠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 ¿OO OHDGHUVKLS SRVLWLRQV
DQG ULVLQJ FRPSHWLWLRQ IURP RWKHU HFRQRPLHV LQ WKH UHJLRQ ๠H SUR¿OH RI $PHULFDQ FRPSDQLHV
LQ 6LQJDSRUH²UHJLRQDO KHDGTXDUWHUV VRSKLVWLFDWHG LQWHOOHFWXDO SURSHUWLQWHQVLYH RSHUDWLRQV
UHVHDUFK DQG GHYHORSPHQW FHQWHUV KLJKWHFK LQQRYDWRUV²PHDQV WKDW WKHLU GHPDQG IRU JOREDOO
9
DGHSW SURIHVVLRQDOO DFFRPSOLVKHG DQG KLJKO VNLOOHG HPSORHHV 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 DQGRU VNLOO OHYHO
2XU PHPEHUV HQFRXUDJH WKH GHYHORSPHQW RI D JOREDO RXWORRN DQG VWURQJ OHDGHUVKLS VNLOOV DPRQJ
WKHLU 6LQJDSRUHDQ HPSORHHV ๠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
DFURVV ൺඌൾൺඇ DQG PXOWLODWHUDO WUDGH OLEHUDOL]DWLRQ
/RRNLQJ DKHDG VL[ RXW RI WHQ UHVSRQGHQWV H[SHFW WKDW WKHLU FRPSDQLHV ZLOO LQFUHDVH WKHLU LQYHVWPHQW
LQ 6LQJDSRUH 7ZRWKLUGV DQWLFLSDWH WKDW WKHLU ZRUNIRUFH LQ 6LQJDSRUH ZLOO H[SDQG RYHU WKH QH[W
GHFDGH ๠H IRUHVHH KLULQJ PRUH ORFDO WDOHQW YHUVXV IRUHLJQ ZRUNHUV DOPRVW ൩ൠ RI 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 HPSORHHV ZLOO OLNHO ULVH RU VWD WKH VDPH ๠H 6LQJDSRUH JRYHUQPHQW KDV
PDGH D GHFLVLYH VKLIW WRZDUGV SURGXFWLYLWGULYHQ JURZWK LQ WKH SDVW ¿YH HDUV DQG ¿UPV KDYH
OLNHZLVH GHHPHG LW D SULRULW ൩ൠ RI VXUYHHG 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 HPSORHHV UH¿QLQJ
PDQDJHPHQW SUDFWLFHV DQG GHYHORSLQJ QHZ DQG LQQRYDWLYH SURFHVVHV
๠H 8QLWHG 6WDWHV LV WKH ODUJHVW VRXUFH RI IRUHLJQ GLUHFW LQYHVWPHQW LQ 6LQJDSRUH DQG $PKDP
PHPEHUV HPSOR WHQV RI WKRXVDQGV RI 6LQJDSRUHDQV ๠H KDYH HQMRHG 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. SINGAPORE AMERICAN SCHOOL
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
APPLY NOW FOR 2015-16 AT WWW.SAS.EDU.SG/ADMISSIONS
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.
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.
S O A R
11
Preface
$V 6LQJDSRUH FHOHEUDWHV ൥ൠ HDUV RI LQGHSHQGHQFH LQ ൢൠൡ൥ 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 5HÀHFWLRQV 3HUVSHFWLYHV IURP WKH $PHULFDQ
%XVLQHVV RPPXQLW GHVFULEHV $PKDP 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
๠H FRQWULEXWLRQV PDGH E $PHULFDQ FRPSDQLHV LQ WKH SDVW SURYLGH D SDWKZD WR XQGHUVWDQGLQJ
WKH RXWORRN DQG FKDOOHQJHV IRU WKH IXWXUH $IWHU SURVSHULQJ IRU ൥ൠ HDUV 6LQJDSRUH¶V HFRQRP LV
XQGHUJRLQJ EURDG WUDQVIRUPDWLRQ DQG LV RQ FRXUVH IRU JUHDWHU WHFKQRORJLFDO LQQRYDWLRQ ๠H UHSRUW
R൵HUV D IRUZDUGORRNLQJ DQDOVLV RI ZKHUH 6LQJDSRUH DQG WKH 8QLWHG 6WDWHV FDQ ZRUN WRJHWKHU WR
PHHW XSFRPLQJ FKDOOHQJHV WR WKH JUHDWHVW PXWXDO DGYDQWDJH IRU HDUV WR FRPH
๠H UHSRUW LV EDVHG RQ WKH ¿QGLQJV RI D VXUYH RI ൣൢ൧ VPDOO PHGLXP DQG ODUJH FRPSDQLHV WKDW DUH
$PKDP 6LQJDSRUH PHPEHUV ๠H UHSRUW LV HQULFKHG E LQWHUYLHZV ZLWK VHQLRU EXVLQHVV OHDGHUV
IURP PHPEHU FRPSDQLHV VRPH WKDW KDYH EHHQ LQ 6LQJDSRUH IRU RYHU ൥ൠ HDUV DQG RWKHUV WKDW DUH
PRUH UHFHQW DUULYDOV ๠HVH 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
๠H UHSRUW FRQVLVWV RI VHYHUDO VHFWLRQV GHGLFDWHG WR GL൵HUHQW 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 SUHVHQWGD 86 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 ๠H QH[W VHFWLRQ H[DPLQHV WKH
EXVLQHVV RXWORRN IRU $PHULFDQ FRPSDQLHV LQ 6LQJDSRUH DQG LQFOXGHV FRPSDQLHV¶ UHÀHFWLRQV RQ
KRZ WR VWUHQJWKHQ WKH 866LQJDSRUH EXVLQHVV SDUWQHUVKLS IXUWKHU LQ WKH HDUV DKHDG 6FDWWHUHG
WKURXJKRXW WKH UHSRUW DUH WKH LQWHUYLHZV ZLWK VHQLRU EXVLQHVV OHDGHUV DQG LOOXVWUDWLYH SKRWRJUDSKV
DQG PHPRUDELOLD
๠LV UHSRUW ZDV SUHSDUHG E WKH $PHULFDQ KDPEHU RI RPPHUFH LQ 6LQJDSRUH ZLWK JHQHURXV
DQDOWLFDO 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

10. 12
/RRNLQJ %DFN DW
American Business
LQ 6LQJDSRUH
DQG LPSURYH WKH OLYHOLKRRGV RI 6LQJDSRUHDQV
/DUJH FRUSRUDWLRQV EURXJKW FDSLWDO DQG H[SHUWLVH
WR EHDU RQ WKLV LVODQG VWDWH DV WKH $PHULFDQ EXVL
QHVV IRRWSULQW H[SDQGHG LQWR PDULWLPH ORJLVWLFV
FRQVWUXFWLRQ DQG DHURVSDFH
5HFRJQL]LQJ WKH VWURQJ SRWHQWLDO RI 6LQJDSRUH
DV D SURPLQHQW SRUW LQ WKH KHDUW RI 6RXWKHDVW
$VLD WKH $PHULFDQ %XUHDX RI 6KLSSLQJ ൺൻඌ)
ODXQFKHG ORFDO RSHUDWLRQV LQ WKH HDUO ൡ൩൦ൠV $W
WKH QH[XV RI PDMRU VKLSSLQJ ODQHV WKH QDWLRQ
JUHZ WR EHFRPH D ORJLVWLFV DQG VXSSO FKDLQ
PDQDJHPHQW KXE ,Q WDQGHP ZLWK 6LQJDSRUH¶V
JURZWK ൺൻඌ KDV HVWDEOLVKHG WKH FRPSDQ¶V ¿UVW
UHJLRQDO KHDGTXDUWHUV DQG RYHUVHDV HQJLQHHULQJ
5HVHDUFK DQG 'HYHORSPHQW උ๟ൽ

11. FHQWHU
$V 6RXWKHDVW $VLD FRQWLQXHG WR GHYHORS HFR
QRPLFDOO WKH QHHG IRU LPSURYHG LQIUDVWUXFWXUH
DQG WHFKQRORJLFDO DGYDQFHPHQWV LQWHQVL¿HG
7R VXSSRUW WKH RQJRLQJ LQGXVWULDOL]DWLRQ LQ WKH
UHJLRQ DWHUSLOODU VHW XS LWV ¿UVW IDFLOLW KHUH
LQ ൡ൩൦൧ ,W KDV VLQFH JURZQ LQ VL]H DQG VFDOH
WR LQFOXGH RSHUDWLRQV LQ PDQXIDFWXULQJ GLVWUL
EXWLRQ DQG ¿QDQFLDO VHUYLFHV 7R VXSSRUW WKH
LQFUHDVLQJ XWLOLWLHV QHHGV LQ WKH UHJLRQ *HQHUDO
(OHFWULF LQYHVWHG LQ -XURQJ ,QGXVWULDO (VWDWH
LQ ൡ൩൦൩ DQG KDV GHYHORSHG IURP ORZZDJH DV
VHPEO RSHUDWLRQV WR D KLJKWHFKQRORJ FHQWHU
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
FRPSDQLHV LQWR WKH $VLD3DFL¿F UH
JLRQ WZR HDUO PRYHUV LQWR WKH PDU
NHW DUULYHG PRUH WKDQ ൡൠൠ HDUV DJR DQG KDYH
JURZQ ZLWK WKH FLW ([[RQ0RELO ¿UVW EHJDQ LWV
RSHUDWLRQV KHUH LQ ൡ൨൩ൣ 6LQFH WKHQ WKH FRPSD
Q¶V 6LQJDSRUH RSHUDWLRQV KDYH GHYHORSHG LQWR
WKH ODUJHVW LQWHJUDWHG FKHPLFDO DQG UH¿QLQJ VLWH
LQ WKH ZRUOG LWLEDQN VWDUWHG RSHUDWLRQV KHUH LQ
ൡ൩ൠൢ DQG QRZ HPSORV PRUH SHRSOH LQ 6LQJDSRUH
WKDQ DQ RWKHU EDQN DQG KDV EHHQ QDPHG RQH RI
VHYHQ GRPHVWLF VVWHPLFDOO LPSRUWDQW EDQNV
$PHULFDQ EXVLQHVVHV FRQWLQXHG WR HQWHU
6LQJDSRUH DQG RQ -DQXDU ൢ൤ ൡ൩ൣ൤ ୡH 6WUDLWV
7LPHV DQQRXQFHG D WHQWDWLYH SURSRVDO WR VHW
XS DQ $PHULFDQ KDPEHU RI RPPHUFH LQ
6LQJDSRUH $OWKRXJK D EXVLQHVV DVVRFLDWLRQ ZDV
QRW IRUPDOO HVWDEOLVKHG XQWLO ODWHU $PHULFDQ
EXVLQHVVHV KDG EHJXQ WR SURVSHU LQ 6LQJDSRUH
:KLOH PDQ ZHUH WUDGLQJ FRPSDQLHV PRGHUQ
LQGXVWULHV DOVR EHJDQ WR GHYHORS GXULQJ WKLV
SHULRG 1RWDEO RFDROD EHJDQ RSHUDWLRQV
KHUH LQ ൡ൩ൣ൦ DQG HQHUJ JLDQW KHYURQ RSHQHG
LWV GRRUV LQ 6LQJDSRUH LQ ൡ൩ൣൣ
$IWHU LQGHSHQGHQFH LQ ൡ൩൦൥ WKH 6LQJDSRUH JRY
HUQPHQW SODFHG D VWURQJ HPSKDVLV RQ GHYHORSLQJ
DQ LQGXVWULDOL]HG HFRQRP WKDW FRXOG FUHDWH MREV
13
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 ¿UVWPRYHUV 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

12. SODHG
D YLWDO UROH LQ IDFLOLWDWLQJ 6LQJDSRUH¶V HFRQRP
LF WUDQVLWLRQ E UHFUXLWLQJ DQG LQFHQWLYL]LQJ
ZRUOGFODVV 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 +HZOHWW3DFNDUG 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 +HZOHWW3DFNDUG 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

13. 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 GDV ๠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

