Image credit:Temasek
Singapore’s Deputy Prime Minister Lawrence Wong hailed Temasek Holdings’ achievements over the past 50 years as a reflection of the nation’s own remarkable growth and transformation. Speaking at a ceremony marking the state-owned investment firm’s golden anniversary, Wong highlighted how Temasek has evolved from a modest start into a global investment powerhouse, mirroring Singapore’s rise on the world stage.
Founded in 1974, Temasek was originally established to hold and manage assets transferred from the Singapore government, including stakes in key domestic companies. Over the decades, the firm has grown into a global investment giant with a portfolio valued at over S$400 billion as of 2023, spanning sectors such as financial services, telecommunications, and technology across more than 30 countries. Wong noted that Temasek’s success story has been closely linked with Singapore’s own development.
Temasek’s journey has not been without challenges. Over the years, the firm has navigated periods of global economic uncertainty, market volatility, and geopolitical tensions. However, its ability to remain resilient and adapt to changing conditions has been a hallmark of its success. This resilience was demonstrated during the 2008 global financial crisis and more recently during the COVID-19 pandemic, where Temasek continued to expand its investments and pursue new opportunities.
Wong acknowledged Temasek’s role as a stabilising force, noting that its long-term approach to investments has allowed it to weather economic storms. This has enabled the firm to stay the course and emerge stronger from crises,” he remarked.
In recent years, Temasek has increasingly focused on sustainability and innovation. The firm has made significant investments in green technologies, renewable energy, and sustainable agriculture, aligning its strategy with global efforts to combat climate change.
Wong emphasised that this commitment to sustainability is not just a moral imperative but a strategic one, as global investors increasingly prioritise environmental, social, and governance (ESG) considerations. Wong expressed confidence in the firm’s future, highlighting its ongoing efforts to diversify its portfolio and explore new growth areas, including technology and healthcare.