How can Singapore's economy improve

Singapore: six strategies for economic growth promote internationalization

  • 1. Deepen and diversify international connections

Singapore wants to further deepen and expand relationships with multinational institutions to promote trade and investment. The paper published by the Committee on the Future Economy speaks of the intensification of trade relations in the ASEAN area, adherence to WTO guidelines and the expansion of further bilateral and plurilateral cooperation. The aim is to reduce tariff and non-tariff trade barriers.

  • 2. Acquire and use deep skills

On the one hand, Singapore is pursuing the approach of promoting start-up companies more intensively. For example, the Research Innovation Enterprise 2020 Plan (RIE2020) was launched for this purpose. On the other hand, the subsidies are intended to support companies in the field of internationalization and research and development. Furthermore, the framework conditions for entrepreneurship and the assertion of the right to intellectual property are to be simplified.

  • 4. Build strong digital capabilities

The focus of this strategy is to help companies adapt new technologies. There is a strong emphasis on data acquisition and data security. Projects to promote data science.

  • 5. Develop a vibrant and connected city of opportunity

Singapore is already an important hub for the Southeast Asian region. As part of this strategy, the infrastructure is to be expanded. The aim is to expand Changi Airport with a fifth terminal, build a cargo port in Tuas and build the Kuala Lumpur-Singapore high-speed rail line. Another goal is to develop a master plan for urban underground infrastructure and the promotion of self-driving cars. New residential buildings and shopping centers should make them liveable.

  • 6. Develop and implement Industry Transformation Maps

The Industry Transformation Map (ITM) aims to ensure that the various strategies are implemented in a coherent manner. The ITM is an official body in which representatives from 23 industries are involved and takes over the patronage for the implementation of the strategies.

  • 7. Partner one another to enable growth and innovation

At the center of this strategy is the further expansion of chambers of commerce in order to expand international cooperation with Europe and the world. The revision of the tax system and regulations are also part of this strategy. Climate change also plays a role and should be counteracted through the increased use of cleantech products and services.

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The full “Report of the Committee on the Future Economy” can be found here.

Source: Singapore Times