INDUSTRIAL DEVELOPMENT CORPORATION (Government economic policy)

Mr Lim Cher Kheng asked the Minister for Commerce and Industry whether an Industrial Development Corporation is now in process of being set up; and whether he will make a statement detailing the economic policy of the Government.

Mr J. M. Jumabhoy: Sir, discussions with the Government of the Federation of Malaya and various financial institutions for a large scale Industrial Finance Corporation are still proceeding. The Singapore Government is considering, however, taking direct action through an organisation under my Ministry to stimulate and assist industrial development not requiring major capital assistance, and I hope that concrete proposals will be placed before this Assembly at an early date.

The Government's economic policy was announced to this House in His Excellency's Address at the inaugural meeting on 22nd April of last year. This policy has been consistently pursued. I would also refer the Member for Changi (Mr Lim Cher Kheng) to the detailed reply given by my friend and colleague the Chief Minister (then concurrently the Minister for Commerce and Industry) to the Member for Tanglin (Mr Ede) on trade and industry contained in the Official Report of the Assembly, Vol. 1, No. 6 of 29th June, 1955.

Mr Lim Choon Mong: Mr Speaker, Sir, it seems to me that that policy has brought nothing tangible to Singapore, and we would like to know, too, whether he will give an indication that the policy has indeed been stepped up to get more industries going.

Mr J. M. Jumabhoy: Sir, my answer is that the Government is encouraging the industrialisation of Singapore as much as possible, and beyond that, if the hon. Member wishes to have details of what we are doing, I would like to invite him to come over and see me and I will give him that information, because it is too lengthy to be given in an oral reply like this.