| The Singapore Economic Development Board (EDB)
and Merck Sharp & Dohme (Singapore) Ltd. (MSD) announced the
Merck-EDB Internship Programme (MEIP) today. This is a private
sector sponsored internship programme for Singapore's public sector
employees. MSD is committing to contribute US$50,000 each year
from 1999 to the year 2001 (for a total of US$150,000). Internships
supported under the program will be in areas that are in line
with Singapore's strategic economic needs.
The MEIP aims to provide an avenue for acquiring knowledge in
the interest of industry and organisational development by allowing
public sector agencies to study and understand cutting-edge technologies
and corporate best practices through three to six months internships
with world class companies or institutes. This programme will
be an integral part of our efforts to build a knowledge-based
economy for Singapore.
In line with MSD's on-going commitment to Singapore's efforts
to increase its intellectual capital and build a world-class work
force, MSD also announced today its sponsorship of the MSD Gold
Medal Award for top students at the National University of Singapore
(NUS) and the Nanyang Technological University (NTU). MSD plans
to present four (4) MSD Gold Medal Awards, which include an MSD
Gold Medal and a S$3,000 cash prize, to outstanding students from
NUS and NTU each year for a period of three years (total contribution
of S$36,000 over the three years). Two awards will be given, one
each, to outstanding Chemical Engineering (2nd year) and Chemistry
(3rd year) students from NUS and one each to outstanding third
year students in Electrical & Electronic Engineering and Mechanical
& Production Engineering students from NTU.
On MSD's intent, Dr. Patrick Y. Yang, Vice President, Asia-Pacific
Operations, Merck & Co., Inc., of Whitehouse Station, New
Jersey, USA, commented, "We are very proud to have become
a member of this excellent and innovative community, and we are
pleased to have the opportunity to participate and invest in Singapore's
knowledge based economy. This partnership between the EDB and
MSD represents our company's commitment to fostering an environment
of innovation and progress within our company and Singapore."
EDB - committed to continued education
and training for a world class work force
Human and intellectual capital will become the new competitive
factor as Singapore transitions to a knowledge-based economy.
To compete effectively in the next millennium, it is imperative
that Singapore continue to sustain manpower growth and development.
In order to achieve this vision, there is a need to enhance the
existing incentive mechanism and institutional support for continuing
education and training.
Espousing this view, Mr Liew Heng San, Managing Director EDB
said, "The EDB is pleased to have the opportunity to play
a role in the development of government professionals through
the Merck-EDB Internship Programme. It is the people that count
in knowledge-driven industries. For whether or not we succeed
in becoming a knowledge based economy depends on our ability to
apply new technologies and learn new skills."
MSD- A good corporate citizen
In October 1998 and February 1999, Merck & Co., Inc., of
Whitehouse Station, New Jersey, USA was named "One of America's
ten best employers" and "One of America's ten most admired
companies" respectively, by Fortune Magazine. (Merck &
Co., Inc. is the parent company of Merck Sharp & Dohme (Singapore)
Ltd.) Merck & Co., Inc.'s corporate philosophy is one that
emphasises innovation as the key to maintaining competitiveness
and enhancing growth. HR development therefore plays an integral
role in the company's growth strategy. In line with this, Merck
& Co., Inc. spends millions of dollars every year on employee
training and development programmes
Dr. Yang added, "As a healthcare company, MSD is dedicated
to providing superior products and services that preserve and
improve human life world-wide. To achieve our operational goals
we need to hire, train and develop the best talent from Singapore's
educational system. Manpower development in Singapore is therefore
critical to shaping our strategies and the undertaking of our
daily tasks."
During the run of the MEIP, MSD, in tandem with EDB, will evaluate
the outcomes of the programme's goals and objectives. MSD is keen
on continuing the programme after its three year run depending
on the assessments and recommendations at that time.
To this end, Dr. Yang commented, "It is important to recognise
that our desire and enthusiasm to participate in Singapore's growth
and to invest in its development as a knowledge-based economy
will not change after three years. We value and share Singapore's
support for innovation, and were attracted here by its excellent
business climate, outstanding infrastructure, efficient regulatory
processes, world-class educational system, and highly skilled
work-force."
Issued jointly by: The Singapore Economic Development Board and
Merck Sharp & Dohme (Singapore) Ltd.
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