Independence and Industrialisation
In 1959, Mr Lee Kuan Yew led the People’s Action Party to victory in Singapore’s first-ever general elections. With high unemployment a pressing concern, the Government launched an ambitious industrialisation programme. Tax incentives were offered to key industrial enterprises to encourage them to set up in Singapore. A new tax regime was implemented to boost economic growth and improve the standard of living.
Learn more about how
fledging Singapore finds
its economic feet