Mr Chia Mia Chiang
Principal, Ngee Ann Polytechnic

Distinguished Guests

Parents and Graduands

Ladies and Gentlemen,

It is my pleasure to be with all of you this morning at your graduation ceremony. I would like to extend my heartiest congratulations to the graduands for having successfully completed your course of study.

The Government recognises the critical role that polytechnic graduates play towards the well being of the economy and the nation. Our polytechnics produce well-trained technical manpower at the para-professional level. About 40% of each cohort graduate from the polytechnics each year. You form the backbone of our economy.

Over the years, polytechnic education has grown to be an attractive route for post-secondary education. Polytechnics provide an education that is both practical and relevant by constantly keeping abreast of the latest developments in technology and changes in our economy. Today, polytechnic graduates are highly valued as practice-oriented and knowledgeable middle-level professionals, managers and technologists who can implement plans and concepts effectively and efficiently. Polytechnic graduates, including alumni of Ngee Ann, also have a well deserved reputation for being entrepreneurial and creative. As polytechnic graduates, you are much sought after by industry.

Ngee Ann Polytechnic has provided you with an excellent hands-on practical education and imbued in you an enterprising "can do" spirit. With the skills and knowledge that you have been equipped with, you are now ready to embark on your next journey – into working life.

Some of you will serve your national service first. Those of you seeking employment now will be doing so in an economic downturn. To be realistic, some of you may encounter difficulties in getting the jobs that you want. Adjust your sights and expectations to fit the times, and be heartened by the fact that the skills and knowledge that you have learnt in Polytechnic have positioned you well for the future. The economy will pick up again, and we should look ahead and prepare ourselves for the transition into the new economy, where you will face many new challenges and exciting opportunities.

Two weeks ago, the Economic Development Board held the New Economy Conference. At the Conference, Harvard economist Michael Porter called for Singapore to reinvent itself to stay ahead of its competitors in the new economy. So, what exactly is this ‘new economy’?

To put things in a nutshell, when we talk about the new economy, we are talking about a globalised economy that is driven by knowledge. A world in which information and communications technology creates global competition – not just for running shoes and personal digital assistants, but also for bank loans and other services that cannot be packed into a crate and shipped. A world in which the ability to innovate is more important than just the ability to produce goods and services cheaply and efficiently. A world in which investment buys new concepts or the means to create them, rather than new machines. A world in which rapid change is a constant.

The question that I wish to put before you this morning is, "How do we stay relevant in this new economy?"

In a period of turbulence such as the one we are living in, change – and increasingly change at warp speed – is the norm. In the words of Klaus Schwab, President of the World Economic Forum, we have moved from the world where the big eats the small to a world where the fast eats the slow. We have never been big, and so we have to be fast.

Just as the pace of the development of computers has increased rapidly over the last decade, the new economy is characterized by rapid and unrelenting change. An organization or country that is not able or willing to move at the speed of these changes will find itself falling behind. In such an environment, the ability to adapt quickly and innovate constantly will be a source of competitive advantage – both for businesses and nations. This is particularly true in the arena of the information and communications technology, or ICT.

In the globalised economy, you will be competing not only with your fellow Singaporeans, but ICT professionals all over the world. Many of these countries, by the sheer size of their populations, have huge talent pools. We have to co-opt some of them and attract them here to Singapore to strengthen our team, but there are many strong teams out there. To compete against them successfully, you will have to be well trained, flexible and nimble. You will need to be innovative and creative. You will need to be global in your outlook and multi-disciplinary in your approach towards problem solving.

When you enter the workforce, you will realise that ICT organisations and employees are expected, and will in fact need to hone their business acumen and interpersonal skills as much as their technological skills. You will need to be business-savvy and alive to what the market wants. Potential employers will show the most interest in ICT professionals who possess the ability to undertake a multi-disciplinary approach to looking for creative solutions.

I am pleased to learn that in anticipating the needs of the industry, Ngee Ann Polytechnic has revamped its curriculum and increased the inter-disciplinary content of all its diploma courses. I understand that the curriculum, referred to as the Ngee Ann Learning Model, offers inter-disciplinary modules in areas such as life skills, ICT, entrepreneurial studies, media and the arts. I am sure that this approach has added value to polytechnic education. It will enable graduands to thrive in the new economy where new knowledge is created, technologies converge, and new and exciting possibilities thrown up.

John Naisbitt, author of the bestsellers Megatrends, Global Paradox and Megatrends Asia, and a successful entrepreneur himself, had this to say about the new economy, "The new source of power is not money in the hands of a few, but information in the hands of many." Knowledge, as opposed to material resource or capital, is the key to creating wealth in the new economy.

But in this age of knowledge explosion and rapid advancement in ICT, the shelf life of knowledge becomes increasingly shorter. You may have invented a new product today. Someone will come to know about it tomorrow. A few months later, he would have created "new knowledge" and invented something more innovative that would knock your product off the "market shelf".

Such a trend requires us to place emphasis on continuing education and training. You will have to continually update your knowledge and skills to stay relevant and employable in the workplace. You must never stop learning, or you run the risk of being quickly left behind. You will have to move in tandem with the rapid technological developments and changing demands for knowledge.

I am glad to note that the polytechnics are playing an increasingly important role in providing continuing education and training opportunities for those who wish to continue learning. The fact that there is a Continuing Education Center at Ngee Ann Polytechnic is testimony to your polytechnic’s belief in the need to continually update your knowledge and skills. I understand that the Centre offers a variety of short courses, seminars, and part-time, specialist and advanced diploma programmes. It also offers customised in-company training for industry and government departments.

The fourth university which the government is now studying will also provide new continuing education opportunities for those with the aptitude and ability.

The future will be an exciting one. The new economy will offer you countless challenges and new frontiers to explore and conquer. With the skills you have learnt, you can embrace the future with confidence. Continue to learn, and equip yourselves to keep pace with the demands of the new economy.

Once again, I would like to congratulate the graduands and the award winners. I wish you many good and fulfilling years in your future endeavours.

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