14. 14
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

15. IDFLOLW WR RSHUDWH LQ
6LQJDSRUH WKH FRPSDQ FDSWXUHG KDOI WKH PDU
NHW IRU VPDOO ඁൽൽV DQG UHDFKHG VDOHV RI ඎඌ ൤ൠ
PLOOLRQ 7RGD 6HDJDWH HPSORV RYHU ൦ൠൠൠ 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 ,QWHUDOO 0LFURQ 1HWVXLWH 2UDFOH
DQG 6PDQWHF 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 HPSORV 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 FXWWLQJHGJH
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 FLWVWDWH WR EH WKH VLWH RI WKHLU ¿UVW UHJLRQDO
FDPSXVHV ZKLOH SULPDUVHFRQGDU DQG DGGL
WLRQDO KLJKHU HGXFDWLRQ LQVWLWXWLRQV KDYH ÀRXU
LVKHG KHUH DV ZHOO
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 FRPSDQȋ
American Technology Company
Ȋ6LQJDSRUH ZDV WKH ȴUVW WHFKQLFDO
KXE IRU $VLDȋ
American Pharmaceutical Company
Ȋ6LQJDSRUH LV WKH SLORW PRGHO IRU YDULRXV
LQQRYDWLRQV LQ WKH PHGLFDO VSDFHȋ
American Multinational Consumer Goods
Company
Ȋ2XU 6LQJDSRUH ΖQQRYDWLRQ HQWHU LV WKH
FRXQWU
V ODUJHVW SULYDWH UHVHDUFK IDFLOLWȋ
American Research University
Ȋ6LQJDSRUH ZDV WKH ORFDWLRQ RI RXU
VFKRRO
V ȴUVW FDPSXV LQ $VLDȋ
Major American Airline
Ȋ6LQJDSRUH ZDV WKH ORFDWLRQ RI WKH
FRPSDQ
V ȴUVW DQG RQO JOREDO
UHVHUYDWLRQV FHQWHU RXWVLGH WKH 86ȋ
American Telecommunications Company
Ȋ$ 6LQJDSRUHDQ LV WKH ȴUVW $VLDQ CEO LQ P
FRPSDQ LQ $VLDȋ
American Multinational Banking and Financial
Services Corporation
Ȋ0DQ LQQRYDWLRQV GHYHORSHG LQ 6LQJDSRUH
KDYH EHHQ UROOHG RXW JOREDOOȋ
*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 ඎඌ LQYHVWPHQW %LODWHUDO
VXFFHVVHV VXFK DV WKH ඎඌ6LQJDSRUH )UHH 7UDGH
$JUHHPHQW ൿඍൺ

16. FUHDWH DQ HQGXULQJ IUDPHZRUN
IRU EXVLQHVV JURZWK ๠LV DJUHHPHQW ZKLFK
15
HQWHUHG LQWR IRUFH LQ ൢൠൠ൤ HVWDEOLVKHG D JOREDO
JROG VWDQGDUG IRU ൿඍൺV DQG R൵HUV H[WUDRUGLQDU
RSSRUWXQLWLHV IRU $PHULFDQ DQG 6LQJDSRUHDQ
FRPSDQLHV ZLVKLQJ WR WUDGH LQQRYDWH DQG H[
SDQG LQ WKH SDUWQHU HFRQRP
6HOHFWHG ,QVLJKWV IURP 6XUYH
5HVSRQGHQWV
U.S./Singapore Free Trade Agreement
Ȋ7KH 866LQJDSRUH )7$ ZDV D PDMRU
PLOHVWRQH WKDW RSHQHG WKH GRRU WR RXU
VLJQLȴFDQW H[SDQVLRQ LQ WKH GRPHVWLF
6LQJDSRUH PDUNHWȋ
Impact of Cordial Bilateral Relations on
American MNCs
Ȋ7KH H[FHOOHQW UHODWLRQVKLS DOORZHG 86
01V WR JURZ LQ 6LQJDSRUH DQG WKH
UHJLRQDO FRXQWULHV WKURXJK XVȋ
Government Support
Ȋ86 *RYHUQPHQW DJHQFLHV DQG WKH ('%
LQ WKH 86 KHOS WR EULQJ EXVLQHVV WR
6LQJDSRUH HVSHFLDOO LQ WKH GHIHQVH DQG
WHFKQRORJ VHFWRUVȋ
$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 EXVLQHVVIULHQGO 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 $PKDP
PHPEHUV UHSRUW KDYLQJ UHFHLYHG DZDUGV IRU
H[FHOOHQFH KHUH LQFOXGLQJ WKH ඇඌඍൻ 7HFKQRORJ
$ZDUG ඌආൾ $VLD $ZDUG 'LVWLQJXLVKHG 3XEOLF
6HUYLFH 6WDU 1DQDQJ (QWUHSUHQHXU $ZDUG
%HVW ඁඋ /HDGHU $ZDUG DQG ඌංൺ $UFKLWHFWXUDO
'HVLJQ $ZDUG
Chevron Terminal at Tanjong Penjuru ΄ΌΉ΋

18. 16
([[RQ0RELO ±
,QWHJULW LQ 2SHUDWLRQV
,QYROYHPHQW LQ RPPXQLW
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 ȴxed asset investments.
After the merger between Exxon and Mobil

19. in ΄ΌΌΌ, its
Singapore base serves as the Asia-Paciȴc 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
'LUHFWRU RI ([[RQ0RELO $VLD 3DFL¿F
VDLG ³:H WDNH SULGH LQ UXQQLQJ RXU
EXVLQHVV ZHOO ± LQ SURYLGLQJ HQHUJ SHWUROH
XP DQG SHWURFKHPLFDO SURGXFWV WR 6LQJDSRUH
DQG RWKHU FRXQWULHV LQ WKH UHJLRQ DQG WKH ZRUOG
:H VWULYH WR GR WKDW VDIHO UHOLDEO DQG LQ D
FRVWH൶FLHQW DQG VXVWDLQDEOH PDQQHU´
:KHQ DVNHG DERXW WKH FKDOOHQJHV KH VHHV DKHDG
RI WKH EXVLQHVV KHUH 6HRZ .HH VDLG ³:H WDNH D
ORQJ WHUP YLHZ RI RXU EXVLQHVV ([[RQ0RELO¶V
VWUHQJWK LV LQ D JOREDO DQG GLYHUVL¿HG SRUWIR
OLR ZKLFK SRVLWLRQV WKH FRPSDQ ZHOO WKURXJK
EXVLQHVV FFOHV´
+H QRWHG KRZHYHU WKDW WKH JOREDO QDWXUH RI WKH
RLO DQG JDV EXVLQHVV DOVR H[SRVHV WKH 6LQJDSRUH
EXVLQHVV WR UHJLRQDO DQG JOREDO ULVNV
)RU H[DPSOH KH VDLG ³๠H UHFHQW VKDOH RLO
DQG JDV UHYROXWLRQ LQ WKH ඎඌ KDV UHVXOWHG LQ
PXFK ORZHU HQHUJ DQG UDZ PDWHULDO FRVWV IRU
1RUWK $PHULFDQ SURGXFHUV DQG H[SRUWHUV DQG
LV FDXVLQJ D FRPSDUDWLYH JDS EHWZHHQ SULFHV LQ
WKRVH SODFHV DQG LQ 6LQJDSRUH ๠H VLJQL¿FDQW
H[SDQVLRQ LQ H[SRUW FDSDELOLWLHV LQ DUHDV VXFK
DV WKH 0LGGOH (DVW DOVR KDV DQ LPSDFW RQ WKH
$VLD3DFL¿F PDUNHWSODFH´
³1RQHWKHOHVV ZH ZLOO VWLOO VHH JURZWK LQ WKLV
SDUW RI WKH ZRUOG DOEHLW DW D VORZHU UDWH´ KH VDLG
DGGLQJ ³๠H IXQGDPHQWDOV WR VXFFHVV UHPDLQ
WKH VDPH :H ZLOO FRQWLQXH WR GR ZKDW ZH GR
ZHOO UXQ RXU RSHUDWLRQV LQ D FRVW DQG HQHUJHI
¿FLHQW ZD ZKLOH HQVXULQJ WKDW VDIHW UHPDLQV
RXU WRS SULRULW ๠H LQWHJUDWLRQ RI RXU UH¿QHU
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´
An interview with Gan Seow Kee Chairman and Managing Director ExxonMoEil Asia Paciȴc
A photo of the old 2rchard Road Esso station
taken August ΄Ή ΄ΌΉΌ.
17
%HRQG VXVWDLQDELOLW WKH TXDOLW RI WKH SURG
XFWV ([[RQ0RELO SURGXFHV LV MXVW DV LPSRUWDQW
WR HQVXUH WKDW WKH EXVLQHVV FRQWLQXHV WR WKULYH
๠H JURZLQJ PLGGOH FODVV LQ WKH UHJLRQ ZLOO
GHPDQG QRW RQO PRUH HQHUJ DQG SHWURFKHP
LFDO SURGXFWV EXW DOVR H[SHFW TXDOLW SURGXFWV
6HRZ .HH VDLG ³:H¶UH KHUH IRU WKH ORQJ WHUP
DQG ZLOO FRQWLQXH WR LQYHVW LQ WKH EXVLQHVV DQG
IDFLOLWLHV WR HQVXUH WKDW ZH FDQ SURYLGH KLJK
TXDOLW SURGXFWV IRU SHRSOH DQG LQ WXUQ UHDS
WKH YDOXH IRU XV´
+H FLWHG WKH H[
DPSOH RI WKH WKLUG
FRJHQHUDWLRQ SODQW
WKDW ([[RQ0RELO LV
EXLOGLQJ DW LWV UH¿Q
HU WR LPSURYH HQ
HUJ H൶FLHQF DV
D UHFHQW LQYHVWPHQW
LQ 6LQJDSRUH
$W ([[RQ0RELO
FRUSRUDWH VRFLDO
LQLWLDWLYHV DQG SUR
JUDPV DUH FDUULHG
RXW ZLWK D VLPLODU
FRQVLGHUDWLRQ ORQJWHUP SDUWQHUVKLSV WKDW PDNH
D SRVLWLYH LPSDFW RQ WKH FRPPXQLW )RU LQVWDQFH
([[RQ0RELO KDV EHHQ VXSSRUWLQJ WKH 1DWLRQDO
,QVWLWXWH RI (GXFDWLRQ ඇංൾ

20. VLQFH ൡ൩൩൦ VSRQVRU
LQJ WKH ELHQQLDO DULQJ 7HDFKHU $ZDUGV ,Q DGGL
WLRQ WKH FRPSDQ DOVR VXSSRUWV WKH 2XWVWDQGLQJ
6RFLDO :RUNHU $ZDUGV LQ SDUWQHUVKLS ZLWK WKH
6LQJDSRUH $VVRFLDWLRQ RI 6RFLDO :RUNHUV ZLWK
WKH VXSSRUW RI WKH 0LQLVWU RI 6RFLDO DQG )DPLO
'HYHORSPHQW WR UHFRJQL]H VRFLDO ZRUNHUV DQG
VXSSRUW WKHLU SHUVRQDO GHYHORSPHQW 0DQ RI
LWV HPSORHHV DOVR DFWLYHO SDUWLFLSDWH LQ FRP
SDQRUJDQL]HG FRPPXQLW RXWUHDFK DFWLYLWLHV
VXFK DV EORRG GRQDWLRQ GULYHV DQG GLVWULEXWLRQ
RI IRRG SDFNV WR ORZLQFRPH IDPLOLHV
2Q WKLV VSLULW RI YROXQWHHULVP DQG FRPPXQLW
RXWUHDFK 6HRZ .HH FRPPHQWHG ³,I , UHÀHFW
EDFN RQ WKH ODVW ൥ൠ HDUV DV ZH JUHZ WRJHWKHU
ZLWK 6LQJDSRUH ,¶P PRVW SURXG DERXW RXU LQYHVW
PHQW LQ SHRSOH ERWK LQ RXU HPSORHHV DQG DOVR
WKH 6LQJDSRUH FRPPXQLW ZKRVH OLYHV ZH KDYH
WRXFKHG WKURXJK RXU FRPPXQLW LQYHVWPHQWV
DQG YROXQWHHULVP H൵RUWV´
)RU 6HRZ .HH ([[RQ0RELO¶V LQYHVWPHQW LQ
SHRSOH DQG SHRSOH GHYHORSPHQW LV DOVR FORVH
WR KLV KHDUW ๠LUWVL[ HDUV DJR ZKHQ KH ¿UVW
VWDUWHG ZRUNLQJ DV DQ HQJLQHHU DW (VVR RQH RI
WKH ([[RQ0RELO EUDQGV

