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80th Anniversary Commemorative Book - Singapore Manufacturing ...

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Working with the new GovernmentAt 2:45 a.m. on Sunday, 31 May 1959, the PAP was declared victorious atthe polls, and party leader Mr Lee Kuan Yew became the first Prime Ministerof <strong>Singapore</strong>.The next day, the front-page of The Straits Times read “PAP romps homewith Landslide Victory”. The news brought some relief to SMF members asthe win heralded a measure of political stability.The new PAP Government was quick to unveil a five-year-plan in whichindustrialisation would be the engine to power <strong>Singapore</strong>’s economy forwardand create jobs for the many unemployed <strong>Singapore</strong>ans.SMF leaders were quick to support the Government’s economic proposals.The then-President of the SMF, Mr David Lee, said in July 1959: “We, thelocal manufacturers, feel that at long last, we are going to get encouragementand a new deal from the Government. We will definitely cooperate with theGovernment.” He said that, prior to the plan, the past Government hadneglected industrialisation in favour of promoting trade.The then-Finance Minister, Dr Goh Keng Swee was also supportive of theSMF. “I assure you of the fullest support in concrete terms for the expansionof your activities,” he said at an annual SMF lunch in June 1960 at theAdelphi Hotel.Braving the Turbulence 1932 – 1965 35

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