SINGAPORE — Prime Minister Lee Hsien Loong on Saturday paid tribute to the late Dr Richard Hu, saying the country owed the former finance minister its gratitude for a"lifetime of contribution and service to nation".
Dr Hu joined the GIC Board when it was first formed in 1981 and was its first private sector member. He would go on to lead GIC's real estate arm and"with him at the helm, the GIC real estate team made its first foray into the region, and has since grown into a global real estate institutional investor", said Mr Lee.
Mr Lee noted that Dr Hu also"oversaw the overhaul of our securities regulatory framework, which facilitated the subsequent development of our capital markets and laid the foundation for Singapore to become a thriving global financial hub". Mr Lee also acknowledged Dr Hu’s contributions to key financial policies in Singapore, including the introduction of the goods and services tax in 1994.
Mr Lee added that Dr Hu “did not just push through the GST”, but also introduced a comprehensive package of support and offset to help businesses and households cope.
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