Let me now move on to the FY2001 Budget proper.

Budget time is a time to take stock of the economy and the government's work in the past year. This year is an especially opportune time to look back and see how far we have come, as well as look forward to where we are headed for the future.

Over the past thirty-five years, the Singapore economy has undergone many changes, as we continually adjust to global conditions in search of sustained economic growth. Because of the hard work, enterprise and unity of all Singaporeans, we have been able to seize new growth opportunities as they present themselves. We have created a resilient and prosperous economy that has weathered many storms.

Today, the new millennium ushers in a new age in which ideas, knowledge and talent, are the main drivers of growth. It is an era where it is the economies that are best able to generate and attract wealth-creating ideas, knowledge and people that will succeed. Therein lies great opportunity for Singapore - a country whose greatest advantages are its people, and its connectivity to the rest of the world. By positioning ourselves as a knowledge-based economy, and leveraging on our strengths, we can ride the waves of change, and continue to lift living standards in Singapore.

Now, as in the past, the government and people of Singapore must come together and make the necessary changes to our economy, to ensure that Singapore remains the best home for all.

While we make these adjustments to anticipate and embrace global trends and changes, we must continue to be mindful of our local context: those who can run faster should pave the way for the rest; however, those who may be unwittingly left behind must not be left with no help.

The government realises that realignments of our economy have often meant displacement of jobs, or even disappearance of industries, but for every door closed, we have opened many others, leading to greater opportunities.

We understand that it is not easy for workers to continually learn new skills and work in a new environment, or for enterprises to quickly change direction and pursue business prospects in new areas. It takes a great deal of courage to embrace changes, and take the steps to walk through new doors of opportunity. The transition often entails adjustments which are sometimes painful. But we want to help. We want to lessen the hardship for those who find it difficult to adapt to the changes. But change we must. And at the end of the day, we have to ensure that every Singaporean has a place in the Singapore of the new millennium.

The main thrusts of this year's budget are therefore: At the macro level, to position Singapore for a new era of growth, by increasing our attractiveness not only to businesses as a place to invest in, but also to individuals as a place to live and work in. And at the micro level, to give every individual worker the wherewithal to weather this difficult but necessary period of transition to this new stage of economic growth, to assist promising business enterprises in getting established, and to help businesses in dying trades shift out to other industries.