Lee Kuan Yew to address key gathering at NBK Symposium

One of the greatest creators of the 20th century, Singapore's Minister Mentor Mr. Lee Kuan Yew will be present in Kuwait on November 18, in a conference organized by National Bank of Kuwait (NBK).

Lee Kuan Yew is Singapore's first Prime Minister who led Singapore to independence and headed its government between 1959 and 1992. He is widely recognized as the architect of its transformation from third world country to a first world status. Under his leadership, Singapore was transformed into the worlds' busiest port, the third largest oil refiner and a major center of global manufacturing and service industry. Singapore annual per capita income grew from less than $ 1,000 at the time of independence to nearly $30,000 today.

Highlighting the importance of Lee Kuan Yew's visit to Kuwait, Ibrahim Dabdoub CEO of NBK said, 'Kuwait today is gearing itself to become the next financial hub of the GCC region, and it is very important for us to learn and understand the experience of other countries in Asia especially Singapore, since the transformation under Lee Kuan Yew has been great. Arab nations have a lot to learn from this historic figure.'

Lee Kuan Yew, who is visiting Kuwait for the first time, has played a pioneering role in strengthening the economy of Singapore. Since the separation from Malaysia broke a common market between both the countries, Lee's government had a challenge of holding a tight hand over the economy regulating the allocation of land, labor and capital resources, while using tax incentives to attract foreign investment, and balancing labor unions and employer to end exploitation and major strikes. Infrastructure was improved or constructed with government intervention. The Singapore Tourism Board was created to promote tourism.

From a socio-economic aspect Lee has always stressed discipline, opposition to drugs, interracial tolerance but discouraged political dissent. His government could be best described as 'soft' authoritarian regime that built a tightly controlled welfare state with an economy based on private enterprise.

Besides Lee Kuan Yew, a number of other speakers are also participating in the symposium, and will be sharing their views on how GCC can take leverage from the Asian example.

Lee Kuan Yew has written his memoirs in two volume set: The Singapore Story which covers his view of Singapore's history until, its separation from Malaysia in 1965 and From Third World to First: The Singapore Story which explains his contribution to Singapore's subsequent transformation into a rich first world nation.