In this year’s Budget 2019, Finance Minister Heng Swee Keat expressed his resolve towards making Singapore a Global-Asia node of technology, innovation and enterprise.
“We should position Singapore as ‘Asia 101’ for global MNCs looking to expand into Asia’s growing markets,” said Mr Heng.
For Asian companies going global, they should be positioned as ‘Global 101’, he added.
In terms of Government efforts, Mr Heng outlined three thrusts:
- Investments in research and innovation by universities, research institutes and local firms
- Investments in people
- Building global partnerships
In the meantime, Singapore will continue to invest in research and innovation. $19 billion has been set aside as part of the five-year Research, Innovation, and Enterprise 2020 plan.
It will also prepare and develop its people to make full use of this to “ride on the wave of the fourth Industrial Revolution” and develop stronger partnerships around the world.
To draw greater value from trade networks, the Government will streamline and digitise its trade processes further to raise efficiency, and work with partners to facilitate the secure exchange of electronic trade documents to increase productivity.
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