SINGAPORE - There are pockets of opportunities that Singapore can continue to exploit despite weaker global economic growth, said the Ministry of Trade and Industry (MTI).
Developing growth clusters, such as smart and sustainable urban solutions, will keep Singapore resilient and create good jobs for Singaporeans.
The Asean economies are also expected to continue to grow, driven by a rising growing middle class, said the ministry in its addendum to President Tony Tan Keng Yam's address to Parliament last Friday (Jan 15).
The President's address outlined the Government's programmes for the next five years and beyond.
Here's a look at the plans MTI outlined:
Developing growth clusters
* In the advanced manufacturing cluster, existing capabilities will be enhanced to expand into new types of high-value manufacturing. Investments in technology like 3D printing and robotics will help grow competitive niche segments
* Develop industries around smart and sustainable urban solutions. As cities urbanise in Asia, there are many opportunities to commercialise innovative urban solutions developed in Singapore, which can be scaled and exported overseas
* Deepen specialised logistics capabilities to keep Singapore well-connected and maintain its position as one of the leading air and sea ports in Asia
* Support companies in the biomedical sciences cluster to meet the needs of a rapidly ageing population in Asia, as well as to target emerging segments, for instance in geriatrics and preventive care
Enhancing capabilities and competitiveness
* MTI will partner the National Research Foundation to leverage R&D to support innovation-led growth for enterprises here. This will involve promoting collaboration between companies, research institutes and start-ups, and also enhancing access to technology for small local companies
* Deepen partnership with trade associations and chambers to support small and medium enterprises to restructure and raise productivity.
Growing Beyond Singapore
* The Trans-Pacific Partnership (TPP), Asean Economic Community, and Singapore's expanding network of Free Trade Agreements will mean lower tariffs, improved market access and greater transparency for companies
* Support companies in developing capabilities to internationalise through the expanded Enterprise Development Fund
Equipping Singaporeans for jobs of the future
* Partner Ministry of Manpower, Ministry of Education, industry players and unions in SkillsFuture initiatives
* SkillsFuture Mentors to guide SMEs as they upgrade their training and development capabilities