Singapore to be a city of opportunities, where people and enterprises can grow and succeed

​MINISTRY OF TRADE & INDUSTRY ADDENDUM TO THE PRESIDENT’S ADDRESS

MR. LIM HNG KIANG
MINISTER FOR TRADE & INDUSTRY

1. MTI will promote sustained and inclusive economic growth, to create good quality jobs and support higher standards of living for Singaporeans. Singapore will be a city of opportunities, where people and enterprises can grow and succeed. 

Navigating the New Global Landscape 

2. Our sound economic fundamentals enabled us to successfully weather the global financial crisis in 2008. However, the external business and financial environment has taken a turn and become more complex and uncertain. Economic recovery remains fragile in key developed economies such as the EU and the US. This will weigh down global economic recovery. Some support will come from Asia, where opportunities for growth remain strong. Propelled by rising domestic demand, Asia is set to be a major growth driver for the global economy over the next few decades. Singapore is well positioned to ride on this growth. We sit at the heart of this dynamic region. Our strong economic fundamentals, wide network of trade agreements and reputation of being a trusted hub are strengths we will leverage on.

3. We will continue to re-position our economy to tap on new growth opportunities, strengthen it to weather greater volatility and build up capacity in our businesses to capture new market demands. Our people will need to upskill and our labour market needs to be flexible.

People-Centered Growth

4. We will foster economic growth that is inclusive, by creating desirable quality jobs so that Singaporeans can enjoy higher salaries and living standards. We will invest more in our workers and equip them to take on higher skilled jobs through training and upgrading. 

5. Our companies will also need to build capabilities to compete effectively in the new operating environment. SPRING Singapore (SPRING) will help SMEs raise their productivity and competitiveness. International Enterprise Singapore (IE) will continue to help our companies broaden their access to trade and investment opportunities in existing and new markets abroad. Together, SPRING and IE will help our companies grow into globally competitive companies.

Re-positioning our Economy

6. We will step up our efforts to restructure our economy towards higher value-added and more productive sectors. We will continue to move up the value chain within existing major manufacturing clusters such as electronics, biomedical sciences and chemicals. In the services sector, we will expand the range of offerings in our key exportable sectors such as logistics and professional services. Singapore Tourism Board (STB) and Sentosa Development Corporation (SDC) will help our tourism enterprises raise the standard of their offerings, allowing them to offer value-added experiences and attract better yield. 

7. We will continue to diversify our industrial portfolio to enhance the resilience of our economy. We will work with industries to leverage on innovation, technology and training as the basis for competitiveness and growth. The Economic Development Board (EDB) will grow emerging clusters such as clean technology, media, urban solutions and biotechnology, and seed new growth areas. 

8. We will continue to transform Singapore into a knowledge-based, innovation-driven economy where companies are at the cutting edge in their products, design, processes and services. The Agency for Science Technology and Research (A*STAR) will continue to build on Singapore’s significant base of R&D capabilities, which companies can tap to enhance innovation and technology development. Through the Research, Innovation and Enterprise (RIE) 2015 plan, we will create a more conducive R&D environment, promote world-class scientific research and nurture talent to support our industries. 

9. We will work to sustain our growth by putting in place the necessary infrastructure and improving on our enterprise-friendly business environment. The Competition Commission of Singapore (CCS) will continue to promote healthy and competitive markets for businesses. Jurong Town Corporation (JTC) will spearhead innovative industrial infrastructure solutions to overcome our land constraints and support economic diversification. The Energy Market Authority (EMA) will continue to enhance Singapore’s energy security and competitiveness. 

Tapping New Growth Opportunities

10. To help our companies access global markets, we will continue to extend our international networks. We will work within the World Trade Organization and regional platforms such as ASEAN and APEC to allow local companies to enjoy lower trade barriers, better connectivity with global supply chains and an enhanced environment for doing business. 

11. We will continue to advocate free and open trade by expanding our network of Free Trade Agreements (FTAs). We will review our existing FTAs, especially those with key Asian economies, to ensure their relevance and accessibility to SMEs. We will also strengthen trade linkages to enable more companies to explore and seize opportunities in emerging markets such as South Asia, Middle East, Africa, Latin America and Central Asia.

12. We will reinforce Singapore’s position as the gateway to Asia and the best location for headquarters of global companies. Sitting at the crossroads of Asia, we have good connectivity, sound infrastructure, an Asia-ready talent pool, and an open and business-friendly environment. Singapore will be the preferred location for companies to deepen their understanding of the Asian consumer, and test-bed new products and services for the region. At the same time, we will make Singapore an attractive base for emerging Asian companies seeking to expand internationally. Together, this confluence of business activities will add to Singapore’s economic vibrancy and provide opportunities for all.