Singapore, a city state in South East Asia, has in four decades worked itself up to become one of the worlds major economies. Singapore is therefore a role model to many countries in the region. What is the Singapore model and why is it so successful? Backlight went in search of answers to these questions. We accompanied Kees van Lede, former CEO at Akzo Nobel and supervisory board member at Heineken, Philips and JP Morgan Chase.
And also board chair at the prestigious business school INSEAD. So welcome to Singapore. Siep Hiemstra. Cees, welcome to Singapore. You look very relaxed. That's four days vacation for you. -I'm always relaxed. Tell us about Singapore. Well, things are fine here. What you see at the moment is that people are biding their time. But I've seen no signs of stagnation. What about real estate? Every ten years, the skyline changes. Any changes there? The Stock Exchanges have lost money. Some of the big boys are clearly in trouble. Well, there it is. Fifty years ago, it was a swamp. So hats off to them. We can be very critical about this country, but they've certainly achieved something. And it's a region in Asia that for a very long time... has embodied the free trade principle in its ultimate form. And for those working in the free market that's wonderful. And it has also been a place of refuge in Asia. For years and years, it's been politically stable, except for political criticism. Here, you have certainty. And ever since I've been coming here, it's had an excellent service sector. Equal to the service we're used to in the west, either in Europe or the US. The consultant Lee Kuan Yew, the enlightened despot whose tight reign led Singapore to economic prosperity in four decades. Perhaps he can explain the secret of the Singapore model. Guess who we also met in Singapore? Remember Jim Rogers? The investors Indiana Jones. He predicted the mortgage crisis, the credit crunch and the devaluation of the dollar which no one believed in at the time. Now he's placing all his best on Asia. Good morning, everyone. OK, who am I today? Who am I meant to be? The beautiful lady boss. 1 piece of candy costs 1 RMB. You're regular customers, so will it be cheaper? No need, you have pots of money. 1 piece of candy for 2 RMB, OK? No problem. Did you bring money? Give me 5 RMB. How much change will you get? -Three. Right. How much change do you get?
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