Wanted: Rich, foreign entrepreneurs to start businesses in S'pore

April 29, 2008

Wanted: Rich, foreign entrepreneurs to start businesses in S'pore

EDB joins in the running of MOM's programme to woo overseas talent to work in the Republic

By Chua Hian Hou

THE Economic Development Board (EDB), which has been hugely successful in attracting big foreign companies to set up job-creating operations in Singapore, is now turning its sights on rich individuals.

It has teamed up with the Ministry of Manpower (MOM) to scour the globe for rich, entrepreneurial foreigners to start businesses in Singapore - creating vital new jobs.

Together, EDB and MOM will run Contact Singapore - an 11-year-old programme previously run by MOM alone. Contact Singapore's main objective was getting talented individuals to work in the Republic.

The expanded brief, with EDB on board, will include attracting 'overseas entrepreneurs and high net worth individuals who could potentially invest and do business in Singapore', said Deputy Prime Minister Wong Kan Seng yesterday.

Mr Wong was the guest-of-honour at the relaunch of the programme, which attracted about 130 participants from private banks, consulting firms and business networks.

EDB managing director Ko Kheng Hwa said they want 'established business leaders or entrepreneurs in their part of the world who would bring with them business activities and investments that would generate economic wealth and good jobs for Singapore'.

Contact Singapore will also be setting up three new offices in San Francisco, Beijing and Sydney to add to its current four - Boston, Chennai, London and Shanghai - to help with this increased role. The offices will be open by the end of the year.

EDB has been successfully attracting multi-nationals to Singapore since it was set up in 1961. Major successes include tech giant Hewlett-Packard and energy group Shell.

Contact Singapore executive director Ng Siew Kiang said while these efforts have undoubtedly boosted Singapore's economy, the Government is well aware of the vital role that rich individuals and business families in the region play in their home economies.

There had been a concern that Singapore was missing out if it failed to seek out these individuals and business families. This prompted Contact Singapore to begin looking at this late last year, offering perks, such as tax incentives, 'tailored to the investment that the individual is putting into Singapore', said Ms Ng. This is the same approach the Government takes with corporate investors.

One of Contact Singapore's early success stories was Malaysian businessman Derek Wong. After talks with agencies including the Singapore Tourism Board and the EDB, Dr Wong, who has an estimated net worth of $150 million, set up Genesis-Alliance, a boutique property and lifestyle firm.

Genesis, which has 20 staff members at its Wisma Atria office including 12 Singaporeans, is now building 31 'ultra high-end' villas on Sentosa. It has since opened the region's first Armani/Casa home furnishing store in Raffles Hotel, said Dr Wong.

While Contact Singapore has enjoyed other successes besides Dr Wong, Ms Ng declined to give numbers as the initiative is still 'fairly new'. Contact Singapore has also launched a new job website, and plans to organise events to bring together foreign talent as well as Singaporeans working overseas.

chuahh@sph.com.sg



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