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SINGAPORE’S ECONOMIC PLANNING MINISTRY OF TRADE AND INDUSTRY Economic Planning in Singapore • No National Agency for Economic Planning • Emphasis on Robust Policy-Making & Practical Application MINISTRY OF TRADE AND INDUSTRY ECONOMIC STRATEGIES MINISTRY OF TRADE AND INDUSTRY Our Economic Vision • A Globalised Economy – the key node in the global network, linked to all major economies • A Creative and Entrepreneurial Nation – willing to take risks to create fresh businesses and blaze new paths to success • A Diversified Economy – powered by the twin engines of manufacturing and services MINISTRY OF TRADE AND INDUSTRY 5 Key Thrusts • Expand External Ties • Manage our Competitiveness and Flexibility • Grow Domestic Enterprises and Encourage Entrepreneurship • Promote Twin Engines of Growth - Manufacturing and Services • Develop Human Capital MINISTRY OF TRADE AND INDUSTRY (1) Expanding External Ties: Promoting Trade Expanding External Ties Multilateral Free & open international trading environment Regional National FTAs MINISTRY OF TRADE AND INDUSTRY (2) Managing Our Competitiveness and Flexibility • Shift from Direct to Indirect Taxes • Refocusing CPF • Flexible Labour Market and Wages • Competitive Factor Pricing MINISTRY OF TRADE AND INDUSTRY (3) Encouraging Entrepreneurship • Nurturing Spirit of Entrepreneurship and Creativity – Minister to oversee Entrepreneurship Entrepreneurial : A nation willing to take risks to create fresh businesses and blaze new paths to success MINISTRY OF TRADE AND INDUSTRY (3) Growing Domestic Enterprises Sustainable GDP/GNP growth Singapore as a compelling global hub for business and investment Private Sector Driven Initiatives Enterprise Continuum Enhanced Cluster Development Intellectual Capital Labour Expanded Regionalisation Enterprise Ecosystem Quality of life Business environment Financial capital MINISTRY OF TRADE AND INDUSTRY (4) Promoting Twin Engines of Growth Manufacturing • Manufacturing – Upgrading Existing Clusters – Developing Capabilities in Emerging Technologies MINISTRY OF TRADE AND INDUSTRY (4) Strengthen Industry Clusters Entire Value Chain Value Tech-based Innovation Market-based Innovation HQ R&D Supply Chain Management Testbedding Production Value Chain MINISTRY OF TRADE AND INDUSTRY (4) Developing New Capabilities 2004 Contribution to Manufacturing Value-Added Biomedicals 21.3% Precision Engineering 12.7% Transport 9.3% General Mfg Industries 9.1% Electronics 31.6% Chemicals 15.9% Total Manufacturing Value-added: US$28 billion MINISTRY OF TRADE AND INDUSTRY (4) Promoting Twin Engines of Growth Services • Services – Upgrading Established Areas – Promotion of Promising New Areas – Ministerial Committee on Services MINISTRY OF TRADE AND INDUSTRY (4) Services Sector Contribution to GDP Growth Percentage Contribution to Growth 10 8 6 4 2 0 1976-1980 -2 1981-1985 1986-1990 1991-1995 Manufacturing Services 1996-2000 2001-2004 Others MINISTRY OF TRADE AND INDUSTRY (4) Further Develop our Services Sector (Services share of GDP) % 100 90 80 70 60 50 40 HK US France UK Taiwan Germany Japan Singapore MINISTRY OF TRADE AND INDUSTRY (5) Develop Human Capital • Equipping Singaporeans with Skills and Know-How • Develop Global Outlook • Welcoming Global Talent • Singapore’s Overseas Network MINISTRY OF TRADE AND INDUSTRY (5) Develop Human Capital: Investment in R&D activity 3.5 R&D Personnel per 1000 people GERD (% of GDP) 8 7 3.0 6 2.5 5 2.0 4 1.5 3 1.0 2 0.5 1 0.0 0 Japan Economy Japan Taiwan South Korea China India S Siinnggaappoorree South Korea Taiwan Singapore Patents Granted 110,053 26,964 24,984 5,913 537 117744 Ranking 1 3 4 8 26 3388 Japan Singapore Taiwan South Korea Source: IMD World Competitiveness Yearbook 2005 MINISTRY OF TRADE AND INDUSTRY (5) Develop Human Capital: Improving Educational Profile (% with university-level education) UNITED STATES (2002) SOUTH KOREA (2004) JAPAN (2003) SINGAPORE (2004) UNITED KINGDOM (2002) HONG KONG (2004) MALAYSIA (2003) SWITZERLAND (2002) TAIWAN (2003) GERMANY (2002) THAILAND (2004) CHINA (1998) INDONESIA (2002) 0 5 10 15 20 MALAYSIA: University level covers all academic education after form 5 25 30 PER CENT SOURCE: NATIONAL SOURCES, OECD MINISTRY OF TRADE AND INDUSTRY (5) Develop Human Capital: Expanding Our Tertiary Education Augment local institutions: – 4th university – 5th polytechnic opened in 2003 Attract top world-class institutions to Singapore: (Top institutions with strong presence in Singapore) – Massachusetts Institute of Technology – Georgia Institute of Technology – Johns Hopkins University – INSEAD – The Wharton School of the University of Pennsylvania – The University of Chicago Graduate School of Business – Technische Universiteit Eindhoven. – The New York Institute of Finance – University of New South Wales (2007) MINISTRY OF TRADE AND INDUSTRY Realising ASEAN Vision 2020 • Inter-dependence of individual ASEAN economies for long-term growth and development • Changes in China and India are altering global patterns of trade and investment, causing new global production chains to be set up MINISTRY OF TRADE AND INDUSTRY Thank You http://www.mti.gov.sg MINISTRY OF TRADE AND INDUSTRY