SPEECH BY MR THARMAN SHANMUGARATNAM, MINISTER FOR EDUCATION, AT THE DINNER IN APPRECIATION OF THE LEE FOUNDATION'S GIFT TO THE SINGAPORE MANAGEMENT UNIVERSITY AT THE ISTANA ON TUESDAY, 17 AUGUST 2004, AT 7.30PM

President S R Nathan

Dr Tony Tan
Deputy Prime Minister and
Coordinating Minister for Security and Defence

Dr Lee Seng Gee
Chairman, The Lee Foundation

Dr Lee Seng Tee and Mr Lee Seng Wee
Directors, The Lee Foundation

Mr Ho Kwon Ping
Chairman, Singapore Management University (SMU)

Professor Ronald Frank
President, SMU

Professor Howard Hunter
President-designate, SMU

Distinguished Guests

Ladies and Gentlemen

1 Tonight marks a significant milestone in Singapore's history.  We are privileged to be gathered here to acknowledge the largest private gift ever made toward education in Singapore.

2 In honour of its founder, the late Dr Lee Kong Chian, the Lee Foundation has made an extraordinary contribution of S$50 million to the Singapore Management University (SMU).  In response to the Lee Foundation's contribution, the Singapore Government will provide matching grants on a 3:1 basis, bringing the total sum to S$200 million.

3 The Lee Foundation's contribution advances the pioneering vision of Dr Lee Kong Chian.  A first generation immigrant from China who went on to become one of the region's greatest business leaders, Dr Lee strongly believed that those who had been fortunate enough to acquire more than their needs had a duty to help those who are less fortunate.

4 Education was always close to Dr Lee Kong Chian's heart.  He was well schooled, and was himself awarded a scholarship to further his education in China.  When the 1911 Revolution disrupted his education and brought him back to Singapore, he first worked as a teacher.  Like Tan Kah Kee before him, Dr Lee later contributed a major part of the wealth he made to education, contributing land and money to various schools and universities in Singapore and China.  From the time he set up the Lee Foundation in 1952, the advancement of education and learning has been its primary beneficiary.  I understand that nearly three quarters of the Foundation's donations are channelled towards educational and learning institutions in Singapore and abroad.

5 The Lee Foundation's gift today, coupled with the Government's matching grant, opens up tremendous opportunities to develop excellence in the Singapore Management University.  It comes at a time when we are seeking to take the university sector to a higher plane.  Singapore's ability to succeed in the new global economy will depend to a very significant extent on the dynamism and vitality of our universities.  To make the next leap in quality, the universities will have to review the total learning experience they offer, so as to nurture graduates with a willingness to think originally, and to explore paths that have not been tried before.  The universities will also play a growing role in building Singapore's research capabilities.  They will be key players in generating the ferment and advances in research and innovation that will take us up the value curve, and establish Singapore as a leading hub for business and innovation.

SUPPORTING EXCELLENCE IN OUR UNIVERISTIES
6 The ability of our universities to achieve these goals rests on the commitment and involvement of all stakeholders: the Government, the university councils and trustees, the senior management, faculty, students and alumni, as well as business and industry.  To become a world-class institution, all these elements must come together.

7 The Government will remain the primary source of funding for our local universities, including SMU, which has the unique status of being a publicly-funded private university.  However the culture of philanthropy will be a key driver of excellence in the university sector.  It will enable the universities to greatly enhance the quality of the educational experience that they provide our students, to attract exceptional faculty, and to develop partnerships with the most reputable universities the world over.  This culture of philanthropy is how the best universities in the world have achieved excellence.  Even the best public universities in the US have built up substantial endowments on the basis of donations from individuals and private organisations.  It has allowed them to distinguish themselves, ranking equal to the private universities in many areas.

8 Seen in this context, tonight's gift from the Lee Foundation represents a major step in the development of the university sector.  Not only is its gift the largest private contribution toward education in Singapore's history, it is on par with the most generous contributions made to the most esteemed educational institutions in the world - those with long histories, well-established alumni relationships and highly developed corporate links.  It is all the more remarkable that the gift is being made to a young university that is only "five years new".  It serves as a recognition of SMU's standing as a quality institution that has already made a difference, and which has the potential to be on par with the best management universities in the world.

9 In recognition of the Lee Foundation's generosity, SMU will name in perpetuity the School of Business, its building and its university-wide scholars programme after Dr Lee Kong Chian.  (The School of Business will be called the Lee Kong Chian School of Business, the building the Lee Kong Chian Building and the scholars programme the Lee Kong Chian Scholars Programme.)

CONCLUSION
10 On behalf of the Singapore Government, I thank the Lee Foundation for its generosity and commitment towards advancing education in Singapore.  In presenting the Lee Foundation's gift, Dr Lee Seng Gee expressed his vision for Singapore: that our youth be fully prepared to benefit from a knowledge-based economy; that the Government and business organisations work together to inculcate in tomorrow's worker the necessary information and technology skills; and that students be adaptable to the fast changing world in which we live today.

11 Through the Government's commitment to the education of our people, and with the active and generous support of the private sector, I believe that we will fully realise this vision.  We will realise the potential of our young to achieve excellence in all its dimensions, to contribute to the advancement of their nation in the years to come, and to keep Singapore shining bright as a star in the firmament.