21. WDNLQJ D ERDW ULGH RXW
WR 3XODX $HU KDZDQ RQH RI WKH LVODQGV QRZ
MRLQHG WR IRUP SDUW RI -XURQJ ,VODQG

22. ZDV SDUW
RI KLV GDLO URXWLQH 'XULQJ KLV WHQXUH ZLWK WKH
FRPSDQ KH WRRN RQ YDULRXV SRVLWLRQV LQFOXGLQJ
WZR VHSDUDWH VWLQWV LQ WKH 8QLWHG 6WDWHV ± ¿UVW WR
1HZ -HUVH LQ ൡ൩൩ൢ DQG WKHQ WR 9LUJLQLD LQ ൢൠൡൢ
± EHIRUH KH UHWXUQHG WR WDNH RQ KLV FXUUHQW UROH
6HRZ .HH VDLG ³:H UXQ D YHU FDSLWDO LQWHQ
VLYH DQG FRPSOH[ EXVLQHVV DQG ZH VHOO D ZKROH
UDQJH RI SURGXFWV LQ D ZLGH YDULHW RI PDUNHWV
6R ZH¶YH DOZDV KHOG WKH YLHZ WKDW LQ DGGLWLRQ
WR LQYHVWLQJ LQ WKH KDUGZDUH ZH DOVR LQYHVW LQ
RXU SHRSOH WR UXQ WKH EXVLQHVV :H KDYH LQKRXVH
DQG H[WHUQDO WUDLQLQJ SURJUDPV IRU RXU SHRSOH
WR LGHQWLI DQG FKDQQHO WKHP WR WKH ULJKW MRE DQG
WR JHW WKH ULJKW H[SRVXUH ,¶YH KDG WKH SULYLOHJH
RI EHLQJ SDUW RI WKH HQJLQHHULQJ VDOHV DQG ¿
QDQFH WHDPV :LWK ([[RQ0RELO¶V EURDG VFRSH
DQG JHRJUDSKLF VSUHDG ZH FXUUHQWO KDYH PRUH
WKDQ D KXQGUHG 6LQJDSRUHDQ HPSORHHV EDVHG
RYHUVHDV JDLQLQJ PRUH EXVLQHVV NQRZOHGJH DQG
SHRSOH VNLOOV EHIRUH WKH WDNH XS IXUWKHU VHQLRU
OHDGHUVKLS SRVLWLRQV´
๠LV GHGLFDWLRQ WR ERWK WKH WHFKQLFDO DQG KX
PDQ DVSHFWV RI WKH EXVLQHVV ZLOO HQVXUH WKDW
([[RQ0RELO UHPDLQV ZHOOSRVLWLRQHG WR PHHW
WKH HQHUJ FKDOOHQJHV RI WKH IXWXUH
ΖI Ζ UHȵHFW EDFN RQ WKH ODVW Έ΃ HDUV
DV ZH JUHZ WRJHWKHU ZLWK 6LQJDSRUH
ΖȇP PRVW SURXG DERXW RXU LQYHVWPHQW
LQ SHRSOH ERWK LQ RXU HPSORHHV
DQG DOVR WKH 6LQJDSRUH FRPPXQLW
ZKRVH OLYHV ZH KDYH WRXFKHG WKURXJK
RXU FRPPXQLW LQYHVWPHQWV DQG
YROXQWHHULVP H΍RUWV

23. 18
Enabling Progress
ZLWK LWL
RSHQ WR XV ZH UDQ ULJKW WKURXJK LW 6R ZH DUH
YHU SURXG RI WKDW´ )URP IRXU EUDQFKHV DQG
RQH R൵VLWH ൺඍආ EHIRUH ൢൠൠ൥ LWL QRZ KDV RYHU
ൡ൤ൠൠ FXVWRPHU WRXFK SRLQWV WRGD
³+RZHYHU RXU VXFFHVV LV UHDOO EXLOW RYHU D
ORQJ SHULRG RI WLPH DERXW IRXU RU ¿YH JHQHU
DWLRQV QRW MXVW D FRXSOH RI GHFDGHV $ ORW KDV
FKDQJHG RYHU WKH HDUV LQFOXGLQJ 6LQJDSRUH¶V
LQGHSHQGHQFH DQG WKH FUHDWLRQ RI ൺඌൾൺඇ :H
KDYH KDG WR HQGOHVVO DGDSW WR WKH PDUNHWSODFH
DQG FRQWLQXRXVO HYROYH RXU EXVLQHVV LWL¶V
VXFFHVV KHUH LV LQ QR VPDOO PHDVXUH URRWHG LQ WKH
IDFW WKDW ZH VWD ZHOODOLJQHG ZLWK 6LQJDSRUH¶V
GHYHORSPHQW DQG LWV REMHFWLYHV RI EHLQJ D ¿
QDQFLDO FHQWHU´
0LFKDHO VDLG ³:H KDYH EHHQ D FRQWULEXWRU
WR 6LQJDSRUH¶V 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 ,W¶V 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 ³)LUVW WKH ආൺඌ LV RQH RI
For more than ΅΃΃ years, Citi has been making a di΍erence to
individuals, corporates, and communities by enabling progress
globally. By providing ȴnancial solutions that are relevant and
timely, Citi has empowered its clients to achieve their aspirations.
Since it was ȴrst 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 ȴrst wave of overseas
expansion that included +ong Kong, Yokohama, Shanghai,
Manila, and Calcutta.
W
KLOH LWL¶V SUHVHQFH LQ 6LQJDSRUH JUHZ
RYHU WKH HDUV D NH PLOHVWRQH ZDV
WKH VLJQLQJ RI WKH ඎඌ6LQJDSRUH
)UHH 7UDGH $JUHHPHQW LQ ൢൠൠ൤ ZKLFK RSHQHG
WKH EDQNLQJ LQGXVWU WR IRUHLJQ EDQNV 1RZ
LWL LV WKH ELJJHVW IRUHLJQ EDQN LQ 6LQJDSRUH
ERWK LQ LQYHVWHG FDSLWDO DQG RSHUDWLRQV DQG RQH
RI WKH VHYHQ GRPHVWLF VVWHPLFDOO LPSRUWDQW
EDQNV LGHQWL¿HG E WKH 0RQHWDU $XWKRULW RI
6LQJDSRUH ආൺඌ

24. ๠H 6LQJDSRUH R൶FH LV DOVR
KRPH WR LWL¶V UHJLRQDO RSHUDWLRQV ZLWK LWV VHF
RQG ELJJHVW JOREDO GHDOLQJ URRP LWL¶V +HDG
RI ൺඌൾൺඇ 0LFKDHO =LQN QRWHG ³)RU D KXQGUHG
HDUV ZH ZDLWHG SDWLHQWO DQG GLG ZKDW ZH GR
YHU ZHOO DQG WKH PRPHQW WKH GRRU ZDV WKURZQ
An interview with Michael =ink Head of ASEAN and Citi Country 2ɝcer Singapore
All of the employees of Citi in Singapore posing for
a ΄ΌΊ΃ advertisement for CitiEank.
19
WKH EHVW UHJXODWRUV LQ WKH ZRUOG %HVW GRHVQ¶W
PHDQ QLFH RU WKH HDVLHVW WR JHW DORQJ ZLWK %XW
ආൺඌ LV JRRG WKH DUH YHU ZHOO LQIRUPHG WKH
NQRZ ZKDW WKH ZDQW DQG WKH UXQ D YHU WLJKW
VKLS $V D FRQVHTXHQFH 6LQJDSRUH LV D VDIH DQG
SURJUHVVLYH ¿QDQFLDO FHQWHU WR RSHUDWH LQ 1H[W
WKH HQGOHVV DELOLW WR DGDSW LV VRPHWKLQJ ZKLFK
6LQJDSRUH GRHV YHU ZHOO 6LQFH ൡ൩൦൥ 6LQJDSRUH
KDV GRQH D VSHFWDFXODU MRE RI DGDSWLQJ WR WKH
ZRUOG DURXQG WKHP ,W¶V WKDW HFRVVWHP RI FHU
WDLQW DQG VWDELOLW WKDW RX FDQ SODQ DURXQG´
,Q DGGLWLRQ LWL DQG 6LQJDSRUH KDYH ERWK
SODFHG D VWURQJ HPSKDVLV RQ ¿QGLQJ DQG GH
YHORSLQJ WDOHQW ³๠DW DW OHIW

25. LV D SLFWXUH RI
HYHUERG ZKR ZRUNHG IRU XV LQ ൡ൩൧ൠ WDNHQ
LQ %RDW 4XD ZKHQ ZH ZHUH D SODHU ZLWK ൡ൥ൠ
SHRSOH ๠DW ZRUOG DQG WKLV ZRUOG DUH GL൵HUHQW
EXW ZH DUH VWLOO SURSHUO VL]HG DQG KDYH WKH ULJKW
WHDP 7RGD ZH KDYH DERXW ൡൠൠൠൠ SHRSOH´
³(YHU HDU ZH JR WR WKH ORFDO XQLYHUVLWLHV DQG
ZH KLUH DERXW ൢൠൠ JUDGXDWHV 6RPH SHRSOH VWD
ZLWK XV WZR HDUV DQG VRPH SHRSOH VWD ZLWK
XV WZR GHFDGHV DFTXLULQJ NQRZOHGJH KRQLQJ
VNLOOV DQG EHFRPLQJ EHWWHU OHDGHUV :H ZRUN
FORVHO ZLWK WKH LQVWLWXWLRQV WR GHYHORS WKH QH[W
FRKRUW RI H[SHUL
HQFHG H[HFXWLYHV
WR OHDG WKH PDUNHW
DQG LQGXVWULHV ๠LV
ZRXOG EH RQH RI WKH
PRVW LQIOXHQWLDO
DQG EHQH¿FLDO LQ
YHVWPHQWV ZH FRXOG
PDNH ERWK IRU RXU
LQGLYLGXDO HQWHU
SULVH DQG IRU WKLV
PDUNHW LQ ZKLFK ZH RSHUDWH DQG SURVSHU
๠DW¶V KRZ ZH WKULYH´
LWL DOVR VHHNV GLYHUVLW LQ LWV OHDGHUVKLS
0LFKDHO QRWHG ³,I RX GRQ¶W KDYH DOO WKH SHU
VSHFWLYHV DW WKH WDEOH RX DUH JRLQJ WR PLVV
VRPHWKLQJ ,W¶V MXVW LQ RXU HQOLJKWHQHG EHVW LQ
WHUHVW WR KDYH D PDQDJHPHQW WHDP WKDW ORRNV OLNH
RXU HPSORHH EDVH ,W¶V DOVR LPSRUWDQW WR KDYH
SHRSOH RQ WKH OHDGHUVKLS WHDP ZKR DUH LQWR WHFK
QRORJ ZKR XQGHUVWDQG SULYDWH EDQNV HWF $QG
RX QHHG D JRRG EDODQFH RX ZRXOGQ¶W ZDQW WKH
WHDP WR EH DOO JOREDO WDOHQW RU DOO 6LQJDSRUHDQ RU
DOO PDOH EHFDXVH WKDW GRHV QRW UHÀHFW WKH QDWXUH
RI WKH EXVLQHVV WKDW ZH DUH WULQJ WR PDQDJH 6R
WKH OHDGHUVKLS WHDP LV D IDLU DQG DFFXUDWH UHÀHF
WLRQ RI WKH EXVLQHVV WKDW WKH DUH UHVSRQVLEOH IRU´
๠H FXUUHQW GHEDWH LQ 6LQJDSRUH DURXQG IRUHLJQ
YHUVXV ORFDO WDOHQW ³KDV WR EH SXW LQWR SHUVSHF
WLYH´ DFFRUGLQJ WR 0LFKDHO ³)RU PXOWLQDWLRQDOV
ZH KDYH ÀH[LELOLW LQ RXU RSHUDWLQJ IRRWSULQW
:H FDQ HLWKHU EULQJ WDOHQW KHUH WR GR VRPHWKLQJ
± SURJUDP FRGLQJ IRU H[DPSOH ± RU ZH FDQ VKLIW
WKH ZRUN WR DQ RYHUVHDV ORFDWLRQ 6LQJDSRUH KDV
WUDGLWLRQDOO EHHQ RSHQ ZLWK LWV WDOHQW SROLFLHV
DQG FKDQJHV WR LW ZLOO WDNH WLPH ๠HUH DUH QRW
HQRXJK ORFDO JUDGXDWHV WRGD LQ VD FRPSXWHU
VFLHQFHV DQG LW LV YHU GL൶FXOW WR KLUH D JUDGXDWH
LQ DUW KLVWRU DQG FRQYHUW WKHP WR D FRGHU ๠HUH
DUH D ORW RI SHRSOH IURP ,QGLD WKH 3KLOLSSLQHV
DQG KLQD ZLWK WKHVH VNLOOV VR ZH EULQJ WKHP WR
6LQJDSRUH WR KHOS RXU ,7 XQLWV ZKLOH DW WKH VDPH
WLPH ZH H[SDQG RXU ORFDO 6LQJDSRUHDQ WDOHQW
SRRO LQ WKHVH DUHDV ,W FDQQRW EH GRQH TXLFNO´
KDOOHQJHV DUH QRW QHZ WR 6LQJDSRUH +RZHYHU
0LFKDHO H[SUHVVHG FRQ¿GHQFH WKDW 6LQJDSRUH
LV ZHOOHTXLSSHG WR PHHW WKRVH FKDOOHQJHV ๠H
6LQJDSRUH JRYHUQPHQW LV ³YHU JRRG DW DVNLQJ
TXHVWLRQV ZKHWKHU LW¶V HFRQRPLF VRFLDO RU SR
OLWLFDO DQG LV JRRG DW VROYLQJ WKH LVVXHV WKDW PD
DULVH ,I RX DUH ZLOOLQJ WR FRQVLVWHQWO HQJDJH
ZLWK WKHP RYHU WLPH WKHUH¶V JRLQJ WR EH D SDUWQHU
RQ WKH RWKHU VLGH ZKR¶V JRLQJ WR ZRUN ZLWK RX´
2YHUDOO LWL LV EXOOLVK RQ 6LQJDSRUH DQG WKH
UHJLRQ ³ൺඌൾൺඇ LV RQH RI WKH EHVW EXVLQHVVHV ZH
KDYH RQ WKH SODQHW ๠H WUHQGV ZH WDON DERXW JOR
EDOL]DWLRQ XUEDQL]DWLRQ GLJLWL]DWLRQ WKH DUH DOO
YHU FRPSHOOLQJ $OO WKH ZHDOWK DQG LQQRYDWLRQ
WHQG WR JDWKHU LQ FLWLHV DQG IRU 6LQJDSRUH WKDW
ZLOO RQO DFFHOHUDWH´
7KH WUHQGV ZH WDON DERXW JOREDOL]DWLRQ
XUEDQL]DWLRQ GLJLWL]DWLRQ WKH DUH DOO
YHU FRPSHOOLQJ $OO WKH ZHDOWK DQG
LQQRYDWLRQ WHQG WR JDWKHU LQ FLWLHV DQG
IRU 6LQJDSRUH WKDW ZLOO RQO DFFHOHUDWH

