Mr Kazuo Inoue

Managing Director

Seiko Instruments Singapore Pte Ltd

Mr Toh Hock Poh,

President

Metal Industries Workers’ Union

Ms Jessie Yeo

Executive Secretary

Metal Industries Workers’ Union

Mr Loo Say Tuang

Branch Chairman

Seiko Branch

Ladies and Gentlemen

Good morning.

1.                  Thank you for inviting me to Seiko Instruments Singapore’s

National  Day Observance Ceremony.  This is Singapore’s 40^th birthday, and I am particularly delighted to join the celebrations of a committed corporate partner of close to 30 years. 

2.         The first decade of Singapore’s independence was one of sheer economic survival.  Singapore in the 1960s was a third world country with a GNP per capita of less than US$320 a year.  Infrastructure was poor, the population predominantly lowly educated.  There was little local investment, and the handful of industries produced only for domestic consumption.  Low-end commerce through the port was the mainstay of the economy, and there was little or no foreign investment.  Unemployment was massive and labour unrest common, especially in the period following the British troop withdrawal. 

3.         By the 1970s, things had improved.  Unemployment declined following a series of decisive legislative and policy changes, and Tripartite cooperation placed industrial relations on a firm and productive footing.  Economic development was surging ahead and the EDB marketed Singapore as a quick operations startup location where factories were built in advance of demand, and an increasingly better skilled workforce was readily available.  This led to new investments, particularly in electronics.  Multinational companies (MNCs) began to undertake product development activities in Singapore as an extension of their successful manufacturing operations here.

4.                     The 1980s saw Singapore embark on its “Second Industrial Revolution": a move into knowledge-intensive activities such as R&D, engineering design, and computer software services.  Singapore also became a Total Business Centre, with the economy propelled by the twin engines of manufacturing and services.

5.         From the 1990s onwards, Globalisation was the new reality that we had to confront.  Beating local or even regional rivals in cost-effectiveness and quality was no longer good enough to secure business and market share.  Opportunities and competition both became global and real time.  Talent flow to help fuel Singapore’s growth became of paramount importance.  Pressure is intense, and companies restructured, some moving operations to cheaper locations overseas.  Jobs, especially those of lower value, became less secure.  Workers have to think more carefully how keep their jobs, improve their skills, spend their money, and save for the future.

6.                     I am sure that the management and workers of Seiko Instruments are very much in touch with this reality over the years, as both you and your competitors took steps to reposition for success in this changed landscape.

7.                     Moving forward, Singapore must build a knowledge-based economy to capitalize on our strengths and the opportunities of the new millennium.  Knowledge, creativity, innovation, savvy and service standards to outcompete rivals, and to work across national and cultural borders will be key determinants of long-term survival and success in a global setting.  Strong leadership and the development of a highly educated, motivated and flexible workforce are therefore very important.  Working hand in hand, management and employees will together construct a future for their companies and themselves.

8.                     In this regard, the strong partnership between MIWU and the Management of Seiko Instruments Singapore is a key strength to be appreciated and tapped.  Through the years, MIWU and SIS management have worked together to tackle tough challenges and formulate win-win solutions to strengthen and benefit both SIS and its employees.  I understand that your latest joint initiative, a savings scheme for workers, has attracted overwhelming support.  This teamwork and mutual trust act like a lubricant, oiling the company’s critical processes and allowing it to be responsive and adaptable to change.  This is a true competitive advantage.   I urge all in SIS to proactively nurture this key relationship.  It will be well worth your effort. 

9.                     The theme of this year’s National Day celebrations is “The Future is Ours to Make”.  I am happy that SIS, your employees and MIWU are already putting that into action.

I wish everyone a Very Happy National Day.                     Thank you.