MINISTRY OF TRADE AND INDUSTRY

To make Singapore a developed country by 1999, we will strengthen and broaden our economic base. Singapore will remain a free and open economy, and overseas investors welcomed, but we foresee increasing reliance on our own resources.

People are our most valuable resource. We will emphasize education and training so as to produce a skilled and adaptable workforce.

We rely on exports. Our businessmen must compete more aggressively in the world markets. We will expand our network of overseas trade offices and provide up-to-date commercial information to support them.

We will continue to offer tax and other incentives to encourage industries to move into new technologies. We shall offer assistance schemes and tax incentives to both private companies and public institutions, to promote research and development.

We will build new generation industrial estates and upgrade existing ones. They will have child-care centres so that women may pursue a career and remain close to their children.

We will develop Singapore into a major tourist destination, creating new attractions while enhancing existing ones such as Chinatown, Haw Par Villa and Sentosa. We will promote conventions and exhibitions.

The Public Utilities Board (PUB) will continue to look for alternative sources of fuel like natural gas and coal to diversify energy sources. It is willing to buy natural gas on fair commercial terms, and will negotiate for a long term contract to ensure security of supply at prices competitive with fuel oil. It will spend about $3.5 billion on development projects in the next five years. It will continue to strive for greater efficiency in electricity genera!ion, treatment of water, and production of gas. As we have to import all our energy supplies and most of our water, we must relentlessly push for energy and water conservation.

Singapore imports almost all her food, raw materials and consumer products. We cannot escape inflation if prices of these imported goods increase. But we can minimize it by encouraging imports from the cheapest sources, and ensuring fair and free competition in the market place. Regulations governing trade practices will be formulated to discourage profiteering.

DR RICHARD HU TSU TAU Minister for Trade and Industry