Axalta Coating Systems

Singapore's entrepreneurial scene looks less boring with spate of megadeals

SINGAPORE (Nov 30): Back in 2002, as the city-state was emerging from its worst recession since 1964, the government was getting impatient over the economy's disproportionate reliance on multinationals and a handful of globally competitive state-backed firms like Singapore Airlines.

A panel on "entrepreneurship and internationalisation" noted that only 5% of Singaporeans ran their own companies, versus 12% in the US. Then-finance minister and future Prime Minister Lee Hsien Loong vowed to end red tape and allow new structures like limited partnerships.

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