KUWAIT, Nov 19 (KUNA) -- Creator of modern Singapore and its former Premier, Lee Kuan Yew, said oil does not create job opportunities, sound investment of its revenues creates these jobs that lead to nations' prosperity.
These remarks were made during a forum organized by the National Bank of Kuwait (NBK), titled "Leveraging the GCC Boom: A view towards Asia," under the patronage of H.H. Kuwait's Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah.
Lee said to achieve development and growth, oil producing nations should invest oil revenues in sectors that would create more jobs.
Regarding an Asian economic integration venture that could be exemplified by the Gulf countries, he said it was not possible to single out a strategy because nations have to learn from one another, noting that Asian nations could benefit from one another because they have many similarities.
The first element in achieving economic integration is relevant to a nation's desire to develop, he noted.
The Asian markets have billions of consumers, which means that these emerging markets enjoy a high degree of consumption power, he added.
The GCC nations have many opportunities for integration between them, but such integration should include other countries, especially due to Iraq's current developments, he explained.
Since Singapore's current Premier Lee Hsien Loong was his son, Yew was asked if Singapore's rule would become hereditary, he said such a matter should not be viewed from such a narrow scope because his son reached this post through fair and transparent elections, as well as having all the necessary qualifications.
When asked about what he wrote in "The Singapore Story: Memoirs of Lee Kuan" about the ability of future generations to continue development, he said cultural and civilized norms do not change, it is life's shape that witnesses successive and fast transformations.
The current generation is witnessing a wealthier nation that is better in all fields, which means it carries the burden of continuing development's path, he said.
As for Singapore's investment plans in the GCC, he said Kuwait is a country that has been rich with oil for quite some time, but when compared to Qatar, Singaporean firms prefer investing in Qatar because it has larger and more projects.
He said he preferred gradual and progressive investments such as the ones in Qatar which he visited last year.
As for the "Singapore miracle," he said it was a simple matter that was based on a number of basics with education being the first one, noting that making English the first language at Singaporean schools has greatly helped the nation.
He joked by saying that his native-language, Chinese, has become rusty in comparison to his much-used acquired English.
The other pillar was cleanliness, which meant implementing strict measures, such as banning chewing gum and throwing cigarette butts in the street, he said.
As for Dubai's economic boom and its affect on Singapore, he said competition between nations, people and communities was a natural thing, but there is another mean of effect through cooperation and integration.
He said Dubai's development and growth could not be overlooked, noting that the state owned Emirates Airlines possesses tens of Airbus A380, the world's most expensive plane.
Appointed Singapore's Minister Mentor since 2004, Lee Kuan Yew was his nation's first prime minister throughout 1959-1992 and is considered the creator of its miraculous emergence from a developing realm into a developed country.
Under his leadership, Singapore developed the world's most active port, became the world's third largest oil refiner, as well as an international center for industries and services which led to increasing the annual average income of individuals from USD 1,000 by independence in 1959 to currently about USD 30,000.
He was born in 1923 and founded the People's Action Party (PAP) in 1954.
Lee Kuan Yew visited Kuwait to participate in NBK's forum and has a met H.H. the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and several senior state officials.