26. 20
KHYURQ 3URYLGHV
(QHUJ IRU 3URJUHVV
VDLG 0DUN ³:H¶YH EHHQ LQ 6LQJDSRUH IRU RYHU
൨ൠ HDUV DQG PRYHG WKH UHJLRQDO KHDGTXDUWHUV
KHUH LQ ൢൠൡൠ ๠H UHDVRQ IRU PRYLQJ RXU QRQඎඌ
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 ൥ൠ LQWHUHVW
LQ WKH 6LQJDSRUH 5H¿QLQJ RPSDQ KHYURQ
2URQLWH RXU ODUJHVW DGGLWLYH PDQXIDFWXULQJ
SODQW LQ $VLD3DFL¿F ZKLFK ZH H[SDQGHG DQG
GRXEOHG LQ FDSDFLW LQ ൢൠൡ൤ DQG WKH DOWH[ VHU
YLFH VWDWLRQ QHWZRUN´
0DUN LV DOVR D %RDUG 0HPEHU RI 6LQJDSRUH¶V
(FRQRPLF 'HYHORSPHQW %RDUG ൾൽൻ

27. WKH JRY
HUQPHQW¶V OHDG DJHQF WR SURPRWH LQYHVWPHQW
๠URXJK WKLV UROH KH KDV EHHQ DEOH WR JDLQ LQ
VLJKW LQWR WKH FRXQWU¶V VWUDWHJ IRU HQKDQFLQJ
6LQJDSRUH
V SRVLWLRQ DV D JOREDO EXVLQHVV FHQWHU
³(YHQ IURP WKH RXWVLGH ORRNLQJ LQ , ZDV FHUWDLQ
6LQJDSRUH FRXOGQ¶W KDYH DFFRPSOLVKHG ZKDW LW
KDV DFKLHYHG ZLWKRXW D VWUDWHJ´ 0DUN FRQWLQ
XHG ³$QG QRZ KDYLQJ D OLWWOH ELW RI D ORRN XQGHU
µWKH KRRG¶ LW¶V FHUWDLQO D YHU GHOLEHUDWH DQG
Chevron is the second-largest U.S.-based energy company and
the ȴfth largest in the world, based on market capitali]ation. For
more than ΄Ά΃ years, Chevron has developed some of the world’s
most complex crude oil ȴelds. As the regional headTuarters for
operations in the Asia-Paciȴc region, Singapore plays a critical
role in Chevron’s global operations.
An interview with Mark Nelson President of International Products
Downstream Chemicals
M
DUN 1HOVRQ WDONHG DERXW VRPH GLVWLQFW
PRPHQWV KH LV SURXG RI ³$V D FRU
SRUDWLRQ WKH KHYURQ7H[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-Paciȴc
Africa and the Middle East.
21
VXFFHVVIXO VWUDWHJ 6LQJDSRUH KDV KDG WR FKRRVH
ZKDW LW ZLOO EH JRRG DW DQG ZH DV EXVLQHVVHV FDQ
FRQWULEXWH WR WKDW´
³:KDW¶V H[FLWLQJ DERXW 6LQJDSRUH LV WKDW WKH JRY
HUQPHQW DFWXDOO EHQFKPDUNV LWVHOI ZLWK WKH FRP
SHWLWLRQ MXVW OLNH ZKDW D EXVLQHVV RZQHU VKRXOG
GR WKLQNLQJ DERXW ZKHWKHU WKH DUH FRPSHWLWLYH
DQG KRZ WKH VKRXOG FORVH WKH JDS RU PDLQWDLQ
D SRVLWLYH JDS´ VDLG 0DUN ³๠H¶YH GHVLJQHG D
GR]HQ PDWULFHV RU VR IRU H[DPSOH FRQQHFWLYLW
DQG WKH DELOLW WR DWWUDFW PXOWLQDWLRQDO FRPSD
QLHV ආඇർV

28. 2QH PHWULF PLJKW EH ZKHWKHU WKH
FRXQWU VKRXOG EH D EXVLQHVV KXE VR WKLQJV OLNH
OLYDELOLW DQG FRVW ZRXOG KDYH WR EH SDUW RI WKDW
PDWUL[ ,W¶V QHYHU HDV WR PHDVXUH EXW WKH GR
DOO WKH FDQ ZLWK D YLHZ WRZDUG LPSURYLQJ ZKHUH
SRVVLEOH 6LQJDSRUH¶V OHDGHUV KDYH D GHEDWH DERXW
ZKDW JDSV WKH QHHG WR FORVH DQG WKH GLVFXVVLRQ
HYROYHV RYHU WLPH RX FRXOG HYHQ DUJXH WKDW
IRUHLJQ GLUHFW LQYHVWPHQW VKRXOG VWDELOL]H DIWHU
VRPH WLPH DQG RQH VKRXOG ORRN DW WKH PRQH
WKDW KDV DOUHDG EHHQ LQYHVWHG ๠H IDFW WKDW WKH
KDYH WKRVH GHEDWHV
VKRZV WKDW WKH FRQ
YHUVDWLRQ LV DFWLYH
DQG GQDPLF´
2QH RI WKH GH
EDWHV FHQWHUV RQ
OHDGHUVKLS 0DUN
VDLG ³๠H YDVW PD
MRULW RI HPSORHHV
LQ RXU SRUWIROLR DUH
ORFDOV DQG ZKLOH ZH
GR KDYH H[SDWULDWHV
IURP WKH UHJLRQ LW¶V
VWLOO YHU ORFDOO
GULYHQ 7KH FKDO
OHQJH WKDW ZH GR KDYH LV JHWWLQJ WKRVH ZKR DUH
ERUQ DQG UDLVHG KHUH LQWHUHVWHG LQ H[SHULHQFHV
RXWVLGH RI 6LQJDSRUH 6LQJDSRUH LV VXFK D ZRQ
GHUIXO SODFH WR OLYH DQG ZRUN VR ZKHQ SHRSOH
JHW LQWR WKDW IDPLO VLGH RI OLIH ZK ZRXOG WKH
OHDYH ,I WKH GR OHDYH ZLOO WKH FRPH EDFN 2Q
WKH EXVLQHVV HQG WKH TXHVWLRQ ZRXOG EH ZKHWKHU
ZH FDQ JHW 6LQJDSRUHDQ OHDGHUV WR FRPH EDFN DQG
OHDG ආඇർV ๠DW¶V RQH RI WKH FRQYHUVDWLRQV ZH
DUH KDYLQJ ZLWK WKH JRYHUQPHQW YLD ൾൽൻ ൾൽൻ
LV ZRUNLQJ RQ SURJUDPV IRU LQFUHPHQWDO WUDLQLQJ
DQG RQ VHFRQGDU H[SHULHQFHV OLNH JHWWLQJ SHR
SOH WR KDYH LQWHUQDWLRQDO ZRUN H[SHULHQFHV 2QH
SDUW RI WKH HTXDWLRQ LV FUHDWLQJ RSSRUWXQLWLHV
IRU SHRSOH WR OHDUQ WKH EXVLQHVV ๠H RWKHU SDUW
LV GHWHUPLQLQJ DW ZKLFK SRLQW LW LV JRRG IRU WKH
FRPSDQ DQG WKH HPSORHH WR KDYH DQ H[SDWULDWH
DVVLJQPHQW :H DUH WULQJ WR HQFRXUDJH SHRSOH WR
KDYH LQWHUQDWLRQDO DVVLJQPHQWV VRPHZKDW HDUOLHU
LQ WKHLU FDUHHUV RX PD H[SHULHQFH DQ LQWHUQD
WLRQDO DVVLJQPHQW DQG RX PD VD µ, OHDUQHG D
ORW ๠DQN RX YHU PXFK EXW , GRQ¶W ZDQW WR GR
WKDW DJDLQ ,¶OO VWLOO EH D ORDO HPSORHH DQG JUHDW¶
2U RX PD VD µ๠DW ZDV IXQ ZKDW¶V QH[W¶
6SHDNLQJ IRU KHYURQ ZH¶UH ZRUNLQJ ZLWK ൾൽൻ
RQ WKH LQWHUQVKLS RSSRUWXQLWLHV ZKLFK LQFOXGH
EXLOGLQJ WKHVH H[SHULHQFHV LQ HDUOLHU´
0DUN VHHV QR FRQFHUQ IRU 6LQJDSRUH LQ UHWDLQLQJ
LWV SODFH DV WKH EXVLQHVV ¿QDQFLDO DQG WUDGLQJ
KXE IRU WKLV SDUW RI WKH ZRUOG :KDW KH WKLQNV
WKH FLWVWDWH KDV WR EH FRJQL]DQW RI LV WKH OLQN
EHWZHHQ WKH FRVW RI GRLQJ EXVLQHVV LQ 6LQJDSRUH
DQG WKH SURGXFWLYLW WKDW LV DVVRFLDWHG ZLWK LW
³$FKLHYLQJ WKDW EDODQFH WDNHV D SDUWQHUVKLS EH
WZHHQ EXVLQHVVHV DQG WKH JRYHUQPHQW´ 0DUN
HODERUDWHG ³๠DW¶V WKH WKLQJ WKDW WKH JRYHUQPHQW
KDV WR FRQWLQXH WR ZRUN WKURXJK $V D FRXQWU
WKDW KDV FRPH VR IDU LQ ൥ൠ HDUV WKHUH¶V D QDWXUDO
TXHVWLRQ RI KRZ RX EDODQFH WKH EXVLQHVV DQG
VRFLDO REMHFWLYHV ๠HVH WHQVLRQV H[LVW HYHUZKHUH
LQ WKH ZRUOG DQG DWWHQWLRQ WR WKHVH TXHVWLRQV ZLOO
KDYH WR FRPH IURP WKLV JHQHUDWLRQ DQG WKH JHQ
HUDWLRQV WR FRPH´
What’s exciting about Singapore is that
the government actually benchmarks
itself with the competition, just like
what a business owner should do,
thinking about whether they are
competitive and how they should close
the gap, or maintain a positive gap.

29. 22
0RPHQWV RI +DSSLQHVV
ZLWK RFDROD
,
DLQ 0F/DXJKOLQ 3UHVLGHQW RI WKH ൺඌൾൺඇ
%XVLQHVV 8QLW GLVFXVVHG RFDROD¶V ORQJ
VWDQGLQJ LQWHUHVW LQ 6LQJDSRUH ³:H KDYH
EHHQ RSHUDWLQJ KHUH IRU FORVH WR ൨ൠ HDUV RQ
D VWHDG WUDMHFWRU RI JURZWK ,Q WKLV WLPH ZH
KDYH RSHQHG ERWWOLQJ DQG FRQFHQWUDWH SODQWV
DQG H[SDQGHG RXU SURGXFW R൵HULQJV 7RGD WKH
RFDROD VVWHP LQ 6LQJDSRUH PDQXIDFWXUHV
PDUNHWV DQG GLVWULEXWHV PRUH WKDQ ൤ൠ EHYHUDJHV
IURP IXOO DQG QRFDORULH VSDUNOLQJ EHYHUDJHV
VXFK DV RNH RNH OLJKW )DQWD DQG 6SULWH ]HUR
WR MXLFH GULQNV VXFK DV 0LQXWH 0DLG 3XOS LVR
WRQLF ZDWHU FR൵HH DQG WHDV VXFK DV +HDYHQ
DQG (DUWK´
,DLQ DGGHG ³: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 ๠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
0DODVLD´ ,DLQ DWWULEXWHG VXFK VXFFHVVHV LQ
SDUW WR 6LQJDSRUH¶V FRPSUHKHQVLYH උ๟ൽ HQYL
URQPHQW GHHS WDOHQW SRRO DQG VWURQJ FXOWXUH
RI LQQRYDWLRQ
³$V DQ H[DPSOH ODVW HDU ZH HQWHUHG LQWR D
YHQWXUH ZLWK WKH $JHQF IRU 6FLHQFH 7HFKQRORJ
DQG 5HVHDUFK ൺ
ඌඍൺඋ

