SINGAPORE, Nov 25: Singapore’s political succession is now in place as Prime Minister Goh Chok Tong begins his last big mission: restore economic growth before stepping down as chief executive of Singapore Inc.

Goh, 60, plans to hand over power halfway through his new five-year term if Singapore pulls out of its current recession by then, setting the stage for his designated heir Deputy Prime Minister Lee Hsien Loong to take over.

The new cabinet was sworn in Friday with the spotlight on Lee, 49, son of the first prime minister Lee Kuan Yew, 78, who in 1990 stepped aside in favor of Goh but is still in the cabinet with the special title of Senior Minister.

“In two to three years’ time, our economic growth should have resumed. By then, the new crew should be ready to take over the leadership baton,” Goh said in a speech.

Like a company chief executive preparing to move upstairs, Goh is scouting around for future leaders of Singapore Inc., as the republic is known because of the major role played by the state in the economy and the corporate methods used in running the government.

Goh told AFP in an interview that he would not negotiate his future role with his successor, but will remain an MP. He said that if asked, he could play an “advisory role” similar to that of the elder Lee.

The junior Lee has meanwhile assumed more powers, taking over the finance ministry in addition to being chairman of the Monetary Authority of Singapore and head of a committee studying the long-term restructuring of the economy.

Goh’s People’s Action Party (PAP) has ruled Singapore since 1959. It walked off with 82 of the 84 seats and 75 per cent of the votes cast in the November 3 elections, including 55 that were not even contested by the feeble opposition.

Emil Bolongaita, an assistant professor of public policy at the National University of Singapore, said the succession process was not exceptional or unusual.—AFP