MINISTRY OF TRADE AND INDUSTRY

The world economy will continue to suffer from slow growth and high inflation in the next few years. Singapore will have to restructure its economy in a forbidding international economic environment. We aim to build a modern industrial economy based on science, technology, skills and knowledge.

We are moving away from low-skilled labour-intensive industries. Without natural resources, we have to raise the skills and productivity of our human resources. Rigorous scientific education and practical industrial training will be given to our students and labour force.

The Government will offer through the Economic Development Board, fixed interest long-term financing to encourage the private sector, local and foreign, to establish industries to produce high value-added products such as computer equipment, photo-copying machines, optical instruments, fine chemicals, basic pharmaceuticals, automotive parts, scientific instruments, precision machine tools, oil field equipment and aircraft components. More dollar-for-dollar grants will be given to help companies in their research and development efforts. Our young professionals will be helped through loans to establish and expand key supporting industries to supply the needs of multi-national corporations.

Security of supplies, particularly oil and other energy resources, will also be a major concern of the Ministry. The Department of Trade will search out dependable sources of raw - materials, food supplies and energy resources. Its other equally important task is to find new export markets for our manufactured products.

The Ministry is taking steps to diversify and secure oil supply. As oil will become more expensive, we must be efficient in the use of energy. We must diligently practise energy conservation.

The Government will curb attempts at profiteering by unscrupulous traders. Singaporeans, however, must pay the prevailing market price for oil, grains and other necessities.