30. WR GHYHORS QHZ WHFKQRO
RJLHV DQG LQQRYDWLRQV IRU $VLDQ FRQVXPHUV DQG
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.
An interview with Iain McLaughlin President ASEAN Business Unit
Coca-Cola refreshment stand Singapore ΄ΌΈ΋
23
WR KHOS XV RSWLPL]H RXU SURGXFWLRQ SURFHVVHV
ZKLOH XSOLIWLQJ ORFDO UHVHDUFK HFRVVWHPV IRU
IRRG DQG QXWULWLRQ´ ,DLQ QRWHG ³๠LV WSH RI
SXEOLFSULYDWH VHFWRU FROODERUDWLRQ YDOLGDWHV ZK
6LQJDSRUH ZLOO UHPDLQ VWUDWHJLFDOO LPSRUWDQW
WR RFDROD´
³3URGXFWV DVLGH 6LQJDSRUH KDV DOVR EHHQ
D VRXUFH RI LQVSLUDWLRQ IRU LPDJLQDWLYH FRQ
FHSWV DQG PDUNHWLQJ´ ,DLQ QRWHG DGGLQJ WKDW
6LQJDSRUHIRFXVHG PDUNHWLQJ FDPSDLJQV HQ
VXUH UHOHYDQFH DQG FRQWLQXRXVO FRQQHFW ZLWK
6LQJDSRUHDQV 6RPH RI WKHP KDYH DOVR WUDYHOOHG
³:H FUHDWHG WKH RFDROD +XJ 0DFKLQH DV
SDUW RI RXU µ2SHQ +DSSLQHVV¶ FDPSDLJQ ,W ZDV
GHVLJQHG WR GLVSHQVH D IUHH ERWWOH RI RFDROD
HDFK WLPH D SHUVRQ KXJJHG LW ๠H PDFKLQH ZDV
LQWURGXFHG RQ FDPSXV DW WKH 1DWLRQDO 8QLYHUVLW
RI 6LQJDSRUH WR VXFK RYHUZKHOPLQJ UHVSRQVH
WKDW LW ZDV IHDWXUHG RQ QHZV VWDWLRQV DURXQG WKH
ZRUOG LQFOXGLQJ
RQ *RRG 0RUQLQJ
$PHULFD DQG ൺൻർ
:RUOG 1HZV´
,DLQ QRWHG WKDW
WKHUH LV DQ RSHQ
QHVV RQ WKH SDUW RI
JRYHUQPHQW DJHQ
cies in Singapore
WR FROODERUDWH ZLWK
LQGXVWU WR PHHW QDWLRQDO REMHFWLYHV HVSHFLDOO
ZKHQ LW FRPHV WR GHYHORSLQJ QHZ LGHDV ๠H
RFDROD RPSDQ LQ 6LQJDSRUH KDV DOVR SDUW
QHUHG ZLWK WKH 6LQJDSRUH (FRQRPLF 'HYHORSPHQW
%RDUG DQG WKH +HDOWK 3URPRWLRQ %RDUG DQG WKLV
RSHQQHVV WR ZRUNLQJ ZLWK LQGXVWU KDV EHHQ NH
LQ LQÀXHQFLQJ WKH FRPSDQ¶V FRPPLWPHQW DQG
GHFLVLRQ WR H[SDQG RSHUDWLRQV KHUH
RFDROD DOVR EHOLHYHV LQ GULYLQJ SRVLWLYH
FKDQJH DQG FUHDWLQJ VKDUHG YDOXH IRU WKH FRP
PXQLWLHV LW VHUYHV ³:H ZRUN EHVW LQ DQ HQ
YLURQPHQW ZLWK JRRG UHODWLRQVKLSV DFURVV DOO
FRQVXPHU EDVHV LQFOXGLQJ JRYHUQPHQWV DQG
ඇ඀ඈV ROODERUDWLQJ DFURVV ZKDW ZH FDOO WKH
µ*ROGHQ 7ULDQJOH¶ RI SULYDWH SXEOLF DQG FLYLO
VHFWRUV LV DQ DXWKHQWLF ZD WR WDFNOH LVVXHV WKDW
DUH LPSRUWDQW QRW RQO WR XV EXW WKH PDUNHWV
ZKHUH ZH RSHUDWH´ ,DLQ H[SODLQHG ³2XU ZRUN
LQ 6LQJDSRUH LV D WHVWDPHQW WR WKDW´
,Q UHFHQW HDUV WKH FRPSDQ KDV PDGH D
VLJQL¿FDQW FRPPLWPHQW WR WKH SURPRWLRQ RI
DFWLYH DQG KHDOWK OLIHVWOHV ,DLQ DGGHG ³,Q
D SXEOLF KHDOWK LQLWLDWLYH WR SURPRWH H[HUFLVH
DV D ZD RI FRPEDWLQJ FKURQLF GLVHDVHV ZH
SDUWQHUHG ZLWK ๠H 1DWLRQDO 3DUNV %RDUG DQG
([HUFLVH LV 0HGLFLQH 6LQJDSRUH ൾංආඌ

31. WR GH
YHORS 6LQJDSRUH¶V ¿UVW ൾංආඌFRPSOLDQW ¿WQHVV
FRUQHU /RFDWHG DW 6LPHL 3DUN RQQHFWRU WKH
¿WQHVV FRUQHU IHDWXUHV HGXFDWLRQDO ERDUGV DQG
¿WQHVV HTXLSPHQW WKDW FDWHUV WR D UDQJH RI XVHUV
IURP WKH SKVLFDOO ¿W WR WKRVH VX൵HULQJ IURP
FKURQLF GLVHDVHV VXFK DV REHVLW GLDEHWHV DQG
KSHUWHQVLRQ´ RFDROD DOVR ZRUNV FORVHO
ZLWK WKH 6LQJDSRUH 5HG URVV WR KROG UHJXODU
EORRG GRQDWLRQ GULYHV /DVW HDU LW DOVR SDUW
QHUHG ZLWK WKH 6LQJDSRUH .LQGQHVV 0RYHPHQW
WR GHOLYHU RFDROD WR IRUHLJQ ZRUNHUV DW FRQ
VWUXFWLRQ VLWHV YLD GURQHV DV D ZD RI VKRZLQJ
DSSUHFLDWLRQ IRU WKHLU KDUG ZRUN LQ KHOSLQJ WR
EXLOG 6LQJDSRUH
³๠LV HDU WR FHOHEUDWH 6LQJDSRUH¶V ൥ൠWK DQQL
YHUVDU ZH ODXQFKHG WKH µ6KDUH D RNH¶ FDP
SDLJQ ZLWK RNH RNH ]HUR DQG RNH OLJKW cans
DQG ERWWOHV IHDWXULQJ IDPLOLDU 6LQJDSRUHDQ WHUPV
VXFK DV µ$K %R¶ DQG µKLRQJVWHU¶ FROORTXLDO
QLFNQDPHV VXFK DV µൻൿൿ¶ DQG µ%HVWLH¶ FODVVLF
H[SUHVVLRQV VXFK DV µ, /RYH RX¶ DQG µRX¶UH
WKH %HVW¶ DQG IDYRULWH 6LQJOLVK SKUDVHV VXFK DV
µ*DP 6LDK¶ DQG µ5HODN /DK¶ ,DLQ VDLG ³:H HP
EUDFH WKH QDWLRQ¶V XQLTXH µ6LQJDSRUHDQ¶ LGHQWLW
DQG HQFRXUDJH SHRSOH WR VWUHQJWKHQ FRQQHFWLRQV
ZLWK WKRVH DURXQG WKHP GXULQJ ඌ඀൥ൠ´
$V 6LQJDSRUH WDNHV RQ LWV UROH DV LQQRYDWLRQ
FDSLWDO RI $VLD ,DLQ EHOLHYHV WKDW RFDROD LV
UHDG WR LQN QHZ FKDSWHUV DQG ZLOO FRQWLQXH WR
PDNH LQYHVWPHQWV LQ WKLV DUHD
: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

32. 24
*HQHUDO 0RWRUV¶
'ULYLQJ )RUFH
ORFDWLRQ , DOVR KDYH WKH IHHOLQJ WKDW ZLWK WKH
VSLULW RI 6LQJDSRUH ZLWK WKDW NLQG RI IDQWDVWLF
WUDQVIRUPDWLRQ 6LQJDSRUH KDV PDGH RYHU WKH
ODVW ൥ൠ HDUV LW ¿WV LQWR WKH DVVLJQPHQW ZKLFK LV
DKHDG RI XV´ 6WHIDQ FRQWLQXHG ³:H VSXQ R൵ 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 0RWRUV¶ KLQHVH EXVLQHVV 2XU
FXUUHQW KHDGFRXQW LQ 6LQJDSRUH VWDQGV DW ൢൢൠ
RI ZKLFK PRUH WKDQ
WZRWKLUGV DUH ORFDO
KLUHV :H¶YH DOVR
EURXJKW EDFN D FRX
SOH RI 6LQJDSRUHDQV
ZKR ZRUNHG LQ
KLQD LQ RUGHU WR
ORFDOL]H JOREDO HP
SORHHV IURP RXU
JOREDO RSHUDWLRQV´
*ආං GRHV QRW MXVW
RYHUVHH FRXQWULHV IURP 6LQJDSRUH EXW WUXO
RSHUDWHV LWV 6LQJDSRUH EDVH DV D KXE 6WHIDQ
QRWHG ³:H DUH LQ WKH PLGGOH RI D VLJQL¿FDQW
WUDQVIRUPDWLRQ DOO RYHU WKH UHJLRQ :H
YH PDGH
VRPH EROG GHFLVLRQV RYHU WKH ODVW ൡ൦ൡ൨ PRQWKV ±
General Motors Company is one of the world’s largest
automakers, with ΅΄΋,΃΃΃ employees on six continents. One
of General Motors’ ȴve regions is General Motors International
(GMI

33. , 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-Paciȴc,
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.”
³:
H KDG VHYHUDO RWKHU ORFDWLRQV SLWFK
DQG ZH GHFLGHG RQ 6LQJDSRUH´
6WHIDQ DGGHG ³,W
V LQ D IDQWDVWLF
ORFDWLRQ LW
V LQ WKH KHDUW RI WKH UHJLRQ PRVW
PDUNHWV DUH DFFHVVLEOH ZLWKLQ D VHYHQKRXU ÀLJKW
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
WDOHQW ,W
V DOVR YHU DWWUDFWLYH IRU JOREDO WDOHQW
WR ZRUN KHUH LQ VXFK DQ HQYLURQPHQW ,W
V VDIH
LW
V FOHDQ DQG LW R൵HUV D JUHDW HGXFDWLRQ 6R ,
ZRXOG VD WKDW LW
V SUHWW FOHDU ZK ZH GHFLG
HG WR ORFDWH LQ 6LQJDSRUH UDWKHU WKDQ DQRWKHU
An interview with Stefan JacoEy GM Executive 9ice President and President
GM International
:H WDON DERXW $6($1 DQG DOO RI WKH
SRVVLELOLWLHV ZH FUHDWH DQG WKDW
DOO ORRNV JRRG RQ SDSHU EXW WKHVH
PDUNHWV DUH VR VSHFLȴF 7KH DUHD LV VR
GLYHUVH DQG LW DFWXDOO QHHGV WR KDYH D
GL΍HUHQW DSSURDFK PDUNHW WR PDUNHW
25
VWDUWLQJ IURP VWHSSLQJ RXW RI PDQXIDFWXULQJ LQ
$XVWUDOLD DQG ,QGRQHVLD ULJKWVL]LQJ LQ ๠DLODQG
DQG ZLQGLQJ GRZQ FHUWDLQ RSHUDWLRQV LQ (XURSH
ZKLFK KDV D ELJ LPSDFW RQ RXU PDQXIDFWXULQJ LQ
.RUHD :H KDYH GH¿QHG VL[ VXPPLWV DQG WKHVH
VXPPLWV DUH $XVWUDOLD WKH $IULFDQ FRQWLQHQW
WKH 0LGGOH (DVW ,QGLD .RUHD DQG 6RXWKHDVW
$VLD :H¶YH KDG D ORW RI PRPHQWXP VLQFH ZH
YH
DUULYHG KHUH LQ 6LQJDSRUH ,W
V YHU LPSRUWDQW
RXU LQGXVWU LV D TXLFN PRYLQJ LQGXVWU EXW
WKH FFOH IURP LQYHVWPHQW DQG HQJLQHHULQJ WR
UHWXUQV LV PDEH ൡൠൡ൥ HDUV :KDW ZH DUH GR
LQJ ULJKW QRZ LV WR WUXO VHW D VWUDWHJ IRU WKLV
PDUNHW WR QRW RQO JURZ EXW WR FRQVROLGDWH RXU
RSHUDWLRQV WR PLWLJDWH PDMRU ULVNV DQG WR EH
PRUH VXVWDLQDEOH´
*ආ KDV EHHQ VHOOLQJ YHKLFOHV LQ 6LQJDSRUH IRU
PRUH WKDQ ൧ൠ HDUV DQG LV FXUUHQWO DVVHVVLQJ
KRZ EHVW WR VHUYLFH D PDUNHW WKDW LV LQFUHDVLQJO
OX[XUEUDQG IRFXVHG SRVVLEO XVLQJ 6LQJDSRUH
DV D ODXQFKSDG IRU ඀ආ¶V OX[XU EUDQGV LQWR
WKH ൺඌൾൺඇ UHJLRQ $FFRUGLQJ WR 6WHIDQ ඀ආං¶V
FRUH PDUNHWV LQ ൺඌൾൺඇ DUH ,QGRQHVLD ๠DLODQG
0DODVLD DQG WKH 3KLOLSSLQHV ³,Q WKLV LQGXVWU
ZH WDON DERXW ൺඌൾൺඇ DQG DOO RI WKH SRVVLELOLWLHV
ZH FUHDWH DQG WKDW DOO ORRNV JRRG RQ SDSHU EXW
WKHVH PDUNHWV DUH VR VSHFL¿F ๠H DUHD LV VR GL
YHUVH DQG LW DFWXDOO QHHGV WR KDYH D GL൵HUHQW
DSSURDFK PDUNHW WR PDUNHW %XW WKH ൺඌൾൺඇ
UHJLRQ R൵HUV RI FRXUVH D ORW RI RSSRUWXQLWLHV
:H
YH VWDUWHG RSHUDWLRQV LQ 0DQPDU ๠LV LV D
WUXH HPHUJLQJ PDUNHW ,W
V NLQG RI D ZKLWH VKHHW
RI SDSHU IRU WKH DXWRPRWLYH LQGXVWU :H KDYH
PDQXIDFWXULQJ LQ 9LHWQDP $OO WKHVH PDUNHWV
KDYH VSHFL¿F VHJPHQWV RI YHKLFOHV DQG WUXFNV
๠DLODQG IRU H[DPSOH LV D PLGVL]H SLFNXS WUXFN
PDUNHW ,QGRQHVLD LV D VPDOO ආඉඏ PDUNHW DQG VR
RQ 9LHWQDP LV D VPDOO YHKLFOH VHJPHQW PDUNHW
6LQJDSRUH LV D VSHFL¿F PDUNHW ,W
V DQ LPSRUW
PDUNHW ZKLFK LV KLJKO FRPSHWLWLYH DQG KLJKO
H[SHQVLYH´
*LYHQ LWV RSHUDWLRQDO IRRWSULQW WKH FKDOOHQJHV
඀ආං IDFHV DUH JOREDO FKDOOHQJHV ³:H FRXOG VWDUW
DQG WDON WKH HQWLUH GD DERXW UHJXODWLRQV RU WKH
SROLWLFDO VLWXDWLRQ LQ FRXQWULHV OLNH 8]EHNLVWDQ
RU .D]DNKVWDQ ZKLFK EHORQJ WR RXU UHJLRQ DV
ZHOO ๠H LPSDFW RI WKH 8NUDLQH FULVLV RQ RXU
EXVLQHVV RU UHJXODWLRQ LQ 6RXWK $IULFD RU WRXJK
ODERU UHJXODWLRQ ODZV LQ .RUHD DQG VR RQ´ VDLG
6WHIDQ ORVHU WR KRPH LQ ൺඌൾൺඇ 6WHIDQ VHHV
WKH SRWHQWLDO IRU 6LQJDSRUH WR GULYH LPSURYH
PHQWV LQ HOLPLQDWLQJ QRQWDUL൵ EDUULHUV WR WUDGH
EHFDXVH LW KDV QR YHVWHG LQWHUHVW DV D SRWHQWLDO
PDQXIDFWXULQJ VLWH IRU WKH DXWRPRWLYH LQGXVWU
6WHIDQ VDLG ³, WKLQN 6LQJDSRUH ZRXOG EH ZHOO
SODFHG WR WDNH D OHDGHUVKLS UROH DFWXDOO DQG
RSHQ WKH PDUNHWV , WKLQN WKDW ZRXOG JHQHUDWH
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.

