The Ninth IAC meeting saw members affirming the new growth formula - World•Singapore – while offering relevant suggestions of their own, contributing to a successful event.

Singapore, as an established first-world economy, has done more than most, given its limited resources, to reach its current stage of development. And given its achievements, it is easy for the nation to take its foot off the pedal, metaphorically speaking, and be content with the rewards.

However, this is not the case for Singapore. In the recent convening of the Singapore Economic Development Board's (EDB) International Advisory Council (IAC), council members were introduced to Singapore's new growth formula - World•Singapore - and encouraged to share their insights and suggestions to help further develop Singapore's economic standing amidst growing global challenges.

The council members who were in Singapore for the meeting include Koh Boon Hwee, Chairman, DBS Group Holdings and DBS Bank; John M. Allan, Chief Executive, DHL Logistics; Edward Barnholt, former President, Chairman and CEO, Agilent Technologies; 3M Corporate Headquarters; Dr James Canton, Chairman and CEO, Institute for Global Futures; Timothy Draper, Managing Director, Draper Fisher Jurvetson; Gerard Kleisterlee, President and CEO, Royal Philips Electronics; Robert A. McDonald, Vice Chairman, Global Operations, Proctor & Gamble; Taizo Nishimuro, Advisor to Board, Toshiba Corporation; Ratan N. Tata, Chairman, Tata Group; Sir John Rose, Chief Executive Officer, Rolls-Royce; Dr Rob Routs, Executive Director, Downstream, Royal Dutch Shell; Isaac Stein, Founder and President, Waverly Associates; and Dr Wolfgang Ziebert, President and CEO, Infineon Technologies.

Framing the context of the three-day meeting, the ninth time the IAC has met up, was a key speech outlining the growth formula and charting the course Singapore will take in the coming years. The speech was delivered by IAC's Chairman, Teo Chee Hean, who is also Minister for Defence and Minister in charge of the Civil Service. Based on four attributes - 'Trust', 'Knowledge', 'Connected', and 'Life' - the World•Singapore formula aims to enhance Singapore's existing strengths and unique qualities while moving into new areas of opportunity.

To explain these attributes succinctly, and in the words of Minister Teo, "'Trust' is why people come to us. 'Knowledge' will be why they work with us. 'Connected' is why people team up with us. And 'Life' will be why they stay with us."

This was readily affirmed by the suggestions put out by the council members as well. Focusing on three key areas, the council came up with the following ideas:

• Build a strong base of talent
• Build connectedness to economic growth engines and R&D networks
• Build innovative capabilities and a climate for entrepreneurship

Strong base of talent

Recognising that emerging economies around the world are challenging established ones by snapping up talented workers, the members suggested that Singapore invests in developing local talent and shaping the profile of its workforce. This is primarily to meet the needs of the growing number of knowledge-intensive companies setting up shop locally. Additionally, Singapore should take the initiative in defining the roles of older workers and how they can continue to contribute productively to the economy, thereby alleviating the pressures of an ageing population.

"If there is only one investment that the Singapore government can make, I would encourage them to focus on investments in developing, attracting, and retaining top talent," says Robert A. McDonald, Vice Chairman, Proctor & Gamble. "Top talent can be that which separates Singapore from the rest of the world; I believe this is the key enabler of World•Singapore."

Vital linkages

The council was also quick to highlight the strategic importance of Singapore's geographic location and the role it can play in facilitating the transfer of knowledge and goods between the two emerging Asian super-powers, India and China, and the West. Building on the attribute of being 'Connected', they advised Singapore to "create and cultivate global networks of experts in innovation and R&D", as it can play the knowledge aggregator role to "adapt technologies and ideas into effective solutions to meet market needs". In order to do this, linkages and relationships have to be developed with companies and governments within the Asia-Pacific region. Taizo Nishimuro, Advisor to the Board, Toshiba Corporation, concurs. He says, "Utilising connectivity, as you say, allows Singapore to be the gateway to the region."

Innovative capabilities

Lastly, while commending the nation for building up its Intellectual Property (IP) regime to be the best in Asia, according to the Global Competitiveness Report 2006-2007, the council pointed out that the challenge now should go beyond just creating IP, to commercialising it. This can only be done by developing a risk-taking mentality and a desire to learn from past and future failures.

Besides this, the nation has the opportunity to create a unique business proposition based on its environment, energy and urban climate. Geographical advantages aside, the country's melting pot of race and culture, as well as its dynamic city lifestyle, is an alluring, exotic mixture that would be a key selling point to draw top talent and entrepreneurs. The Singapore government's excellent work in managing the city in all aspects can, according to the council, be exportable commodities too. Areas for consideration could include city development and management, education, healthcare, and water technologies, to name a few.

"Singapore's ageing population represents opportunities for the nation to capture the demand in healthcare services, given that there is a whole new class of people with resources who want high quality healthcare services," says Isaac Stein, Founder and President, Waverly Associates, highlighting an example that the city-state would do well to focus on.

It comes as no surprise that at the end of the meeting, Singapore's leaders and policy makers were affirmed in their decision to launch World•Singapore, given that many of the members' suggestions resonated with the proposed growth formula. Commending Singapore's efforts in economic development, and cautioning against conservatism, complacency and being slow to react, the council was unanimous in urging the Republic to concentrate its efforts and resources on specific growth areas, so as to maximise its chances for future success. Sound words of encouragement that should stand the nation in good stead in these challenging times.

International Advisory Council (full list)

Chairman: Teo Chee Hean, Minister for Defence and Minister in charge of the Civil Service Vice-Chairman: Koh Boon Hwee, Chairman, DBS Group Holdings and DBS Bank Members: John M. Allan, Chief Executive, DHL Logistics Edward Barnholt, former President, Chairman and CEO, Agilent Technologies Ferdinand Becalli-Falco, President and CEO, GE International George Buckley, Chairman, President and CEO, 3M Corporate Headquarters Dr James Canton, Chairman and CEO, Institute for Global Futures Timothy Draper, Managing Director, Draper Fisher Jurvetson Gerard Kleisterlee, President and CEO, Royal Philips Electronics Tomson Li Dong Sheng, Chairman and CEO, TCL Corporation Robert A. McDonald, Vice Chairman, Global Operations, Proctor & Gamble Taizo Nishimuro, Advisor to Board, Toshiba Corporation Sir John Rose, Chief Executive Officer, Rolls-Royce Dr Rob Routs, Executive Director, Downstream, Royal Dutch Shell Isaac Stein, Founder and President, Waverly Associates Ratan N. Tata, Chairman, Tata Group Hiromasa Yonekura, President, Sumitomo Chemicals Dr Wolfgang Ziebert, President and CEO, Infineon Technologies