Today, the world has lost a great statesman, and Singapore its founding father, Mr Lee Kuan Yew.

We will remember and miss Mr Lee. He built our nation and turned an impoverished island with no natural resources into a global city-state that is among the most admired countries in the world. The elevation of Singapore from a Third World to a First World nation owes much to the thinking, decisions and influence of Mr Lee. His ideas, values and leadership have translated into making Singapore a successful, vibrant and cohesive society – through personal courage, extraordinary determination and political will. 

With wisdom and foresight, he established good governance, the rule of law and meritocracy that enabled Singapore to grow and prosper as a small island city. With no economic hinterland of its own, Mr Lee was instrumental in laying the foundations of Singapore’s sustained economic prosperity.  He put in place good infrastructure, built an open and export-oriented economy, strong educational system and robust governance of public institutions. To support Singapore’s industrialisation and economic development, Mr Lee pursued a government-led entrepreneurial role by establishing market oriented companies in key sectors such as manufacturing, finance, telecommunications and transportation. These companies such as Singapore Airlines, DBS, SingTel and PSA have become respected players not just regionally, but globally. It is through these early investments that led to the birth of Temasek in 1974 as a holding company to manage the government’s long term investments in these companies. He set the framework of stewardship – that these assets should be managed carefully, not just for the present generation, but also for future generations.

Today, when people ask about Temasek, and learn that we are owned, but not controlled by the Singapore government, they welcome our investments because they trust the Singapore model of strong governance and clean government.  Temasek is regarded as an institution of distinction and that differentiates us from others.  This would not have been possible without the founding principles laid down by Mr Lee.

I had the pleasure to personally experience many of Mr Lee’s traits when I served in National Trades Union Congress and in the Singapore Cabinet. Those years left me with many fond memories of Mr Lee. It was Mr Lee’s extraordinary determination and courage that helped made Singapore into what it is today. 

When I was a rookie MP, working in the NTUC, he invited me for lunch regularly. I learnt then how deeply he valued integrity in leadership, pointing out how that made a difference in the lives of people. He was an extraordinary man whose mission was to keep on improving the lives of the people in Singapore.  His life was devoted to the welfare of the people, and of Singapore.

When things go wrong, and they impact the wider community, he took charge – whether it is in setting industrial relations right, or developing an efficient public transport system for Singapore. He took the bull by the horns. With clarity of thought, he overcame all obstacles, and set the right solution in place.

Our thoughts are with Prime Minister Lee Hsien Loong, Ho Ching and their family.