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THE SINGAPORE SUCCESS STORY Private-Public Sector Alliance for Investment Attraction, Innovation and Export Development

THE SINGAPORE SUCCESS STORY Private-Public Sector Alliance for Investment Attraction, Innovation and Export Development. Sree Kumar and Sharon Siddique November 2009. SINGAPORE IS A SPECIAL CASE OF INDUSTRIALISATION AND TRADE. Small island state with a population of around 4.2 million

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THE SINGAPORE SUCCESS STORY Private-Public Sector Alliance for Investment Attraction, Innovation and Export Development

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  1. THE SINGAPORE SUCCESS STORYPrivate-Public Sector Alliance for Investment Attraction,Innovation and Export Development Sree Kumar and Sharon Siddique November 2009

  2. SINGAPORE IS A SPECIAL CASE OF INDUSTRIALISATION AND TRADE • Small island state with a population of around 4.2 million • Has no hinterland for large-scale industrial or agricultural development • Has a strategic importance by being between the Straits of Malacca and the South China Sea • Has no natural endowments • Has a sheltered, natural harbour • Played an important role as entreport during British colonial times • Has an industrious population …BUT IT HAS CREATED A COMPARATIVE ADVANTAGE THROUGH GOVERNMENT INTERVENTION

  3. SINGAPORE’S ECONOMIC GROWTH IS HIGHLY TRADE DEPENDENT

  4. THERE IS HIGH OPENNESS TO TRADE

  5. RE-EXPORTS ARE SIGNIFICANT PORTION OF EXPORTS

  6. FDI IS OF CRITICAL IMPORTANCE

  7. SINGAPORE HAS ESCHEWED FIVE YEAR PLANS • Focus has been on employment creation • A policy environment to foster foreign direct investment • Strengthening and enhancing port facilities • High expenditure on infrastructure and public services • Building ahead of demand • Borrowing best practices • Industrial selectivity giving way to firm and sector specific selectivity • A tax regime that is progressive with a “light” touch • An overall framework and administrative structure geared towards sector specialization

  8. A COHESIVE AND INTEGRATED ADMINISTRATIVE FRAMEWORK TO SUPPORT SECTOR SELECTIVITY

  9. PERIODIC REVIEWS ARE DONE TO RE-ALIGN NATIONAL STRATEGY • In 1990, the government launched a regionalization strategy to widen the industrial hinterland • After 1997 a major rethink led to re-focusing on being a global city • New strategy of widening the services cluster was pronounced • By 2005, the new strategy had encompassed several new and expanded initiatives • Biomedical sciences • Pharmaceuticals • Petrochemicals • High-end manufacturing • Financial services

  10. THE NEW CLUSTER OF R&D ACTIVITIES

  11. THE PRIVATE SECTOR IS OFTEN A PART OF THE OVERALL DESIGN AND STRUCTURE OF THE STRATEGY • Foreign experts are called on for advice • Private sector is invited to sit on the Boards of implementing agencies • International advisory panels (IAP) are appointed to Statutory Boards • Annual meetings of the IAP are used as feedback gathering exercises • Feedback on emerging trends and issues is used to re-calibrate the operating strategies of the different agencies

  12. THE NRF IS A GOOD EXAMPLE OF THE STRUCTURE

  13. THE NRF OPERATING FRAMEWORK

  14. SOME KEY LESSONS FROM SINGAPORE

  15. Public-Private Sector Alliances:Managing the Recession • Singapore Budget 2009 • Resilience Package (S$20.5B) Jobs Credit Scheme (S$4.5B) Skills Upgrading Programme (S$600m) Special Risk Sharing Initiative (SRI) (S$5.8B)

  16. Economic Strategies Committee • To grow Singapore as a leading global city • 25 member committee, 14 private sector • 8 sub-committees – public/private sector co-chairmen • “We need to review our specific strategies to develop the different sectors of our economy. Find new ways to attract investments. Implement policies to keep growing faster than other developed countries can.” PM Lee Hsien Loong 27 May 2009

  17. Singapore’s target population - 6.5 million • Current population – 5 million • 3.2 million citizens • 533,000 permanent residents • 1.25 million foreigners • Impact on productivity • Social cohesion

  18. Tapping into the region • ASEAN • ASEAN plus 3 • ASEAN plus 6 (East Asia) • China and India • APEC

  19. Singapore Budget 2010 • Phase out Jobs Credit • Discuss recommendations of ESC • Sharpen policy focus • “At the broadest level, our approach to economic development and growth remains valid” • PM Lee Hsien Loong, 27 May 2009

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