I fully agree with Acting Minister for Education (Higher Education and Skills) Ong Ye Kung that the way Hollywood movie giantWalt Disney Company haschanged over the years holds an important lesson for Singapore ("Disney 'offers important lesson' on transforming economy"; Tuesday).
This is so that we do not end up like Kodak, which once dominated the world in camera film production but went out of business after it failed to change with the times to digital photography.
However, any major transformation is not easy.
It should involve the private sector as well as the civil service.
As the largest employer, thecivil service should take the lead to restructure to support the transformation.
My friends in the finance industry have chosen to opentheir fund management office in China instead of Singapore.
This is because of the higher compliance cost and the long lead time needed to get approval here, typically six to nine months, as opposed to only three months in Hong Kong.
The Government should lookinto simplifying processes tomake them more efficient and productive.
Otherwise, they could become the bottleneck to productivity improvements and the much-needed economic transformation.
Yeo Chee Kean