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Singapore unveils key economic strategies
SINGAPORE: While the Economic Development Board (EDB) has done well to secure US$17.2bil of fixed-asset investments in an exceptionally difficult year, the road ahead will be challenging, according to Trade and Industry Minister Chan Chun Sing.(pic below)
Speaking at a media briefing ahead of EDB’s annual year-in-review, Chan outlined the hurdles anticipated and the republic’s key economic strategies for 2021 as the world grapples with the impact of the Covid-19 pandemic.
He said Singapore would focus on four key strategies this year, to drive economic recovery and position itself strongly for continued growth.
First, it will work to strengthen its position as a critical node in the global value chain.
The republic’s key strategy to identify the best global companies in niche areas it wants to anchor in Singapore and building a strong ecosystem to support them has been successful, Chan pointed out.
“It has uplifted many small and medium enterprises in our economy by giving them valuable exposure and experience and helped develop highly-skilled and globally valued generations of workers, ” he said.
Singapore will continue this strategy, especially in new growth areas such as agri-tech, biomedical sciences, electronics and infocomm and media.
Such an approach will also provide greater resilience to its economy and give it an edge in times of need, he said.
Singapore will also forge new trade rules in forward-looking areas such as data, finance and technology.
Following digital economy agreements (DEAs) inked with the likes of Australia, Chile and New Zealand last year, Singapore has launched negotiations with South Korea and is looking to start discussions with Britain soon as well, said Chan.
“These DEAs will allow us to accelerate efforts to develop our digital economy and set high standards in digital trade rules globally, ” he said, urging more countries to do the same and build bridges rather than put up walls in the digital space.
The republic will pursue an innovation-led and sustainable economy.
Besides strengthening its research networks and supporting small companies to close the innovation and enterprise loop, Chan said Singapore would also encourage companies to innovate and develop new solutions for regional and global markets. — The Straits Times/ANN
Source: https://www.thestar.com.my/business/business-news/2021/01/21/singapore-unveils-key-economic-strategies