PM Lee Kuan Yew and Singapore's economic miracle

Suffer from a port to a developed nation

            Former PM - Lee Kuan Yew.                

A nation which was founded in 1965 has arisen as a economic giant with in a few decades. Singapore is one of the richest countries that per capita income are too positive. It has become an attractive center of MNCs ( Multi National Corporations ). It has also emerged as a tourist destination where everyone wants to spend his/her time.

The way of its economic success passed through the  lots of struggle & a wise mindset. Its planned & employees favourable policy had proved a stepping stone for its industrial growth.

Lee Kuan Yew , a former PM and founding  father of modern Singapur, laid down it as a "economic giant." He declared that Singapore would become the first developed country in Asia, when it was founded in 1965. The measure of his strategy was always per capita incomes of Singaporeans. He belived that per capita income, not GDP, could improve the status of  Singaporeans. 

Singapore did not have natural resources, like - Oil, Gas or Metal, which could be sold to bring money for it's citizens and could increase per capita incomes of Singaporeans. Only two things which it privileged were it's sea route location and it's own people. Singapore is located as a connector of Eastern and Western part of the world. It also connects Pacific ocean to Indian ocean. Physical location of it is very Paramount for international trade by sea route.

PM Lee invited investers across the world wide to establish their companies in his nation. MNCs were forming their supply chain in the wave of globalization. They were also eager for investment in the country that possessed the pools of cheap labourers. MNCs were also attracted by low-cost workers in the Asian countries. Amongst these countries, Singapore was attractive for it location. 

Investers accepted Mr. Lee invitation, but Lee had a condition for them and they were not prepared for it. PM Lee wanted high wages for his Singaporeans. Because, he knew that only high wage could improve the per capita incomes of his citizens. He feared that investers could transfer their investment in the neighbouring countries. Therefore, Lee made promise to investers about world class infrastructure & advanced technology. In returns, he sought the upgradation of skill of Singaporeans to do higher - value work as he didn't merely want to set up the labour intensive factories.

After all, PM Lee encountered another problem that entrepreneurs did not want to invest long time in Singapore. 

Lee turned toward J.R.D. Tata, an Indian renewed invester. Tatas were also pioneers in 1970s. PM Lee invited Tata to open skills enhancement centre for upgradation of skills of Singaporeans. Tata welcomed Lee's invitation and investers across the world came together in singapore.

PM Lee Kuan Yew belived that a nation must listen to and care for its citizen and workers more than its investers. He also depicted that we should encourage those investers who are most careful towards their employees. He said "Economists who advise governments must be clear that humans are not tools to produce returns for investors; rather,money is a tool to produce benefit."