The British military presence in Singapore ended at the end of October 1971. Singapore pursued a vigorous economic growth policy based primarily on the export of goods and services. The private sector created new jobs. By providing subsidized housing, education, health care, and transportation, the government created new jobs in the public sector. The Central Provident Fund, the country’s comprehensive social security system supported by compulsory contributions from employers and employees, provided crucial capital for government projects and financial security for the country’s elderly workers.
The government began shifting its focus from labor-intensive manufacturing to skill- and technology-intensive, high-value-added industries by the late 1970s. Singapore’s expansion focused on information technology, and in 1989 it became the world’s largest producer of disk drives and disk drive parts. By the mid-1970s, Singapore had become the third-largest oil refining center globally, attracting big oil companies like Shell and Esso. In an effort to develop a skilled workforce, the government also invested heavily in an education system that emphasized English as the language of instruction and practical training.
