Transcript Welcome to The Ministry of Trade & Industry

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