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Politics was not in my blood.  I was asked to stand for elections in 1976 by the late Mr Hon Sui Sen, who was then Finance Minister.  I accepted. It was my duty and privilege to serve the country.  I had benefited from how Singapore was run.  Like many of my generation, my family could not afford to send me to university.  I went through university on a government bursary. I advanced in my career because Singapore was not run on the basis of race, family connections or money, but on equal opportunities and merit.  By the time Mr Hon’s invitation came, I was the managing director of Neptune Orient Lines, leading a comfortable life away from public glare.

I never dreamt that one day I would become your Prime Minister.  When I took over from Mr Lee Kuan Yew, many people, including my grassroots leaders, worried for me.  At my first National Day Rally, my friends feared that I might fall flat on “live” television.  After I finished my speech, I could hear the collective sigh of relief.  The audience clapped!  And I saw Senior Minister Lee beaming away.  He looked immensely relieved.   He wanted the younger team to succeed.  Had I failed, I would have jeopardised the process of political self-renewal.

Like Mr Lee, I have paid much attention to leadership self-renewal.  Planned, orderly transition is what distinguishes Singapore. In other countries, the politicians exploit the divisive forces in society to get elected and, in the process, pull their countries apart.  I call this the “politics of dissension and divergence”.  In Singapore, the political leaders do not fight for personal power or gain.  Instead, they mobilise the society’s energies for the nation’s collective interest.  This “politics of consensus and convergence” is the best way forward for us.

I have piloted Singapore for nearly 14 years.  Everything is in good working order.  The economy is growing strongly.  Growth in the first half was 10%. For the whole year, we can expect growth to be between 8 and 9 %.  Now is a good time for me to hand over the controls to a new captain and his crew.

Hsien Loong and his team will face different and tougher challenges ahead.  The world has become more uncertain.  The global economic environment will be more competitive.  We must expect lower-skilled jobs to migrate to lower-cost countries.  Older, less-educated workers will have to be retrained.

Hsien Loong will also have to deal with fundamental changes in Singapore society.  There are fewer babies and more old people.  He will have to manage the rising expectations of the younger generation.  Many more Singaporeans will live and work overseas.  He must make sure that their hearts continue to be Singaporean.

I am confident about Hsien Loong and his team.  They are ready to take our nation to a new level.  But they cannot do this on their own.  They will need your full support and active participation to fly Singapore to greater heights. 

I am very happy that I can leave the office of Prime Minister at a time of my own choosing.  I do so with full confidence about Singapore’s future.  We may meet the occasional storm but we will pull through. 

I will be there with you too.  Hsien Loong has asked me to stay on in the Cabinet.  I have agreed to do so.

Tomorrow, when we celebrate our National Day, my heart will fill with pride for Singapore.

My fellow Singaporeans, serving you has been the highest honour of my life.

I wish you a very happy National Day!

Source: Singapore Government Press Release 8 August 2004