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WEEKLY NEWSLETTER
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Singapore
Index
Over time, the statutory boards not only became major
actors in
the economy but also formed subsidiary companies to add
flexibility
to their own operations. For example, in 1986 the
Singapore
Broadcasting Corporation formed a subsidiary to produce
commercials
on a fee-for-service basis. The government entered other
areas of
the economy that it considered appropriate, exerting
leadership,
assuming risk, and not hesitating to withdraw its support
or close
down unprofitable companies.
Numerous state and quasi-state companies were created
either
directly by ministries or, more often, organized under
three wholly
owned government holding companies (Temasek Holdings
(Private)
Limited, MND Holdings, and Sheng-Li Holding Company),
which
provided a wide range of goods and services. Joint
ventures between
the government and both domestic and foreign partners
produced
several industrial products, including steel and refined
sugar. In
addition, the National Trades Union Congress (NTUC), which
was
closely tied to the government, ran many cooperative
businesses,
including supermarkets, taxis, and a travel agency.
Although these companies collectively contributed
significantly
to the growth of the economy, neither their total amount
of profits
nor their rate of return on investment could be
documented. In 1983
some 450 such companies, excluding subsidiaries of the
statutory
boards, employed 58,000 workers, or 5 percent of the labor
force.
In 1986 there were approximately 500 such companies still
active.
These different institutional forms permitted versatility.
Data as of December 1989
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