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09 Dec 2003
Speech by Mr Teo Ming Kian, Chairman, Singapore Economic Development Board at the Launch of Gallup University's Asian Campus on 9 December 2003 at 11am at Ocean Towers, Singapore
Ms Connie RATH
Vice-Chairman of the Gallup Organisation and President of Gallup University
Ladies and Gentlemen
Introduction
- I am delighted to be here at the new premise of Gallup's headquarters and to witness the launch of Gallup University's Asian Campus. This event is all the more significant as it comes just months after Gallup set up its International HQ here. My warmest welcome to Gallup University to Singapore.
- Gallup's decision to establish its Asian campus in Singapore, its first outside the US, is testament of our strengths as a "Global Schoolhouse".
- The presence of Gallup University adds greatly to the diversity and range of education and training opportunities for local and regional students in Singapore. It in turn, further strengthens Singapore's position as a "Global Schoolhouse". Gallup University also adds another dimension to our education and training hub. It offers courses and training based on and derived from the expertise and first hand experience of the Gallup Organization, a global think-tank and specialist professional services company in leadership and management consulting.
- Singapore has in recent years strived to attract more Professional Services organisations to our shores. We see this sector as an emerging area of growth. As the world becomes even more globalised and Asia develops, and as more Asian companies internationalise, there will be increasing need for them to focus on good corporate governance and international norms. On the other hand, established multinational corporations will have to better understand Asian customs and practices. We will see an even stronger demand from the region for specialist professional services and training.
- Our vision is to develop Singapore into a regional hub for Professional Services, comprising top international players, niche boutique firms and regionally competitive local players with deep vertical competencies. These companies will serve both the needs of businesses in the region and the growing critical mass of headquarters operations located in Singapore.
- To date, we have more than 5,000 professional service establishments in Singapore, comprising audit and accounting, management consultancy, market development services, human resource consulting and legal services, employing a total of 43,000 people.
- Professional Services providers play an important role in the development of Singapore's economy. As corporations continue to focus on core competencies and outsource non-core activities in areas such as brand management, legal, market and consumer research, business process enhancements, professional service providers will increasingly offer unique services to secure and maintain the competitiveness of our mainstay of manufacturing companies.
- Professional services and training are intertwined. More so, in the areas of management practices and leadership where situational dynamics demand adaptation and adjustment to rapid environmental and technological changes for managers and leaders to stay relevant. Continuous and life long learning will be key. The old Chinese proverb "live to a ripe old age, learn to a ripe old age" is especially preceptive.
- The need for continuous and life long learning is well recognised by corporations. This is reflected in the increasing demand for Executive education, especially for tailor-made programmes. According to BusinessWeek's survey of 134 companies in 20 countries this year, companies sent more than 21,000 employees to courses and spent more than US$200 million in training dollars at business schools and non-university affiliated organisations.
- We are therefore pleased that the Gallup University, widely recognised as one of the world's leading providers of management education to individuals and organisations is here in Singapore. Together with the Gallup Organisation HQ, it will help Singapore become a global thought and practice leader in human capital management. I understand that the materials developed and created for Gallup University Singapore will be housed and maintained in the Gallup Brain, its worldwide database, which recently received an innovation award from the Smithsonian Institution.
- Let me extend my warmest congratulations to Gallup on the opening of its new headquarters and the Gallup University. There is no need to go to the polls to gauge its impact and its significance to Singapore's education and the professional services sectors. I wish the management and staff great success in the coming New Year and many more to come.
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