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

Ministry of Trade & Industry

Addendum to the President’s Address
Mr Lim Hng Kiang

Minister for Trade & Industry 

1. We will promote economic development, maximizing growth while external conditions are conducive. This requires Singapore to remain nimble and adaptable to change. The Government will continue to make the business environment more enterprise-friendly, moving out of areas where the private sector can play a better role.

Embracing the World of Opportunities

2. Singapore will be a leading global city where talent and enterprise can grow and succeed, and new value created through innovative ideas. We will foster economic growth, press on with restructuring, and create jobs by seizing opportunities in a time of rapid change and increasing competition. We will diversify our economy and enable new services to be brought in, including enabling individuals to generate new economic activities. We will do so by building on our reputation for quality and trust, reinforcing our position as a knowledge hub, and leveraging on our connectedness to the world.

Building on our reputation of Trust and our standing as a Knowledge Hub

3. Singapore is known for its high standards, reliability and ability to deliver. This has enabled us to attract over 7,000 MNCs and investments in high value manufacturing and services. We will build on this strength and deepen our capabilities to undertake more sophisticated activities in electronics, chemicals, biomedical sciences, engineering and supply chain management. We will also leverage on our reputation for trust to grow education, healthcare and business services. 

4. We will intensify our Research & Development (R&D) efforts to build Singapore as a Knowledge Hub. Through the five-year Science & Technology Plan 2010, we will create a more attractive R&D environment, promote world-class scientific research, and nurture research talent to support our key industry clusters. A*STAR will place more emphasis on cross-disciplinary research platforms to foster collaborations and innovation. We will strengthen the nexus between research and industry, attract more corporate laboratories, and encourage local enterprises to conduct more R&D. Research will also underpin our efforts to develop new growth sectors like interactive digital media, alternative energy, water and environment technologies.

Building on our Connectedness

5. Singapore is at the heart of a resurgent Asia and well-connected to the world. We will step up our engagement with our partners, and deepen economic linkages by building closer ties at the provincial and state levels.

6. Within Southeast Asia, we are strengthening our bilateral economic cooperation with countries like Indonesia and Vietnam, while working towards an integrated ASEAN economic community. As part of ASEAN, we are also working on a number of free trade agreements (FTAs) with dialogue partners like China, Korea, Japan, India, Australia and New Zealand.

 7. We will continue to facilitate connections between businesses.IE Singapore will help Singapore-based companies leverage on our FTAs to capture business opportunities in developed economies like the US, Europe and Japan, as well as emerging markets in the Middle East, South Asia and Latin America. EDB will also capitalize on our connectedness to attract inward investments, including from new source countries like China and India.

A World-Class City for Enterprise and Talent

World-Class Business Environment

8. We will provide a world class business environment to nurture a thriving enterprise sector and foster economic growth. We will press on with our efforts to cut red tape, and keep regulatory burden for businesses low. SPRING will continue to work with companies to build core capabilities such as design and branding as well as enhance access to financing. By curbing anti-competitive practices, CCS will help to promote healthy competitive markets and create a level playing field for businesses.

9. We will continue to ensure that we have excellent infrastructure that is internationally cost competitive. JTC will divest its industrial facilities where there is a competitive private sector market, and focus on strategic and innovative projects such as one-north and Jurong Rock Cavern. The electricity market has been restructured, while restructuring in the gas market is underway. EMA will further enhance Singapore’s energy resilience and security, including facilitating the import of liquefied natural gas to diversify supply sources.

A Cosmopolitan City

10. Singapore will be the preferred place for people and ideas to gather, to learn and create, and to have fun. The integrated resort in Marina Bay will help strengthen our position as a top meeting, incentive, convention and exhibition destination. We will also attract more international events, as well as enhance our lifestyle and entertainment offerings. STB will be launching a pipeline of tourism projects. At the same time, SDC will continue to develop Sentosa into a premier island resort.

11. The greatest source of economic competitive edge is ultimately people. Singapore will provide the opportunities and the environment for all to realize their potential. Together with MOE and MOM, we will help Singaporeans to develop their talent, upgrade their skills and to have fulfilling careers. We will also welcome international talent to live and work in Singapore. They will bring knowledge and skills, add diversity and contribute to our economic vibrancy.