MINISTRY OF TRADE AND INDUSTRY

Mr Lee Yock Suan Minister for Trade and Industry

1. The Singapore economy grew strongly by an average of 8.6 per cent per annum in the last 5 years, from 1992 to 1996. For the next decade, we can expect growth to remain robust, between 5 and 7 per cent per annum.

2. To have resources to implement Singapore 21, we must keep our economy vibrant and resilient. The region will remain the fastest-growing in the world. We must continually upgrade ourselves to stay competitive and relevant to the global economy, and make Singapore a launching pad for our companies and people to venture into the region.

Education, Training & Productivity

3. We must emphasise education and training to raise the quality of Singapore workers. We will create more engineering, science and technical places in universities, polytechnics and technical institutes, to support skill-intensive manufacturing industries and R&D activities.

4. As the economy upgrades, old jobs are lost, and new ones created. We will retrain older workers and help them to acquire new skills, through schemes like the Back-to-Work programme and the Training Voucher Scheme. We aim to train 500,000 workers by the year 2005 through on-the-job programmes.

5. Raising productivity is the key to sustaining competitiveness. Our skills upgrading and training programmes have helped raise productivity levels over the years. The Productivity and Standards Board (PSB) will continue to develop programmes to help companies reach world-class standards in quality management, best practices and business excellence.

Science and Technology

6. We must build up science and technology, and deepen our indigenous capabilities. The National Science and Technology Board (NSTB) will lead this co-ordinated effort, involving the private sector, universities and research institutes. We will encourage more bright students to take up science and engineering courses and pursue careers in R&D. We will also attract foreign research talent to work and live in Singapore.

Developing Local Enterprises

7. We will help promising local enterprises to ride on the regional boom and grow into regional MNCs. The Economic Development Board (EDB) will help them to source manpower, capital and technology, and to gain market access. PSB will help the smaller companies to upgrade through various assistance programmes.

Infrastructural Development

8. We will continue to upgrade our business infrastructure to support an efficient modern economy. We will supply enough industrial land at affordable prices, to meet the long term needs of MNC and local manufacturers, and keep manufacturing a key pillar of our economy. We will intensify use of industrial land, through innovative designs and estate renewal.

9. The Public Utilities Board (PUB) will meet our power and water needs efficiently and effectively. It will develop a competitive market for the electricity industry. It will expand and upgrade our water production and distribution capacities, and build a pilot desalination plant.

Singapore as a Total Business Hub

10. We will continue to attract investment in high value-added manufacturing and service industries by MNCs and local enterprises. The Trade Development Board will nurture local companies with the potential to be mega-traders.

11. We will promote tourism and tourism-related investments. STPB will work with the industry to develop new thematic attractions, upgrade the local industry, and promote overseas companies to use Singapore as a regional HQ. A mega exhibition centre, to be completed in 1999, will strengthen our status as a top convention and exhibition city in Asia.

International Economic Fora

12. Singapore has been an outspoken champion of global free trade. We have benefited from it, and our future depends on it. We will continue to build upon our existing economic linkages in WTO, ASEAN, APEC and ASEM to advance global and regional free trade.

Regionalisation

13. Regionalisation has strengthened our ties with our neighbours and expanded our economic space. Our flagship projects in Indonesia, China, India and Vietnam are progressing well. The Growth Triangle of Singapore, Johor and Riau province has taken off.

14. Singapore businessmen have responded enthusiastically to the regionalisation drive. The Government will continue to help them by building linkages and opening doors to regional economies. We will promote third-country partnerships and joint-ventures to leverage on the partners' complementary strengths. Where it is helpful, we will form Government-to-Government committees and business groups to facilitate these efforts.