February 5, 2010 - Temasek Review
Written by Our Correspondent
Reform Party calls for dismantling of GLC structure in its response to ESC report
The Reform Party has called for the dismantling of the government-linked company or GLC structure which is “out of step with a modern economy” in its comprehensive response to the Economic Strategies Committee (ESC) report released recently which bears uncanny similarities to some of its core messages.
The ESC recommended that Singapore boost its R&D spending to reach the level of the U.S. and EU.
While the Reform Party welcomes the move to increase investment in R&D, it expresses its doubts if Singapore can achieve the necessary economies of scale or whether “we just end up giving wasteful subsidies to foreign MNCs.”
The ruling party has adopted a “top-down” approach in its venture into R&D, preferring to spend billions of dollars on state-linked agencies and companies to drive R&D rather than to promote entrepreneurship at the grassroots levels as in the United States.
Some of these GLCs are owned partly by Singapore’s two gigantic sovereign wealth funds Government of Singapore Investment Corporation (GIC) and Temasek Holdings which are headed by Singapore’s octogenarian leader Lee Kuan Yew and his daughter-in-law Ho Ching respectively.
Though the ruling party has spent billions of dollars on Life Sciences and Biotechnology over the last few years, it has few results to show for it.
Singapore remains the only first world country which has yet to produce a Nobel Prize Laureate.
Instead of focusing on nurturing its own citizens, the ruling party prefers to pick “winners” and splurges on accomplished overseas scientists, one of whom arrived in Singapore with much fun-fare a few years ago only to return to his native Scotland a year later.
The Reform Party criticizes the GLC structure as an obstacle to Singapore’s R&D efforts as it has “held back our private sector and has probably had a stifling effect on innovation, not least through the diversion of talent into secure, well-paid employment rather than into more entrepreneurial roles.”
Singapore’s leading research agency A*STAR is currently headed by Mr Lim Chuan Poh, a former Chief of Army who spent his entire career in the Singapore Armed Forces.
The GIC structure is probably put in place to for political reasons as well as it ensures that the brightest Singaporeans are all on the payroll of the government rather than striking out on their own which may pose a threat to its hegemony subsequently if a “Thaksin Shinawatra” were to emerge among them.
Entrepreneurs are usually fiercely independent and are difficult to “tame” by a paranoid regime bent on control everything.
The Reform Party was founded by respected late opposition leader Mr J.B. Jeyaretnam in 2008 and is currently led by his son, Cambridge-educated economist Mr Kenneth Jeyaretnam.
It has seen an increase in membership lately among young professionals including two former government scholars.
Read the full report of The Reform Party here
these GLCs serves a purpose for PAP.............after all those useless ministers are past their expiry dates, they're ''dumped'' into GLCs where they do nothing and get high pay...................all these benefits are for Lee Family to secure the loyalty of the ministers.................since they know once they leave office, they have even cushier jobs to look forward to...............
Originally posted by As romanista2001:these GLCs serves a purpose for PAP.............after all those useless ministers are past their expiry dates, they're ''dumped'' into GLCs where they do nothing and get high pay...................all these benefits are for Lee Family to secure the loyalty of the ministers.................since they know once they leave office, they have even cushier jobs to look forward to...............
Yes, bingo.
sigh...............LKY is an open book to me..............he and his childish antics...............about to hand in his I/C liao still so greedy for what.................he's only accumulating more bad karma for himself and family...........
unless, he managed to make a deal with the devil himself ????.................LOL
Originally posted by As romanista2001:sigh...............LKY is an open book to me..............he and his childish antics...............about to hand in his I/C liao still so greedy for what.................he's only accumulating more bad karma for himself and family...........
unless, he managed to make a deal with the devil himself ????.................LOL
Probably he has negotiated successfully with king of hell to allow him bring S$ to hell that is why he still so greedy
who wrote the Reform Party report ah ?
he got the part about Thaksin wrong...................that guy was a puppet put up by the same people that controlled the Russian oligarchs............that's why when they all got into trouble including Thaksin, they all fled to Britain................under the protection of their masters................
Originally posted by As romanista2001:who wrote the Reform Party report ah ?
he got the part about Thaksin wrong...................that guy was a puppet put up by the same people that controlled the Russian oligarchs............that's why when they all got into trouble including Thaksin, they all fled to Britain................under the protection of their masters................
You can write to Temasek Review to ask about it.
what's this temasek review i've been reading about ?
Originally posted by As romanista2001:what's this temasek review i've been reading about ?
Here it is , go check them out: http://www.temasekreview.com/