Against this backdrop, Singapore will have to find its own path forward, he said. This includes staying open and pushing for free flows of trade and investments through regional and multilateral forums.
“Importantly, as countries and companies everywhere look to diversify their exposures and widen their range of partners, we want Singapore to be their choice partner. We want to be a reliable and trusted node from which they can operate,” said Mr Wong.
Using a finance analogy where professionals are always looking for “alpha” or the extra edge that drives higher returns, Mr Wong said Singapore’s “greatest source of alpha” lies in its reputation for trust, integrity and reliability.
“These attributes are a unique source of competitive advantage … and it’s very hard for others to replicate. I believe what’s true for Singapore applies to Temasek,” he said.
Even as Temasek embarks on its next phase of transformation, these values – ranging from an adherence to exemplary standards and values, an ability to think long-term, grow with strategic discipline and to add to the Singapore brand of quality, reliability, discipline and integrity – “cannot and must not change”, said Mr Wong.
“These are the attributes for which Temasek is well-known for, and these are the attributes that will ensure Temasek will remain a valued and trusted long-term partner.”
In his speech, Mr Wong also touched on how Temasek “believes not only in doing well, but also doing right and doing good”.
“Balancing and realising all of these multiple objectives is never easy,” he said. “The ability of Temasek and its portfolio companies to realise its goals depends critically on its leadership and people.”
With that, he expressed his gratitude to all the directors who have and continue to serve on Temasek’s board.
Several of them were present at the anniversary dinner, including former chairmen Mr J.Y Pillay and Mr S Dhanabalan. “They gave their hearts and minds, and their sweat and tears to build what we have today… We owe them all a great debt of gratitude,” said Mr Wong.
The prime minister noted that the government “has been careful not to have any role or influence in Temasek’s investment’s decisions”. Instead, its approach “has been to hold the board accountable for Temasek’s performance.”
“But this approach has been possible only because we have people on the board who are committed and capable, and who can be trusted to work with the management to look after our long-term interests, to protect what we have inherited in Temasek, build on it and pass it on to future generations in better shape than we started,” he said.
In closing, he said: “Tonight, I would like to put on record my appreciation to everyone in Temasek and the portfolio companies. We appreciate your many contributions over these past five decades.
“To everyone – past and present – who has contributed to Temasek and the wider Temasek family, I’d like to say a very big ‘thank you’ to all of you.”
Temasek, which celebrates its 50th anniversary this year, has marked 2024 with initiatives such as the set-up of a S$150 million fund for skills training and talent development in Singapore.
At the anniversary dinner, it announced that it was setting aside S$100 million as concessional capital for climate action to mobilise funding for marginally bankable projects.
It also launched a commemorative book – titled “By Generations, For Generations: Fifty Years of Temasek As Told By The People Who Shaped It’’ – that chronicles key events and milestones of the firm over the past 50 years.