34. 26
๠H $PHULFDQ %XVLQHVV
RPPXQLW 7RGD
3UR¿OH RI WKH $PHULFDQ %XVLQHVV RPPXQLW
๠H $PHULFDQ KDPEHU RI RPPHUFH LV WKH ODUJHVW IRUHLJQ EXVLQHVV DVVRFLDWLRQ LQ 6LQJDSRUH
2XU ൧൥ൠ PHPEHUV¶ EURDG GLYHUVLW RI VHFWRUV FRPSDQ VL]H DQG FRUSRUDWH SUR¿OH LV UHÀHFWHG LQ
RXU 6*൥ൠ VXUYH UHVXOWV DQG WKH LQWHUYLHZV WKDW WKLV SXEOLFDWLRQ SUHVHQWV ๠H IROORZLQJ GLVFXVVLRQ
VXPPDUL]HV NH FKDUDFWHULVWLFV RI WKH $PKDP PHPEHUV ZKR UHVSRQGHG WR RXU VSHFLDO 6*൥ൠ VXUYH
RPSDQ 2YHUYLHZ 7ZRWKLUGV RI WKH FRPSDQLHV SDUWLFLSDWLQJ LQ WKH 6*൥ൠ VXUYH IRU 5HÀHFWLRQV
DUH $PHULFDQ IROORZHG E 6LQJDSRUHDQ DQG IURP RWKHU FRXQWULHV 0RVW FRPSDQLHV LQ
WKH VXUYH RSHUDWH LQ WKH VHUYLFHV VHFWRU

35. ๠H DYHUDJH UHVSRQGHQW FRPSDQ KDV EHHQ LQ
6LQJDSRUH IRU PRUH WKDQ WZR GHFDGHV ๠H YDVW PDMRULW

36. KDYH FRYHUHG WKH UHJLRQ RXW RI
6LQJDSRUH IRU ¿YH RU PRUH HDUV
Introduction
The United States is Singapore’s greatest source of foreign direct investment (F'I

37. the level of U.S. F'I reached a record US ΄Έ· billion in ΅΃΄Ά and continues to rise.
Numbering some Ά,Ή΃΃ ȴrms, 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 ȴnance, 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.
United States Singapore Europe Asia (except
Singapore)
Australia Other
/RFDWLRQ RI *OREDO +HDGTXDUWHUV
27
Manufacturing Sub-Sectors
Food, beverages, and tobacco 18%
Bio-medicals 9%
Marine and o΍shore engineering 8%
Electronics 8%
Chemicals 8%
Aerospace 3%
Precision engineering 2%
Land transport engineering 2%
Printing and recording media 1%
Other* 42%
*Including footwear, pharmaceuticals, and healthcare
Services Sub-Sectors
Information and communication 12%
Legal, accounting, and
management
11%
Financial 9%
Education, arts, and
entertainment
8%
Architectural and engineering 8%
Transportation 6%
+ealth and social 5%
Real estate 4%
Administration and support 2%
Other* 29%
*Including design, advertising, and wholesale
Sector in Which Respondent’s Company Primarily Operates
Manufacturing Services
28% 72%
HDUV
Ȃ HDUV
! HDUV
1XPEHU RI HDUV 5HVSRQGHQW
V RPSDQ +DV RYHUHG
WKH 5HJLRQ IURP 6LQJDSRUH

38. 28
* 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 ඌ ൥ൠൠ PLO
OLRQ LQ 6LQJDSRUH DQRWKHU KDYH LQYHVWHG
EHWZHHQ ඌ ൥ൡ PLOOLRQ DQG ඌ ൥ൠൠ PLOOLRQ
0%
10%
20%
30%
40%
50%
60%
70%
80%
Marketing Finance Strategy HR Operations RD Manufacturing Other*
Activities Respondent's Company Performs from Its Singapore Office
0%
10%
20%
30%
40%
50%
1 million 1 – 50 million 51 – 500 million 501 million – 1 billion 1 billion
Approximate Amount of Company's FDI in Singapore (S$)
0%
5%
10%
15%
20%
25%
30%
35%
5 million 5 – 20 million 21 – 50 million 51 – 100 million 100 million
Approximate Turnover of Company in Singapore (S$)
29
:RUNIRUFH 3UR¿OH
:RUNIRUFH $OPRVW RI UHVSRQGHQW FRPSDQLHV HPSOR PRUH WKDQ ൢൠൠ SHRSOH LQ 6LQJDSRUH
HPSOR PRUH WKDQ ൡൠൠൠ )RU RYHU RI WKH VXUYHHG 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
Ȃ Ȃ Ȃ
!
6L]H RI RPSDQ
V *OREDO :RUNIRUFH

39. 30
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
25% 25 – 50% 51 – 75% 75%
Percentage of Singapore Workforce Who Are Singaporean Citizens
Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ !
6L]H RI RPSDQ
V 6LQJDSRUH :RUNIRUFH
31
/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
RQHWKLUG 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
HV
1R
6LQJDSRUHDQ DV D +HDG RI RXQWU 2SHUDWLRQV
HV
1R
6LQJDSRUHDQV DV +HDGV RI 0DMRU %XVLQHVV 8QLWV LQ 6LQJDSRUH 2SHUDWLRQV

40. 32
)RU QHDUO WZRWKLUGV RI UHVSRQGHQWV 6LQJDSRUH
DQV KHDG PDMRU EXVLQHVV XQLWV LQ WKHLU 6LQJDSRUH
RSHUDWLRQV SODLQJ 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 EHRQG 6LQJDSRUH DV ZHOO PRVW RIWHQ DFURVV
$VLD3DFL¿F RU 6RXWKHDVW $VLD
HV
1R
6LQJDSRUHDQV LQ 6HQLRU 5ROHV 2XWVLGH RI 6LQJDSRUH RU LQ 5ROHV
0RUH 6HQLRU 7KDQ 6LQJDSRUH RXQWU 0DQDJHU
(2 RU
HTXLYDOHQW
2WKHU OHYHO RU
HTXLYDOHQW
22 RU
HTXLYDOHQW
+HDG RI +5 RU
HTXLYDOHQW
02 RU
HTXLYDOHQW
)2 RU
HTXLYDOHQW
2WKHU QRQ
OHYHO
5HVSRQGHQW
V 5ROH LQ 2UJDQL]DWLRQ
33
RPPXQLW ,QYROYHPHQW
+DYLQJ KDG WKH RSSRUWXQLW WR EHQH¿W IURP 6LQJDSRUH¶V EXVLQHVVIULHQGO HQYLURQPHQW $PHULFDQ
FRPSDQLHV DOVR HPEUDFH WKH FKDQFH WR JLYH EDFN WR WKH FRPPXQLW $V KLJKOLJKWHG LQ PDQ RI
WKH ർൾඈ LQWHUYLHZV LQ WKLV SXEOLFDWLRQ $PHULFDQ LQYHVWRUV WDNH FRUSRUDWH VRFLDO UHVSRQVLELOLW
VHULRXVO 0DQ FRPSDQLHV DUH FRPPLWWHG WR ORQJWHUPV SURJUDPV WR KHOS RWKHUV VXFK DV FRQGXFWLQJ
¿QDQFLDO OLWHUDF SURJUDPV DQG HQDEOLQJ KDQGLFDSSHG SHUVRQV WR VHFXUH JDLQIXO HPSORPHQW
RUSRUDWH RPPXQLW 'D ർർൽ

41. KRVWHG E $PKDP DQG WKH ඎඌ(PEDVV GUDZV WKH HQWKXVLDVWLF
SDUWLFLSDWLRQ RI PHPEHU FRPSDQLHV HYHU HDU ๠URXJK WKLV LQLWLDWLYH $PKDP HQFRXUDJHV LWV
PHPEHUV WR YROXQWHHU IRU D YDULHW RI FDXVHV DURXQG 6LQJDSRUH RQ WKH VDPH GD WR FUHDWH D ODUJH
RQHGD LPSDFW DQG LQVSLUH YROXQWHHULVP
6WDUWLQJ VPDOO LQ ൢൠൠൣ ZLWK VL[ SDUWLFLSDWLQJ PHPEHU FRPSDQLHV ർർൽ KDV JURZQ VLJQL¿FDQWO
ർൽ ൢൠൡ൤ VDZ WKH LQYROYHPHQW RI ൨൧ FRPSDQLHV DQG ൢൡ൨ൡ YROXQWHHUV $PRQJ WKH GR]HQV RI
DFWLYLWLHV SDUWLFLSDQWV GLVWULEXWHG IRRG WR WKH QHHG KRVWHG FRRNLQJ FODVVHV IRU XQGHUSULYLOHJHG
FKLOGUHQ SURYLGHG UHDOOLIH ZRUN H[SHULHQFH WR VSHFLDOQHHGV EHQH¿FLDULHV HQJDJHG ZLWK DWULVN
RXWK DQG UDLVHG DZDUHQHVV RI VRXQG KHDOWK SUDFWLFHV
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
APAC Southeast Asia Singapore World/Global APMEA Other
Respondent's Personal Geographic Scope of Responsibility
J.P. Morgan invited ΅΃ memEers from the Handicaps
Welfare Association to their Changi oɝce for a one-
day event. Over ·΃ volunteers took part with roles
and responsiEilities such as facilitating workshops
catering and chaperoning the memEers
throughout the day.
Cargill employees join in the companyȇs e΍orts to
protect the planet and volunteer to plant trees in
Singapore ΅΃΄·

42. .

43. 34
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 Oɝcer for
Singapore together with Stephen Bird then CEO
of Citi Asia Paciȴc 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 Ȃ 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.
35
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.
΅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.

