Such a move will lead to a stronger Singapore economy, they argued. The suggestion from Mr Liang Eng Hwa (Holland-Bukit Timah GRC) and Nominated MP Loo Choon Yong was made when they urged the Government to review the role of Temasek.

The Ministry of Finance website describes Temasek as an investment holding company that owns and manages a diversified portfolio with the objective of delivering long-term returns to its shareholder, the Singapore Government.

Mr Liang said Temasek could fill the void left by the then Development Bank of Singapore, now DBS Bank, which helped promising firms expand during the country's early years of industrialisation.

Today, government agencies such as the Economic Development Board (EDB), Spring and A*Star have stepped in, but he feels their roles are 'less direct' and their assistance 'limited'.

'Temasek can play this role of nurturing more regional and global champions and, in doing so, root them in Singapore,' said Mr Liang, a DBS managing director. 'While this is admittedly a change from Temasek's current stated role of an investment house with purely commercial objectives, I believe the organisation can make a greater difference by producing more respected and admired companies in the region based in Singapore.'

Dr Loo mooted the idea of having two Temaseks, each with its own board and management team. They will execute separately the different objectives of investments and growing local enterprises.

Their ideas were among many given yesterday when 15 MPs and one minister addressed the House on Day 2 of the debate on the President's Address. Last Monday, President SR Nathan mapped out the Government's priorities for the remaining legislative term, after the House went into recess last month to take stock of events following the global economic crisis. He also called for fresh and creative ideas to grow the economy.

In their responses on Tuesday, several MPs focused largely on the fundamental strength of Singapore's growth model, in which multinational companies (MNCs), free trade and global markets are pivotal. But they agreed that changes can further strengthen the economy.

Said Dr Teo Ho Pin (Bukit Panjang): 'Our challenge is to find niche export products with few competitors.' This is because many countries including Singapore are aware they cannot rely on manufacturing anymore as cheaper business costs elsewhere will draw away investments and reduce their revenue.

Read the full story in Wednesday's edition of The Straits Times.