Associate Professor Tan Tai Yong,

Dean, Faculty of Arts and Social Science

Associate Professor Tilak Abeysinghe,

Acting Head, Economics Department,

Honourable Judges,

Members of the NUS Economics Society,

Teachers & Mentors,

Student participants,

1.            Good afternoon. I am pleased to join you at the GIC - National Economics and Fund Management Quiz 2006.  This will be an exciting event as the brightest minds amongst our JC students pit your wits against one another. I am sure you will also have a lot of fun this afternoon and I certainly hope that you will learn something useful and relevant in the process.

2.            It has been said that if you ask five economists the same question, you will get six different answers.  I must say that economics is not my strength.  I was trained as an engineer and engineers prefer to deal with precision.

3.            The real world we live in is in fact not very precise.  Many issues confronting us today cannot be dealt with by engineering solutions.  While engineers can design the faster commercial jet liner, the Concord, the economics did not work out because of escalating oil prices and the plane is now history.

4.            In fact, we live in a fast changing world today.  Economic theories and engineering knowledge alone will not carry us very far.  That is why we need to develop in our younger generation a global mindset so that they will be able to tap the many new opportunities emerging in the world. Our schools must inspire our children and instill in them the spirit of innovation and enterprise, so that they are prepared for these challenges.

5.            Economics and economists play an important role in national development.  We will be celebrating our 41^st National Day next month.  We have transformed Singapore from a fishing port to a first world economy in a short period of time.  This is no accident.  We had many able and visionary leaders that were determined to succeed.  We had great economists, like Dr Goh Keng Swee, who was the chief architect of our economic development and industrialization programme.  But economics is not the only pillar of nation building.  We had great diplomats like Mr S Rajaratnam, who passed away recently.  He had helped put Singapore on the world map.  We have great leaders like Mr Lee Kuan Yew who turned Singapore from a city into a nation. The stories of these giants should inspire us especially when we celebrate our National Day. 

6.            As we confront the challenges posed by the emergence of economic power houses like China and India, how should we respond to remain relevant?  What are our chances of success in the next 20, 30 or 40 years? Both economists and engineers will not be able to tell you for sure.  Your future is really in your hands.  Our past success is no guarantee for future success but it will give us the confidence and assurance that we will continue to succeed despite the challenges if we have the right leaders.

7.            All of you are among the best brains of the younger generation.  Many of you will ultimately become leaders in different fields – economists, community leaders or even political leaders.  As you pursue your dreams, I hope you will also have a strong sense of mission and duty.  As leaders, you carry with you the responsibility to take care of those you lead.  You will play a key role in determining what Singapore will be like in 20, 30 or 40 years’ time.  The continued success of our nation lies in your hands.  Keep your eyes on the world but keep your heart deeply rooted to Singapore.

8.            Today’s event also provides an opportunity for you to meet top students from other schools.  I will encourage you to take this opportunity to interact with each other and to make new friends.  Winning is important but it is not everything.  I hope you will find your participation exciting and enriching.