44. 36
0DNLQJ 0RGHUQ
/LIH 3RVVLEOH ZLWK
8QLWHG 7HFKQRORJLHV
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 oɝces for its building and industrial systems brands,
including Otis elevators and escalators Sigma elevators Carrier
heating, air-conditioning and refrigeration systems and ȴre
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 ȴrst engines to a growing Singapore
Airlines ȵeet through its Pratt Whitney operations.
SODQW IRU *HDUHG 7XUERIDQ ඀ඍൿ

45. HQJLQH FRP
SRQHQWV LQ 6HOHWDU $HURVSDFH 3DUN PDUNLQJ WKH
¿UVW WLPH WKDW 3UDWW :KLWQH LV EULQJLQJ LWV
DGYDQFHG ඀ඍൿ HQJLQH SURGXFWLRQ WR WKLV UHJLRQ
,W ZLOO DOVR EH 3UDWW :KLWQH¶V ODWHVW DGGLWLRQ
PDNLQJ 6LQJDSRUH
KRPH WR RXU PRVW
FRPSUHKHQVLYH
DIWHUPDUNHW DQG
DYLDWLRQ SUHVHQFH
RXWVLGH WKH ඎඌ´
2QH PLOHVWRQH
HYHQW IRU ඎඍർ ZDV
WKH LQVWDOODWLRQ
RI 2WLV HOHYDWRUV
DW 6ZLVV{WHO 7KH
6WDPIRUG IRUPHUO :HVWLQ 6WDPIRUG ZKLFK
ZDV WKH ZRUOG¶V WDOOHVW KRWHO LQ ൡ൩൨൦ 6LQFH
WKHQ 2WLV KDV FRQWLQXHG WR EUHDN QHZ JURXQG
LQ 6LQJDSRUH %DOD FRQWLQXHG ³(DUOLHU WKLV
B
DOD 1DGDUDMDK 3UHVLGHQW RI 6RXWKHDVW
$VLD WDONV DERXW VRPH PLOHVWRQHV
DFKLHYHG E ඎඍർ VLQFH LW VWDUWHG RSHU
DWLRQV LQ 6LQJDSRUH LQ ൡ൩൤൩ ³:H KDYH D ZLGH
UDQJH RI EXVLQHVV DFWLYLWLHV LQ 6LQJDSRUH 2XU
DHURVSDFH FDSDELOLWLHV KDYH KDG D SUHVHQFH LQ
(DVW $VLD RYHU WKH ODVW ൣൠ HDUV ZLWK 6LQJDSRUH
EHLQJ KRPH WR ඎඍർ DHURVSDFH´ VDLG %DOD ³1H[W
HDU ZH ZLOO R൶FLDOO RSHQ WKH PDQXIDFWXULQJ
An interview with Bala Nadarajah President Southeast Asia
ΖQ P RSLQLRQ 6LQJDSRUH ZLOO FRQWLQXH WR
GULYH OHDGHUVKLS LQ PXOWLODWHUDO UHODWLRQV
HQDEOLQJ FRPSDQLHV OLNH UTC WR JR EHRQG
WKH QH[W Έ΃ HDUV LQ 6LQJDSRUH
37
HDU 2WLV 6LQJDSRUH ZDV VHOHFWHG E WKH /DQG
7UDQVSRUW $XWKRULW WR VXSSO DQG LQVWDOO QHDUO
൦ൠൠ HOHYDWRUV DQG HVFDODWRUV IRU WKH QRUWKHUQ
VWUHWFK RI WKH ๠RPVRQ(DVW RDVW /LQH ආඋඍ
SURMHFW ,Q DGGLWLRQ WR WKLV EHLQJ WKH KLJKHVW
YDOXHG QHZHTXLSPHQW SURMHFW ZLQ LQ 2WLV¶ ൡ൦ൡ
HDU KLVWRU , DP SURXG WKDW ZH ZLOO EH D SDUW
RI KHOSLQJ 6LQJDSRUH UHPDLQ RQ WKH PRYH IRU
WKH QH[W ൥ൠ HDUV´
%DOD DGGHG ³-XVW DV 6LQJDSRUH RIWHQ GHVFULEHV
LWV SHRSOH DV LWV RQO UHVRXUFH ZH DW ඎඍർ UHF
RJQL]H WKDW RXU SHRSOH DUH RXU JUHDWHVW DVVHW
๠URXJK WKH ඎඍർ(PSORHH 6FKRODU 3URJUDP ZH
KDYH LQYHVWHG PRUH WKDQ ඎඌ ൡൠ PLOOLRQ LQ ERQG
IUHH VFKRODUVKLSV LQ RXU ZRUNIRUFH LQ 6LQJDSRUH
UHVXOWLQJ LQ PRUH WKDQ ൥ൠൠ GHJUHHV HDUQHG´
:KLOH LQYHVWPHQWV LQ IDFLOLWLHV DQG SHRSOH
FKDQJH OLYHV IRU WKH EHWWHU VRPHWLPHV D VRQJ
FDQ UHVRQDWH HYHQ PRUH ³$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 VQRQPRXV ZLWK D JUHDW
SURGXFW DQG D FDQGR 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 EHRQG WKH QH[W
൥ൠ HDUV LQ 6LQJDSRUH´
³:LWK WKH ൢൠൢൠ ൺൾർ YLVLRQ DQG ൺඌൾൺඇ EH
FRPLQJ WKH ൥WK ODUJHVW HFRQRP LQ WKH ZRUOG LW
ZLOO SURSHO ඎඍർ EXVLQHVV JURZWK LQ WKH JOREDO
DHURVSDFH DQG EXLOGLQJ VVWHPV LQGXVWULHV¶ %DOD
DGGHG ³๠H FRQFOXVLRQ RI WKH 7UDQV3DFL¿F
3DUWQHUVKLS ඍඉඉ

46. 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 $PKDP 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.

47. 38
,%0 8VKHUV LQ WKH
(UD RI 6PDUW
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), reȵecting
its growing operations in Europe, South America, Australia, and
Asia. Today, IBM is the world's leading information technology
company, o΍ering a range of integrated solutions, products,
and services, operating in ΄Ί΃ countries.
An interview with Janet Ang 9ice-President Systems of Engagement Smarter Cities
6VWHP 6FLHQFH ංඌඌ

48. /HYHUDJLQJ ංൻආ¶V *OREDO
6VWHPV (QJLQHHULQJ 7UDLQLQJ XUULFXOXP ංඌඌ
WUDLQHG KXQGUHGV RI PLG FDUHHU FLYLO VHUYDQWV DV
ZHOO DV JUDGXDWHV IUHVK RXW RI XQLYHUVLW WUDQV
IRUPHG WKHP LQWR VVWHPV DQDOVWV DQG KHOSHG
FUHDWH WKH VNLOOV WKDW ZHUH QHHGHG WR WDNH XV IURP
WKH LQGXVWULDOL]HG DJH WR WKH NQRZOHGJH HFRQR
P , ZRXOG VD ංඌඌ
LV D KDOOPDUN D NH
FROODERUDWLRQ WKDW
ODXQFKHG WKH SDUW
QHUVKLS EHWZHHQ
WKH 6LQJDSRUH JRY
HUQPHQW DQG ංൻආ ,
MRLQHG ංൻආ DW WKDW
WLPH DQG , ZDV SHU
VRQDOO LQYROYHG LQ
KHOSLQJ PDQ FXV
WRPHUV GHVLJQ WKHLU
DSSOLFDWLRQV XVLQJ WKH -RLQW $SSOLFDWLRQ 'HVLJQ
ඃൺൽ

49. PHWKRGRORJ ZULWLQJ WKHLU SUREOHP DQG
FKDQJH PDQDJHPHQW PDQXDOV ,Q PDQ ZDV
ZKHQ , ORRN EDFN DW HDFK VWHS RI WKH MRXUQH
ංൻආ KDV JURZQ LQ ORFNVWHS ZLWK 6LQJDSRUH
6LQJDSRUH KDV DOVR JURZQ LQ ORFNVWHS ZLWK ංൻආ
LQ WKH WHFKQRORJ HYROXWLRQ´
-DQHW FRQWLQXHG ³/RRNLQJ IRUZDUG ZH KDYH
LQ 6LQJDSRUH 3ULPH 0LQLVWHU /HH +VLHQ /RRQJ¶V
,
ൻආ
V KLVWRU LQ 6LQJDSRUH GDWHV EDFN WR
ൡ൩൥ൣ ZKHQ ංൻආ HVWDEOLVKHG D EUDQFK RI
¿FH LQ 6LQJDSRUH WR PDUNHW DQG VHUYLFH LWV
UDQJH RI GDWD SURFHVVLQJ HTXLSPHQW -DQHW $QJ
9LFH3UHVLGHQW RI 6VWHPV RI (QJDJHPHQW
6PDUWHU LWLHV VKDUHG KRZ ංൻආ 6LQJDSRUH FRQ
WULEXWHG WR WKH XVH DQG GHYHORSPHQW RI ංඍ LQ
6LQJDSRUH D PLVVLRQ WKDW PLUURUV WKH JRYHUQ
PHQW
V REMHFWLYH RI PDNLQJ WKH FRXQWU D UHJLRQDO
DQG JOREDO KXE RI NQRZOHGJHEDVHG LQGXVWULHV
³2QH ZRXOG KDYH WR ORRN EDFN DQG ORRN IRU
ZDUG´ VDLG -DQHW ³:KHQ 6LQJDSRUH ¿UVW HP
EDUNHG RQ LWV ,7 FRPSXWHUL]DWLRQ MRXUQH ൣൠ HDUV
DJR WKH 1DWLRQDO 8QLYHUVLW RI 6LQJDSRUH ඇඎඌ

50. DQG WKH WKHQ 1DWLRQDO RPSXWHU %RDUG ඇർൻ

51. SDUWQHUHG ZLWK ංൻආ WR HVWDEOLVK WKH ,QVWLWXWH RI
ΖQ RXU 60$57 QDWLRQ MRXUQH DKHDG
ZKHWKHU LWȇV WUDQVSRUWDWLRQ
WHOHFRPPXQLFDWLRQV RU PRELOLW
GDWD ZH DUH IXVLQJ DOO RI WKLV
GDWD WR FUHDWH LQVLJKWV WR PDQDJH
FULVHV DQG VWUDWHJLF UHVSRQVHV
ΖWȇV D YHU H[FLWLQJ SODFH WR EH
39
6PDUW 1DWLRQ YLVLRQ $OO WKH VHUYLFH FDSDELOLWLHV
OLNH DQDOWLFV FRJQLWLYH FRPSXWLQJ FORXG RU
FKHVWUDWLRQ ,QWHUQHW RI ๠LQJV ංඈඍ

52. 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 ආඇർV
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 ඌආൺඋඍQDWLRQ 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 $QDOWLFV
๠H FHQWHU WUDLQV JUDGXDWH VWXGHQWV LQ WKH EXVL
QHVV DQG FRPSXWLQJ IDFXOWLHV WR DSSO FRJQLWLYH
FRPSXWLQJ DQG ELJ GDWD DQDOWLFV LQFOXGLQJ SUH
GLFWLYH DQG IXVLRQ DQDOWLFV 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 LH
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 UHDUGRRU KHDW
H[FKDQJH WHFKQRORJ ZKHUHE WKH XVH RI ZDWHU
DQG WKH SDWHQWHG WHFKQRORJ FRROV WKH VVWHP
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 HYHUERG 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 DQDOWLFV 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 HYHUGD 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 VVWHPV 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

53. SMRT Corporation and StarHuE to improve
the commuter experience across Singapore Ey
applying advanced analytics for actionaEle insights.

