Ministry of Trade and Industry Addendum to the President's Address

 MINISTRY OF TRADE AND INDUSTRY

ADDENDUM TO THE PRESIDENT’S ADDRESS 

MR CHAN CHUN SING

MINISTER FOR TRADE AND INDUSTRY

1 The Ministry of Trade and Industry (MTI) aims to create good jobs and opportunities for Singaporeans by growing a vibrant economy.

Staying Connected with the World as our Hinterland

2 As a small city-state with no direct hinterland, we need to have deep connections with the rest of the world.

3 Trade and investment links allow us to do business in the region and throughout different parts of the world. Singapore has benefited from a rules-based open multilateral trading architecture, by which nations have prospered. However, this has come under pressure as workers, particularly those in the more advanced economies, feel dislocated by technology and globalisation. Some countries have taken on more protectionist and nativist attitudes towards trade and investment.

4 We cannot close ourselves off. We have to navigate this complex economic environment deftly, by continuing to muster support from like-minded countries for an open and connected world, while seizing opportunities to deepen our linkages with growing markets in ASEAN and beyond.

5 That is why we support the World Trade Organisation and why we continue to pursue and develop regional agreements such as the Comprehensive and Progressive Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, as well as bilateral Free Trade and Investment agreements.

6 Today, we are among the best connected air and sea hubs in the world. We will continue to invest in and ensure good physical connectivity to the rest of the world. We will also enhance our connectivity with the rest of the world in the non-physical dimensions. We are one of the key financial hubs in the world and will strengthen our attributes to be a digital hub.

7 These efforts will allow companies and people from around the world to do business with Singapore, through Singapore, and on Singapore platforms. Through excellent physical and digital connectivity, we can add value to the flows of capital, goods, and services, not only when they are conducted in or through Singapore, but even when trade takes place elsewhere.

8 Companies and people choose Singapore because they know they can trust Singapore and Singaporeans. When they sign a contract, they know it will be honoured and they can trust the rule of law. They site sensitive investments and valuable intellectual property here, because they know it will be protected.

Innovation to Power the Growth of a Vibrant Landscape of Enterprises

9 Innovation will be our core competitive advantage. We will strengthen the nexus between our Research, Innovation, and Enterprise 2020 Plan and our industry development plans to help enterprises innovate and grow. We will support enterprises to invest in research and development, and develop new and innovative product and service offerings.

10 We will work with enterprises and our people to take advantage of our position at the heart of Asia. Asia is where the next billion middle-class consumers will be, and where our enterprises will find abundant growth opportunities. We must develop a deep understanding of the region, not just economically, but also culturally. This way, we can carve out a niche as a place where companies and people seek to come, to understand and take advantage of the diversity of Asian consumer tastes and preferences.

11 We will strengthen our value proposition as a launch pad to help enterprises coming through Singapore connect with the region and the world. We have established an Infrastructure Office to bring together local and international partners across the value chain to identify opportunities, and facilitate investments and financing. This will enable these enterprises to tap on the rising infrastructure demand in the region. We will also position Singapore as a test-bedding hub for start-ups developing new products, services, and solutions for regional and global markets.

12 We must remain a trusted and well-connected hub for global multinational corporations (MNCs) seeking to tap on Asia’s growth. These MNCs will bring with them ideas, innovative capabilities, and expertise, to create new value for Asian markets based on our insights. We seek also to be the go-to place for Asian MNCs that are taking their business global. Amidst these, MNCs, in working with local suppliers, will help to transfer knowledge to and deepen capabilities of our enterprises, and strengthen our corporate ecosystem. They will also create good jobs which will place our people at the forefront of developments for their industries.

13 Enterprise Singapore (ESG) will work with all enterprises who want to grow and transform. ESG will be enterprise-centric and walk with enterprises at different stages of their growth, including to tailor programmes to their specific needs. For example, we will simplify access to assistance programmes for Small and Medium Enterprises (SMEs) looking to upgrade their capabilities, while providing more customised support for growth-oriented enterprises to deepen their capabilities and innovative capacities. We will also support our enterprises’ internationalisation efforts through our global networks, and encourage partnerships between enterprises so that they are better placed to seize new opportunities and projects abroad. ESG and the Economic Development Board (EDB) will work closely with each other, and with other agencies such as the Agency for Science, Technology, and Research (A*STAR) and the Infocomm Media Development Authority (IMDA), to support enterprises in these endeavours.

14 We want enterprises in Singapore, local and foreign, big and small, to be best- in-class, and to have deep capabilities that the world wants. That is why we are pressing on with the Industry Transformation Maps. MTI will work with our enterprises, Trade Associations and Chambers, unions, and workers to champion transformation

and growth across our economy, and to create good jobs and opportunities for our people.

​A Competitive Team Singapore with Local and Global Talents

15   Our people are at the core of our economy. Our workers are motivated, cohesive, and willing to learn. They are key to why we have been able to attract companies to invest in Singapore.

16   The successful execution of our strategy depends on our people. With the opportunities ahead of us in Singapore and abroad, we will support our workers to take on challenging assignments in regional and global markets. As we deploy technologyand build new capabilities, we will also equip our workers to be digitally confident, so that they have the skills and the capabilities to take advantage of opportunities in the future economy.

17  We will remain open to talent from around the world that complements our local workforce and raises our competitiveness, especially in new growth areas. Through the Global Innovation Alliance, we will strengthen our linkages to innovation hubs across the world. Our students will be connected to the world; they will transcend

borders and be inspired by new ideas. Our people will find exciting opportunities to pursue, and diverse talent with whom to collaborate.

A Pro-Business, Pro-Competition, Pro-Innovation Environment to Create Good Jobs

18   We will remain an open economy, with a pro-business, pro-competition, and pro-innovation environment. We will meld the best ideas, talent, and enterprises of the world in Singapore. We can and will transform our economy, as all stakeholders pull together to create good jobs and opportunities for our people.