Speech by Mr Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance at the Groundbreaking Ceremony of the Mochtar Riady Building at NUS Business School on Monday, 12 Nov 2007, at 5.00 pm, at Carpark 12, in front of Hon Sui Sen Memorial Library, 1 Business Link

SPEECH BY MR THARMAN SHANMUGARATNAM, MINISTER FOR EDUCATION AND SECOND MINISTER FOR FINANCE AT THE GROUNDBREAKING CEREMONY OF THE MOCHTAR RIADY BUILDING AT NUS BUSINESS SCHOOL ON MONDAY, 12 NOV 2007, AT 5.00 PM, AT CARPARK 12, IN FRONT OF HON SUI SEN MEMORIAL LIBRARY, 1 BUSINESS LINK

It gives me great pleasure to join you today in celebrating the official groundbreaking ceremony of NUS Business School’s new flagship facility, the Mochtar Riady Building.

2. This new building is the latest milestone in the 42-year history of NUS Business School. Founded just a week after Singapore’s independence in 1965, NUS Business School has produced over 27,000 alumni - many of whom are successful entrepreneurs, business leaders and executives in various industries and in different parts of the world.

3. In an increasingly complex and fast moving global business environment, NUS will need to keep itself on the cutting edge in business education. It will want to produce graduates who are creative and innovative, and with a good mix of hard and soft skills.

4. NUS as a university will also have to contend with an increasingly competitive university sector globally, where top universities strive for excellence. There is intense competition to attract and retain the best students and faculty in every department, including business.

5. Within Singapore, there will also be significant developments in the university sector as MOE considers how to increase the number of publicly-funded university places in Singapore from 25% to 30% by 2015. NUS, and NUS Business School, will need to be nimble in this expanding landscape. It should build on its existing strengths and reputation and move decisively to achieve a position of strength in this new landscape.

6. More importantly, the NUS Business School has the opportunity to move further up the ladder of global business schools. With its history and now, its top-notch facilities, NUS Business School is well poised to distinguish itself internationally as business school with a global orientation, rooted in Asia, and recognised for excellence in education, research and service.

7. NUS Business School’s aspirations will be greatly supported by the facilities provided by the Mochtar Riady building that will go up on this site, which will be the new home of NUS Business School.

8. I hope that the new building will become a node of vibrancy and activity within NUS, an enriching and supportive environment for both faculty and students. In addition to housing state-of-the-art learning technologies, the building is designed to encourage interaction amongst faculty and students, instilling in them a sense of community. I believe we can all look forward to the many great ideas and friendships being formed here.

9. In this regard, I would like to extend my appreciation for the generous donation of $21 million from the Lippo Group to NUS Business School. This gift, which will help fund the construction of the new building as well as establish two distinguished professorships, will contribute significantly to enabling NUS Business School to reach the next level of excellence. On our part, the Singapore Government has committed a matching sum of $21 million, which will be added to the School’s endowment fund.

10. This kind of partnership between Government and the private sector is a powerful means to bring our universities forward. We look forward to having more partners support our journey towards making Singapore a centre for educational excellence. I hope that NUS will continue to work with private sector partners to provide a better educational experience for students. This can include the sharing of industry experience or even internships.

11. I also understand that the school alumni had recently organised a Golf Challenge, and that faculty and staff had initiated a Building Excellence Campaign, raising over $280,000 towards the School’s building fund. I would like to commend the School’s leadership for building and encouraging such ground support, and also commend the alumni, faculty, staff and students for their participation and commitment to the School.

12. The Mochtar Riady Building marks a new chapter in the life of NUS Business School. I am confident that the School will capitalise on these new facilities to build up its quality to new heights and a leading school globally.

13. My heartiest congratulations to you on the groundbreaking of the Mochtar Riady Building. I wish everyone in the School great success.