29 August 2001

SPEECH BY MR PETER CHEN, SENIOR MINISTER OF STATE FOR EDUCATION AND MINISTRY OF TRADE AND INDUSTRY, AT THE NANYANG POLYTECHNIC GRADUATION CEREMONY 2001 ON WEDNESDAY, 29 AUGUST 2001 AT
10.00 AM, AT THE NANYANG POLYTECHNIC AUDITORIUM

1. I am pleased to join all of you this morning at your graduation ceremony. I would like to first congratulate all the graduands for having successfully completed your course of study.

2. With as many as 40% of every primary one cohort enrolled into our polytechnics each year, it is without any doubt that polytechnic graduates play a crucial role in the well being of our economy. You occupy important middle-level technical and professional positions. You form the backbone of our economy.

3. I am glad to note that the polytechnics have continually kept abreast of the latest industry developments, and update their curriculum to meet the changing demands of industry. As a result, polytechnic graduates are often highly valued by industry.

4. Over the years, our education system has undergone many changes as our economy develops. Our cohort sizes are also increasing. In his National Day Rally speech our Prime Minister had announced that a 5th polytechnic will be set up by 2003. The Ministry of Education is building a new polytechnic to cater to the larger number of students eligible for polytechnic education, as well as the anticipated increase in continuing education and training, or CET, among our workforce. CET will be key to ensuring lifelong employability of the workforce and competitiveness for the Singapore economy. Given the close links between our polytechnics and industry, the polytechnic sector would have to shoulder a significant share of skills renewal and upgrading for our workforce in the years to come.

5. In the New Economy, the information and communications technology, or ICT, industry is driven constantly by technological advances and challenged by economic restructuring. It is indeed exciting times for ICT professionals all over the world, particularly for Singapore as we seek to establish ourselves as a global infocomm hub in the Asia Pacific.

6. In the Infocomm21 Blueprint released by the Infocomm Development Authority of Singapore, or IDA, it was foreseen that by 2005, the total infocomm sector revenue would double from $20 billion to $40 billion, and its contribution to the GDP would increase from 6% to 8 - 10%. Indeed, the demand for ICT professionals is likely to rise in the longer term. However, that does not necessarily translate into jobs for ICT professionals if they are not able to meet the demands of the rapidly changing economy.

7. One of the biggest challenges facing us today is to stay employable. What do I mean by that? Singapore is building up new capabilities in ICT, life sciences and other high value-added activities and services to compete in the new economy. However, there is no guarantee that the creation of jobs arising from these new investments and products would lead naturally to employment for all of us. If we are not able to respond nimbly and keep pace with the rapid technological developments and changing demands for knowledge, we will be quickly left behind.

8. Charles Darwin once said, "It is not the strongest species that will survive, nor the most intelligent, but the one most responsive to change." In the environment we are in today these words are never more true.

9. Our economic successes of the past cannot be taken for granted. The financial crisis in 1997 and the current economic downturn are sharp reminders of how rapidly our economic fortunes can change.

10. We need to be responsive to changes and pick up new knowledge and higher-value skills required in the New Economy. We have to be creative in our approach to problem solving as we manage these changes. To maintain competitiveness, it is no longer sufficient to just reduce costs and wring the last bit of efficiency out of existing systems. In a global economy which is more knowledge-based, innovations and new ideas will play an increasingly important role in creating wealth for Singapore.

11. New knowledge is created everyday. You will have to learn and re-learn to stay at the cutting edge. And in the case of ICT, what you learn today might become obsolete tomorrow. As knowledge is stamped with an increasingly shorter expiry date, there is a premium placed on continually equipping ourselves with new knowledge. We must never stop upgrading ourselves. This is also why our polytechnics, including the 5th polytechnic, can play a larger role in providing for CET training for our workforce.

12. As a major training provider, Nanyang Polytechnic has recognised the need to be responsive to change and the importance of lifelong learning. I would like to commend Nanyang Polytechnic for offering a range of industry-relevant full-time and part-time courses. In particular, your hybrid courses have enabled students to acquire relevant skills across disciplines. Your specialist centres work across schools and with industry to provide creative solutions to different fields of work. You have also set up the School of Life Sciences in response to the call for trained manpower to support the growing life sciences industry in Singapore. Your state-of-the-art Call Centre to support Customer Relationship Management (CRM) is another noteworthy example of Nanyang Polytechnic's industry orientation.

13. We have just celebrated our nation's 36th birthday. It was a joyous and proud occasion for all Singaporeans, both young and old. To achieve the high standards of living today within a generation, and without any natural resources, is indeed an economic miracle.

14. But, the world economy is experiencing a slowdown. Singapore is an open economy that is vulnerable to changes in the global economic landscape. We have begun to feel the effects of the slowdown. Those of you who are seeking employment might experience difficulties in finding jobs. You might need to adjust your expectations accordingly.

15. However, take heart. "There was a time when people say that Singapore won't make it, but we did." You will recall these lyrics from one of our national songs. Against all odds, we have developed into a modern nation that we can be proud of. Similarly, as we face challenging times ahead, we can be equally confident, that we will emerge a stronger and fitter nation.

16. On a personal note, I would like to encourage all graduands to have a clear vision of what you want to achieve and be passionate about what you do as you cross over to the working world. Success comes more easily if you love what you do. Have faith in yourself and make concrete plans on how to achieve your vision. Yet no one achieves success just by envisioning and planning. Work hard and always remember the words of Thomas Huxley who once said, "Do what you should do, when you should do it, whether you like it or not."

17. Once again, I would like to congratulate all graduands and wish you success in your future endeavours.