In fact Singapore was developed from a rather backward country to what it became later by a Dutch economist Albert Winsemius (1910–1996) who was a Dutch economist best known for serving as an economic adviser to Singapore.
In 1960, Winsemius led the United Nations Expanded Programme for Technical Assistance (EPTA) team to examine Singapore’s potential in industrialisation. At that time, Singapore had just attained self-government and was facing high unemployment and growing population. Winsemius presented a 10-year development plan to transform Singapore from an entrepot trading port into a centre of manufacturing and industrialisation.
Winsemius’ first emphasis was on creating jobs and attracting foreign investment. Labour-intensive industries, such as the production of shirts and pyjamas, were expanded. He also encouraged the large-scale public housing programme, believing that it would bolster the country’s image, thus attractive to foreign investors. One of his earliest pieces of advice was not to remove the statue of Stamford Raffles as it was a symbol of public acceptance of Singapore’s British heritage and could alleviate concerns that investors have towards a new socialist government. With Winsemius’ help, Singapore attracted big oil companies such as Shell and Esso to establish refineries there.
Winsemius worked closely with Lee Kuan Yew, the first Prime Minister of Singapore. Lee was a great admirer of Winsemius and when the latter retired donated a lifetime luxury mansion for the private use of him and his family.