HIDDEN_ADDENDA, MINISTRY OF TRADE AND INDUSTRY

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MINISTRY OF TRADE AND INDUSTRY: MR LIM HNG KIANG
Minister for Trade and Industry

1 Singapore will be a land of opportunity for businesses to flourish and for entrepreneurs to pursue their dreams, so that Singaporeans can fulfil their potential and enjoy rising living standards.

OUR EXTERNAL ENVIRONMENT: 2 Rapid globalisation and technological advancements pose challenges, but also present new opportunities. The world is our market, and new value can be created through innovative fusion of ideas and technologies. A burgeoning middle class is fast emerging in Asia. Their lifestyle aspirations will create huge demand for quality goods and services.

THRIVING MANUFACTURING: 3 The future for manufacturing in Singapore remains bright. We have built up core competencies in key clusters like electronics, engineering and chemicals. Our biomedical

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science efforts are also yielding good results. EDB will strengthen these clusters and maintain our competitive edge. We will manufacture higher value products and undertake more knowledge-intensive activities like product development and design. We will also leverage on our competencies to move into new growth areas like photonics and nanotechnology. Traditional industries like food, furniture, textiles and apparel will be revitalised through the adoption of technology or new business models.

4 Our manufacturing must be supported by a strong foundation in science and technology and top class infrastructure. The Ministerial Committee on Research and Development (R&D) will review the strategic directions for R&D in Singapore. A*STAR will draw up the Science & Technology Plan 2010, a blueprint to strengthen our R&D capabilities and develop research manpower. Greater emphasis will be placed on cross-disciplinary technology platforms to support industry innovation. JTC will continue to pioneer leading edge projects like One North and upgrade existing industrial facilities. EMA has completed the restructuring of the electricity sector, which has brought about efficiency and cost savings. The restructuring of the gas sector is underway. EMA will further enhance Singapore’s energy resilience and security, including studying the importation of liquefied natural gas to diversify supply sources.

VIBRANT SERVICES: 5 Singapore will be home to a broad array of service industries. We will accelerate the growth of existing services like information technology, trading and logistics. We will also leverage on our strength in education and healthcare to serve the growing regional demand for these services. Digital media is another industry that is poised for more rapid growth. Fusionpolis in One North will be an iconic focal point for its development.

6 We will rejuvenate our tourism sector to turn Singapore into Asia’s lifestyle city. STB has unveiled its Tourism 2015 vision to double visitor arrivals to 17 million. Our entertainment offering will be greatly enhanced by the development of themed resorts, family attractions and exciting events. SDC will transform Sentosa into a world-class leisure destination and develop Southern Islands to meet Singapore’s future recreational needs. We will remake Orchard Road to inject greater vitality and excitement into our main shopping belt.

GLOBAL CONNECTIONS: 7 Singapore is at the heart of ASEAN and the crossroads of the growing giants of China and India. We will continue to deepen economic ties with our key trading partners, as well as expand linkages with emerging markets in Middle East and Latin America. Regional integration will be enhanced through initiatives like the ASEAN Economic Community and ASEAN-plus Free Trade Agreements (FTAs). We will also contribute towards the successful conclusion of the WTO Doha Development Agenda, and participate actively in APEC and ASEM. Our expanding web of bilateral FTAs complements our efforts at the regional and multilateral fora. We are working on FTAs with India, Korea, Panama, Chile, Kuwait, and Qatar to increase our global reach. IE Singapore will help companies tap overseas business opportunities by providing market intelligence and facilitation through its network of overseas offices. We will also build up the Singapore brand name and trust mark, so that our goods and services enjoy an even higher level of international standing and recognition.

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FULFILLING POTENTIAL: 8 A bustling and diversified economy will offer a wide variety of exciting opportunities for individuals to make the best use of their talents. We will work with MOE and MOM to enable Singaporeans to learn, improve their skills, and develop their abilities to the fullest. We will build on Singapore as a talent magnet, and continue to attract and welcome international talents.

9 Singapore will be among the world’s best places to start and grow a business. We will continue to provide a conducive business environment with low taxes and prudent fiscal and monetary policies. We will press on with our efforts to cut red tape, keep regulatory burden low, and stay cost competitive. A Competition Commission has been set up to enforce the new Competition Act, which will provide a level playing field for businesses to compete. We will broaden the avenues of enterprise financing, and increase the access of good ideas to smart monies.

10 We must encourage entrepreneurship and nurture the growth of enterprises as they create wealth and employment. Our various agencies will work together to provide comprehensive and integrated assistance to companies. There will be a stronger focus on helping companies build core capabilities in technology, branding, distribution and financial management. We will also improve on our programme delivery. SPRING will establish a One-Stop Centre for SMEs. We will develop closer partnership with business and industry associations to upgrade the capability and improve the productivity of their members.