Private enterprise to have bigger role in coming years
Maximum growth targeted to make most of good times
By Erica Tay
MAKING the most of favourable road conditions to power ahead at full speed: This is the kind of economic path Singaporeans can look forward to in the coming years.
Trade and Industry Minister Lim Hng Kiang outlined his key plans for the coming term in his ministry's addendum to the President's Address.
He said the Government will promote economic development, 'maximising growth while external conditions are conducive'.
To do so, Singapore must be nimble and adaptable to change, he said.
Mr Lim also pointed to a bigger role for private enterprise in the coming years.
'The Government will continue to make the business environment more enterprise-friendly, moving out of areas where the private sector can play a better role.'
Talent, enterprise and ideas take centre stage in his vision for Singapore to be a 'leading global city'.
'We will foster economic growth, press on with restructuring, and create jobs by seizing opportunities in a time of rapid change and increasing competition,' said Mr Lim.
His aim is for Singapore to build on its strengths and undertake more sophisticated tasks within electronics, chemicals, biomedical sciences, engineering and supply chain management.
In addition, Singapore's reputation for trust can be the basis on which to grow service industries such as education, health care and business services, he noted.
Efforts to grow the research and development sector will be buoyed by Singapore's five-year Science and Technology Plan 2010.
Mr Lim also outlined how Singapore will build economic links with regions from South-east Asia to the Middle East.
'Singapore is at the heart of a resurgent Asia and well-connected to the world. We will step up our engagement with our partners, and deepen economic linkages by building closer ties at the provincial and state levels,' he said.
Mr Lim highlighted plans to nurture a thriving enterprise sector - through the work of agencies such as Spring Singapore and the Competition Commission of Singapore.
Finally, he spoke on the importance of the people element in driving the economy.
His ministry, together with the Education and Manpower ministries, will help Singaporeans develop their talent, upgrade their skills and have fulfilling careers, he said.
Said Mr Lim:'We will also welcome international talent to live and work in Singapore.'
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