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The Way Ahead |
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Singapore has since the 1960s worked hard to stay at the forefront of the world's most competitive economies. Today it is an open market economy with a global network. It has a highly efficient, flexible and qualified workforce. The tripartite cooperation among workers, labour unions and the government means domestic stability and peace, with little disruption over the last 30+ years due to labour unrest.
Most importantly, the Singapore government promotes a pro-business environment that continues to encourage MNCs and local companies to invest and expand in Singapore. The government is able to anticipate problems and come up with effective solutions.
Singapore is building a knowledge-based economy to meet the challenges of the new millennium. Knowledge, creativity and innovation will be key determinants of long-term competitiveness. The development of a highly educated and flexible workforce is therefore very important. Singapore is cultivating its human capital by developing strong industries with a high level of innovation and technology, and building a wide pool of skilled knowledge workers.
EDB has charted several strategies to realise its vision for the 21st century of ensuring that Singapore remains a relevant and competitive centre for goods, services and information. They are:
- Strengthen our industry clusters
- Identify and grow new clusters
- Nurture innovation-driven enterprises
- Develop new geographies
- Make our environment conducive and competitive for global business
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