4 September 2001

SPEECH BY MR PETER CHEN, SENIOR MINISTER OF STATE, MINISTRY OF EDUCATION AND MINISTRY FOR TRADE & INDUSTRY AT THE RAFFLES SCHOLARSHIPS AWARD CEREMONY ON TUESDAY, 4 SEPTEMBER 2001AT 6.30 PM AT EDEN HALL

1 I am pleased to be here this evening for the Raffles Scholarships Award Ceremony. This Award Ceremony pays tribute to the academic achievements of these Raffles Scholars who represent some of Singapore's best and brightest students. This scholarship is also a tribute to the vision and wisdom of the British and Singapore sponsors present this evening, and their commitment to education. There are many challenges that lie ahead, especially with the growing trend towards globalization and the growth of the knowledge-based economy. A firm commitment towards excellence in education and ongoing learning will be crucial to successfully meeting these challenges.

2 Over the past eighteen years, 250 from among our most able students have been given the opportunity to pursue their postgraduate studies in some of Britain's most reputed universities. These scholarships have been funded through generous contributions from British and local companies, as well as with the support of Singapore statutory boards. These scholars have been given the opportunity to select their own areas of study from a wide array of subjects, ranging from Health Management to Information Technology and Theatre Studies. I am sure that many of the returned scholars in our midst tonight can testify to the benefits that they have gained from these scholarships.

3 In this new millennium, countries will be linked together, to an unprecedented degree and intensity, into a single globalised village. Ideas, information, capital and talent flows will take place in this global marketplace, driven by rapid technological advances. The forces of globalization will, in turn, drive the acceleration in technological change. The demands of the New Economy mean that human and intellectual capital will become a much sort-after resource all over the world. What this means for us is that, Singaporeans will increasingly find themselves competing within a global market. The way to deal with this competition is not for Singapore to retreat into its shell. For our long-term interests, we cannot afford to do so. The way ahead is to equip ourselves, so that what we bring to the table is as good if not better than the competition. It is also increasingly important that we have a global perspective. The Raffles Scholarship allows our scholars to meet both these objectives.

4 These trends mean that Singapore's economy will depend even more on the education of its people. The ability to seek out new technologies and ideas and apply them for economic benefits will be the key factor contributing to Singapore's future growth. In years to come, education will continue to be a national investment in our people to enhance the economic and social progress of Singapore. In this years Teacher's Day Rally speech a few days ago, our Prime Minister stressed the importance of facilitating interactions between young Singaporeans and their foreign counterparts, as well as encouraging an interest in the "outside world" amongst Singaporeans. In this regard, we are also seeking to groom our universities to become "world class institutions" for higher learning. NUS, NTU and SMU have already attracted exceptional Singaporean and foreign students into their lecture halls. Such an intermingling of local and foreign ideas and cultures will help to deepen and broaden the thinking of graduates from our local universities. But even as we do so, we continue to encourage our students to further their studies abroad. We believe that the invaluable knowledge and experience gained through this exposure will stand them in good stead. Such opportunities will enable them to look beyond our shores and cultivate a global perspective, a trait that is important if we want to build our nation into a knowledge-based, world class centre of excellence.

5 The Raffles Scholars for 2001 will have high expectations to meet. By obtaining the Raffles Scholarship, you have been identified as being one of Singapore's best . I am confident that the knowledge and experience gained from the next few years overseas will put you in a better position to contribute to Singapore's social and economic future.

6 Far from being burdened and weighed down by the responsibility placed upon your shoulders, you will, I am confident, rise to the challenge.

7 Once again, I would like to congratulate each one of you who will be receiving the Raffles Scholarship Award today. I wish you all the best in your studies and your future and I hope you will succeed in reaching your fullest potential in the years ahead.