Introduction

Abstract

Singapore’s present Prime Minister Mr. Lee Hsien Long, when he was then Chairman of the Economic Review Committee recommended that businesses domiciled in Singapore should consider venturing into overseas market in order to sustain business growth (Economic Review Committee Report 1986). Mr. Goh Chok Tong, then the Prime Minister of Singapore in 2001, extended this view during his National Day Rally speech, when he advised Singaporean indigenous and foreign companies with their headquarters or regional headquarters set up in Singapore to make use of their geographical and cultural proximities to reach out to countries or cities that are within 7-h flight-time from Singapore Changi International Airport because these hinterlands contain 2.8 billion people and millions of middle-income consumers which would provide Singapore with enormous and numerous opportunities. Minister Mentor Lee Kuan Yew (2005) thus exhorted Singaporeans to jump on the bandwagon of China, India and South-east Asia’s growth as Asia enters into a new era of renaissance. In order to do that, Singapore would need to be able to play the international game: to build a brand-name, reputation, networks, contacts, and project the influence of Singapore through both government and also private organizations.