information:classification
Economy

One of Lee's most urgent tasks upon Singapore's independence was to address high unemployment. Together with his economic aide, Economic Development Board chairman Hon Sui Sen, and in consultation with Dutch economist Albert Winsemius, Lee set up factories and initially focused on the manufacturing industry. Before the British completely withdrew from Singapore in 1971, Lee also persuaded the British not to destroy their dock and had the British naval dockyard later converted for civilian use.

Eventually, Lee and his cabinet decided the best way to boost Singapore's economy was to attract foreign investments from multinational corporations (MNCs). By establishing First World infrastructure and standards in Singapore, the new nation could attract American, Japanese and European entrepreneurs and professionals to set up base there. By the 1970s, the arrival of MNCs like Texas Instruments, Hewlett-Packard and General Electric laid the foundations, turning Singapore into a major electronics exporter the following decade. Workers were frequently retrained to familiarise themselves with the work systems and cultures of foreign companies. The government also started several new industries, such as steel mills under 'National Iron and Steel Mills', service industries like Neptune Orient Lines, and the Singapore Airlines.

Lee and his cabinet also worked to establish Singapore as an international financial centre. Foreign bankers were assured of the reliability of Singapore's social conditions, with top-class infrastructure and skilled professionals, and investors were made to understand that the Singapore government would pursue sound macroeconomic policies, with budget surpluses, leading to a stable valued Singapore dollar.

Throughout the tenure of his office, Lee placed great importance on developing the economy, and his attention to detail on this aspect went even to the extent of connecting it with other facets of Singapore, including the country's extensive and meticulous tending of its international image of being a "Garden City", something that has been sustained to this day.