Distinguished Guests
Ladies and Gentlemen
Introduction
Today marks an important milestone for many of you and I am therefore happy to join you here this afternoon. For those of you graduating today, your presence here is the culmination of many years of hard work, commitment and sacrifices.
Turbulent Economy
You are graduating at a difficult time. The economy shrank to a negative 4.2% in the 2nd quarter from a positive growth of 1.7% in the 1st quarter of this year. The unemployment rate was 4.5 % in June, with total employment declining by 24,800 in the second quarter of 2003, brought on by the weak economic conditions and the adverse impact of the SARS outbreak.
However, many economists have predicted that the US economy will pick up in the second half of this year. This is comforting as the US is a vital market for us. Yet, there are also grave concerns on the US current account deficit ie its deficit in trade and services with the rest of the world - a reflection of American consumerism, which helps to keep factories around the world humming. This figure now exceeds US$500 billion and cannot be sustained. Lester Thurow, Professor of Economics and Management at the Massachusetts Institute of Technology, predicts that about 25 million jobs will be lost worldwide when the US cuts back on this deficit. When that happens, Singapore will not be spared, given our high reliance on the US economy!
Hence, some Singaporeans have begun to wonder if there is a way out of our present predicament. What can we do to create new jobs? Meaningful jobs that pay well but which will also require higher skills.
Creating New Value
The new knowledge economy favours a well-educated, well-trained and innovative workforce! The rules have changed! The foundation of the knowledge-based economy is not about abundant land, nor is it about manufacturing plants. It’s about information, it’s about people, and it’s about managing the information and applying it intelligently. Managing costs is still important today but we cannot compete on the basis of costs alone. For us, the emphasis must be on value creation in the knowledge-based economy. This is where we need to continuously learn to keep our skills updated and useful! A good analogy is the telecommunication industry - complex but exciting, fast evolving technologies that changes every 6 months, with skills and technology becoming obsolete even as we speak. There is a real danger if we think that our current qualifications and skills will last us a lifetime.
Embracing Lifelong Learning
This is where the concept of lifelong learning comes in. In an age where advances in technology are measured in a matter of months and not years, continuous learning is crucial not only for sustainability but for survival. Alexander Graham Bell could not have possibly imagined that the simple telephone he invented then is now also used for booking tickets for movies, airline tickets but can also buy you a soft drink from the vending machine and send pictures to your loved ones. Just be careful that you send it to the right person! Such is the speed of change that the only way to keep yourself relevant is to embrace the concept of lifelong learning.
Achiever Award
Herein lies the purpose of the Achiever Award presented by PSB Academy today. The award aims to highlight the importance of continuous learning to all and show that the pursuit of knowledge and skills can greatly enrich lives and open new doors. I am told that there were many who were eligible for the award and that the recipient is a student who has not only done well in her studies but is also one who symbolises the spirit of lifelong learning. I congratulate her on her achievements and hope that many others will emulate her fine example.
PSB Academy – NTUC scholarship
Indeed an award opens doors for learners, new opportunities, in higher education, training and employment. The NTUC is a firm believer in the need for continuous education and training. That is why the NTUC has championed workers training to prepare Singaporeans for the new jobs being created. I am therefore pleased to launch the PSB Academy – NTUC Scholarships today. Five scholarships will be given out today. In addition to these 5 scholarships, the PSB Academy and NTUC have agreed to provide 4 more scholarships, two at the Advanced Diploma level and another two at Bachelors level to NTUC members. More details will be provided shortly. These scholarships reinforce our belief in the need for continuous learning.
New Role and Vision for Education Provider
The advent of a knowledge-based society has certainly brought about significant changes in many ways. Specifically, education needs are becoming more diverse and complex. It is also clear that pre-employment education alone is not sufficient. This is where in-employment education providers like PSB Academy has an important role to play. It provides an alternative route for educational advancement through a market-based approach, without necessarily relying on state funding. It being market-based, they provide a check and benchmark for the state system in terms of offering programmes that reflect the economy’s actual needs and demands. Institutions like PSB Academy can make meaningful contributions to help Singaporeans to upgrade themselves through the programmes offered. They can help ensure that Singaporeans remain relevant in the knowledge economy.
Conclusion
We live in an increasingly competitive world where changes are inevitable. Many old certainties have disappeared and new uncertainties are upon us. The Government will continue to facilitate the development of a culture of lifelong learning, and the creation of the right infrastructure and content to support Singaporeans in acquiring new skills for the 21st century. We are under no illusion about the scale of the challenges and risks we face. The journey ahead will not be easy but it is not impossible. Our battle with SARS has shown that we have the means and the will to overcome the odds. However, the Government cannot do it alone. All of us, individuals, employers, Government must work together to reinvent Singapore and to create the next chapter in Singapore’s success story. Here, training and education will play a vital role. It is not the only solution, but in this fast evolving global economy, there will be no solution going forward that will not contain training and education as part of the answer.
And things are looking up. The US, European and Japanese economies are turning up. Our 3rd Quarter growth was positive 1%. Although unemployment will linger, the job market is improving.
On this note, I would like to congratulate all the graduands here for your determination, dedication and hard work and wish you every success in your future endeavours. You have wisely taken the path to upgrade yourself. I urge you to continue on the path towards upgrading. As Benjamin Franklin, the famed US philosopher and scientist once said “If a man empties his purse into his head, no one can take it away from him. An investment in knowledge always pays the best interest.”
Thank you.