54. 40
DWHUSLOODU ç
%XLOW IRU ,W
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-Paciȴc market.
An interview with Je΍rey Hardee Executive Director Government Corporate A΍airs
Asia-Paciȴc and Singapore Country Manager
-
H൵ +DUGHH GLVFXVVHG KLV H[SHULHQFH PDQ
DJLQJ WKH EXVLQHVV IURP WKH 6LQJDSRUH
R൶FH ³DWHUSLOODU PDGH LWV ¿UVW LQYHVW
PHQW LQ 6LQJDSRUH LQ ൡ൩൦൧ MXVW WZR HDUV DIWHU
6LQJDSRUH¶V LQGHSHQGHQFH DOWKRXJK ZH KDG EHHQ
VXSSOLQJ HTXLSPHQW WR 6LQJDSRUH ORQJ EHIRUH
WKDW 5HFRJQL]LQJ 6LQJDSRUH¶V VWUDWHJLF ORFDWLRQ
IRU WUDGH WKH LQLWLDO LQYHVWPHQW ZDV WR HVWDEOLVK
D SDUWV GLVWULEXWLRQ FHQWHU IRU WKH $VLD3DFL¿F
UHJLRQ ๠H IDFLOLW ZDV EXLOW LQ D VZDPS SDUW
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 ZRUOGFODVV FLW VWDWH ,Q ൡ൩൩ൢ
6LQJDSRUH EHFDPH RXU $VLD 3DFL¿F KHDGTXDUWHUV
DQG WRGD ZH KDYH
HLJKW IDFLOLWLHV ZLWK
ൢ൩ EXVLQHVV XQLWV
DQG D ZRUNIRUFH
DSSURDFKLQJ ൡൠൠൠ´
-HII GLVFXVVHG
WKH VWURQJ JURZWK
WUHQGV LQ WKH UH
JLRQ DQG ZKDW
WKH ZLOO PHDQ IRU
DWHUSLOODU ³7KH
$VLD3DFL¿F ZLWK
LWV GLYHUVH HFRQR
PLHV DQG LQWHUHVW
LQJ GHPRJUDSKLFV
KROGV WUHPHQGRXV RSSRUWXQLWLHV (FRQRPLF
JURZWK ZRQ¶W EH OLQHDU EXW WKH PLGGOH FODVV LV
JURZLQJ UDSLGO XUEDQL]DWLRQ LV DFFHOHUDWLQJ
DQG GHPDQGV IRU HQHUJ DQG WUDQVSRUWDWLRQ DUH
JURZLQJ ๠HVH WUHQGV ZLOO FRQWLQXH IRU PDQ
6LQJDSRUHȇV 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 7KH JRYHUQPHQW LV VWDEOH
DFFHVVLEOH DQG OLVWHQV WR RXU LQSXW
$OVR VLPSO SXW EXVLQHVV ZRUNV KHUH
41
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 HQGWRHQG SODQQLQJ DQG DQ H൶FLHQW
VXSSO FKDLQ WR HQVXUH RXU PDFKLQHV JHW WR
ZKHUH WKH DUH QHHGHG DW WKH ULJKW WLPH DQG
ZLWK XQSDUDOOHOHG 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
PXOWLJHQHUDWLRQDO 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
$VLD3DFL¿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 WULQJ 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 WULQJ WR ZRUN WKLQJV RXW´
7R -H൵ WKH 6LQJDSRUH JRYHUQPHQW LV WKH OHDGHU
ZLWKLQ WKH $VLD3DFL¿F UHJLRQ LQ GULYLQJ RSHQ
WUDGH DQG LQYHVWPHQW ³๠H ඎඌ6LQJDSRUH )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

55. QHJRWLDWLRQV LV LQYROYHG LQ WKH 5HJLRQDO
(FRQRPLF RRSHUDWLRQ 3DUWQHUVKLS උർൾඉ

56. LV KHOSLQJ WR GULYH SURJUHVV LQ WKH ൺඌൾൺඇ
(FRQRPLF RPPXQLW ൺൾർ

57. DQG , H[SHFW
ZLOO SOD DQ LPSRUWDQW UROH LQ IXWXUH GLVFXV
VLRQV RQ WKH )UHH 7UDGH $UHD RI WKH $VLD3DFL¿F
6LQJDSRUH HPEUDFHV FKDQJH DQG LQQRYDWLRQ DV
GRHV DWHUSLOODU VR ZH DUH UHDOO DWWUDFWHG WR
WKLV WSH RI HQYLURQPHQW´
Caterpillar
s pioneer generation at its ȴrst
facility on Tractor Road.

58. 42
,QQRYDWLRQ DW
+HZOHWW3DFNDUG
WKHQ LQ D VPDOO IDFWRU LQ 5HGKLOO )RXU HDUV
ODWHU ZH RSHQHG D VDOHV HQWLW ZLWK ൢൡ SHRSOH
7RGD ZH KDYH PRUH WKDQ ൧ൠൠൠ HPSORHHV LQ
6LQJDSRUH ๠LV LV RQH RI WKH ELJJHVW ඁඉ sites in
WKH ZRUOG ZH¶YH JRW PDQXIDFWXULQJ උ๟ൽ VDOHV
PDUNHWLQJ RSHUDWLRQV DQG VXSSO FKDLQ ,Q IDFW
ZH¶YH JRW WKH HQWLUH EXVLQHVV HFRVVWHP RI ඁඉ
LQ 6LQJDSRUH ,I RX WDON DERXW PDQXIDFWXULQJ
VDOHV DQG උ๟ൽ DOO LQ RQH VLWH RXWVLGH RI 3DOR
$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 SODHG 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 PLG൧ൠV 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
QXPEHU WXUQHG RXW WR EH ൤ൠൠൠൠ XQLWV LQVWHDG
2WKHU ඁඉ LQQRYDWLRQV LQ 6LQJDSRUH LQFOXGH WKH
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
HDU´ VDLG 7LDQ KRQJ ³:H FDPH WR
6LQJDSRUH ZKHQ LW ZDV DQ LQIDQW ,Q
ൡ൩൦൩ ൾൽൻ ZHQW WR 3DOR $OWR DQG VSRNH WR ඁඉ
$W WKDW WLPH IRXU PDQDJHUV FDPH WR VWXG WKH
IHDVLELOLW RI VHWWLQJ XS VKRS LQ 6LQJDSRUH ,W
WRRN WKHP VL[ PRQWKV EXW WKH ZURWH D UHSRUW
WKDW ZDV VR FRQFOXVLYH WKDW ඁඉ KDG WR FRPH WR
6LQJDSRUH :H ¿UVW VWDUWHG ZLWK D PDQXIDFWXULQJ
RSHUDWLRQ LQ WKH ൧ൠV :H KDG ൦൩ SHRSOH EDFN
Ng Tian Chong Managing Director Southeast Asia Taiwan Hong Kong
Girl Power a partnership Eetween HP and
the U.S. EmEassy enaEles young women in
secondary school to learn aEout careers in science
technology engineering and math STEM

59. through
joE shadowing and weekly mentoring sessions.
43
ඁඉ -RQDGD WKH ¿UVW FRORU KDQGKHOG :LQGRZV
ඉർ WKDW EHFDPH D ZRUOGZLGH KLW ๠H 6LQJDSRUH
WHDP DOVR KHOSHG VHW D *XLQQHVV UHFRUG IRU WKH
IDVWHVW GHVNWRS SULQWHU PDGH SRVVLEOH E ඁඉ¶V
SULQWLQJ උ๟ൽ FUHDWLQJ D QHZ WHFKQRORJ FDOOHG
µ3DJH:LGH¶ ZKLFK FRXOG DOORZ SULQWHUV WR SULQW
XS WR ൧ൠ SDJHV SHU PLQXWH
:KLOH ඁඉ H[FHOV DW LQQRYDWLRQ WKH FRPSDQ
VWULYHV WR HQVXUH WKDW LWV EUHDNWKURXJKV UHDFK
WKH ZLGHU FRPPXQLW ³:H SDUWLFLSDWH LQ HYHQWV
WR WUDQVIHU NQRZO
HGJH VR WKDW ORFDO
EXVLQHVVHV OHDUQ
KRZ WR GR WKLQJV
LQ D PRUH H൶FLHQW
ZD :H DOVR SDUW
QHU RQ HGXFDWLRQDO
SURJUDPV DQG LQYLWH
VWXGHQWV WR EHQH¿W
IURP PHQWRULQJ´
VDLG 7LDQ KRQJ
ඁඉ ZRUNV ZLWK
FKDPEHUV DQG JRY
HUQPHQW DJHQFLHV WR
UHDFK DV PDQ ORFDO
RUJDQL]DWLRQV DV SRVVLEOH 7LDQ KRQJ FRQWLQXHG
³๠H 6LQJDSRUH JRYHUQPHQW LV YHU SURDFWLYH
VHWWLQJ XS ඌൻൿ DQG 6SULQJ 6LQJDSRUH 1RW RQO
GR WKH SURYLGH WKH FDWDOVW WKH DOVR SURYLGH
IXQGLQJ WKH VHHGLQJ FDSLWDO ,I D EXVLQHVV KDV
D JRRG LGHD WKH 6LQJDSRUH JRYHUQPHQW DFWX
DOO IXQGV DQG KHOSV WKHP JHW D KHDG VWDUW ,W¶V
XQLTXH LQ WKDW VHQVH 6LQJDSRUH LV UXQ OLNH D
FRPSDQ 6R SHRSOH ZKR DUH LQFHQWLYL]HG ZLWK
VXFK SURJUDPV DOVR WKLQN OLNH D FRPSDQ DQG
WKLV VHHGV DQ HQWUHSUHQHXULDO VSLULW´
+DYLQJ JURZQ DQ LQQRYDWLYH EXVLQHVV LQWR
PXOWLSOH VHFWRUV RYHU ൧൥ HDUV DQG RSHUDWHG LQ
6LQJDSRUH IRU ൤൥ RI WKRVH ඁඉ WDNHV D ORQJ YLHZ
RQ GHYHORSPHQW 2QH RI WKH QHDUWHUP FKDO
OHQJHV WKDW 7LDQ KRQJ VHHV LV WKH LQFUHDVLQJO
WLJKW ODERU HQYLURQPHQW ³6LQJDSRUH LV KRPH
WR VRPH RI ඁඉ¶V PRVW YDOXDEOH WDOHQW +RZHYHU
DV 6LQJDSRUH¶V GRPHVWLF WDOHQW SRRO GHYHORSV
VRPH TXHVWLRQ WKH DUULYDO RI IRUHLJQ ZRUNHUV
$V D 6LQJDSRUHDQ , IHHO ZH PXVW VWULNH WKH ULJKW
EDODQFH EHWZHHQ SURYLGLQJ WKH ULJKW HQYLURQ
PHQW IRU ORFDO WDOHQW WR WKULYH DQG R൵HULQJ WKH
ÀH[LELOLW WKDW FRPSDQLHV QHHG WR KLUH RU WUDQV
IHU IRUHLJQ WDOHQW $V D UHJLRQDO OHDGHU , QHHG
HPSORHHV WKDW XQGHUVWDQG WKH UHJLRQ DQG ZKHQ
LQWHUQDWLRQDO H[SHULHQFH FRPHV LQWR 6LQJDSRUH
LW FRQWULEXWHV WR WKH GHYHORSPHQW RI RXU GRPHVWLF
WDOHQW :KLOH ZH KDYH D ZRUOG FODVV HGXFDWLRQ
VVWHP WKHUH LV D PDMRU GL൵HUHQFH EHWZHHQ
VNLOOV DQG H[SHULHQFH :KHQ WKH EOHQG YDOXH LV
FUHDWHG 7DNLQJ D ORQJ YLHZ $VLD LV GHYHORSLQJ
IDVW DQG , EHOLHYH WKDW DV ZH DEVRUE WKLV YDOXH
6LQJDSRUH LQFUHDVHV LWV DELOLW WR FRPSHWH DQG
VHL]H WKH RSSRUWXQLWLHV , FHUWDLQO KRSH WKDW WKH
6LQJDSRUH JRYHUQPHQW ZLOO FRQWLQXH WR PDQDJH
WKLV WLJKW ODERU VLWXDWLRQ ZLWK VX൶FLHQW VXSSRUW
DQG ÀH[LELOLW IRU FRPSDQLHV OLNH ඁඉ ZKR DUH
RSHUDWLQJ LQ 6LQJDSRUH DV WKH UHJLRQDO KXE IRU
WKH ORQJ WHUP´
%DVHG XSRQ WKH JRYHUQPHQW¶V WUDFN UHFRUG
KH LV RSWLPLVWLF ³, WUDYHO D ORW LQ P FDSDFLW
DQG HYHUZKHUH , JR RQH TXHVWLRQ , JHW LV KRZ
6LQJDSRUH RSHUDWHV ([SODLQLQJ ZK ඁඉ KDV
LQYHVWHG LQ 6LQJDSRUH LV HDV ,W¶V EHFDXVH RI
WKLV XQLTXH HFRVVWHP WKDW ZH KDYH KHUH ๠H
JRYHUQPHQW LV DOZDV WKLQNLQJ DKHDG SODQQLQJ
IRU GHYHORSPHQW LW¶V DOUHDG WKRXJKW DERXW WKH
൤WK DQG ൥WK UXQZDV DW WKH DLUSRUW IRU LQVWDQFH
๠DW¶V ZK ZH¶UH LQYHVWHG KHUH :H KDYH D YHU
SRVLWLYH UHODWLRQVKLS ZLWK WKH 6LQJDSRUH JRY
HUQPHQW ൾൽൻ DQG DOO WKH JRYHUQPHQW DJHQ
FLHV DUH YHU VWURQJ )RU XV RXU GHYHORSPHQW
LQ 6LQJDSRUH KDV UHDOO IROORZHG WKH ELUWK DQG
JURZWK RI 6LQJDSRUH DQG ZH DUH UHDOO SURXG RI
WKDW :H¶OO EH KHUH IRU D ORQJ WLPH´
ΖI D EXVLQHVV KDV D JRRG LGHD WKH
6LQJDSRUH JRYHUQPHQW DFWXDOO IXQGV
DQG KHOSV WKHP JHW D KHDG VWDUW ΖWȇV
XQLTXH LQ WKDW VHQVH 6LQJDSRUH LV UXQ
OLNH D FRPSDQ 6R SHRSOH ZKR DUH
LQFHQWLYL]HG ZLWK VXFK SURJUDPV DOVR
WKLQN OLNH D FRPSDQ DQG WKLV VHHGV
DQ HQWUHSUHQHXULDO VSLULW