Global Power Shifts - Singapore 2.0 : survival of a small nation state

Penny Low, Member of Parliament, Singapore; Yale World Fellow Fall 2007

1. A quick historical and reality check of Singapore past and present: From chaotic civil riots in the 1960s to rapid industrialization in the 70s and 80s, to embracing the knowledge economy in the 90s and beyond, Singapore has emerged from a 3rd world nation to becoming a 1st world nation in just one generation. While getting from nowhere to somewhere has been a tremendous and largely successful journey, to ensure its continuous success requires vision and action leadership. Does Singapore -as a nation without any natural resources - have what it takes not only to maintain its standard of living, but also its competitiveness in the face of awakening giants like China, India and even Vietnam?

2. Amidst this, are the three Global power shifts which every nation and leaders (from people, public and private sector) should take heed of: (1) Shifting Trade Route - from Atlantic to Asia; (2) Shift from Mass Production to Mass Customization; (3) Shift from Centralized Institution to Peripheral Distribution of Power. The ability to cope with and leverage these shifts would be key to survival. These shifting powers pose real challenges as well as opportunities for Singapore.

Penny Low has traversed 60 countries and honoured as a founding member of the prestigious Forum of Global Young Leaders (FYGL) by the Geneva-based World Economic Forum. She was persoanlly appointed by Prof Klaus Schwab, Chairman & Founder of the WEF as the official link between the FYGL and the Schwab Foundation for Social Entrepreneurs. She is one of the 32 founding members of the New Asian Leaders.

In 2001, Penny was the youngest elected female Member of Parliament in Singapore. Currently, she chairs the Government Parliamentary Committees (GPC) for Ministry of Information, Communication and the Arts, and serves on the GPC for Ministry of Finance, Trade and Industry. She is active on several national committees, in particular those promoting small and medium enterprises and town and community development, as well as inter-nation parliamentary friendship groups. Low also has more than a decade's worth of experience in the financial services industry, having founded the Planners-Hub Consultancy in 1998 and serving on the Global Voice Editorial Advisory Board of Financial Planning Association (USA), the ISO/TC222 on Personal Financial Planning and the Board of Governors for the Insurance and Financial Services Practitioners of Singapore's FChFP. She trains and co-written syllabus for the Certified Financial Planner (CFP), the Chartered Financial Consultant (ChFC) & Chartered Life Underwriters (CLU) designation.

A passionate advocate for social entrepreneurship, in 2006, she founded Social Innovation Park Ltd, a non-profit organization promoting thought leadership and social entrepreneurship in Singapore and beyond. Social Innovation Park is already recognized as a leading social enterprise in Singapore and has inspired a television series. She serves on the Governing Council of the Singapore Institute of Management (runs 2 universities) and the US-based Operation Hope's founding board of Global Advisors.

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