The Singapore government has unveiled a new plan to strengthen local businesses in various sectors, with an aim to significantly grow the export value from SGD 805 billion (USD 590 billion) to at least SGD 1 trillion (USD 732 billion), and double the offshore trade value from USD 1 trillion to USD 2 trillion by 2030. They also want to capture more re-exports and transshipment flows to embed Singapore more deeply into global supply chains. The plan will be driven by strategies that provide direction across four pillars of the economy – services, manufacturing, trade and enterprises.
Over the next decade, the Singapore Economy 2030 vision will put the nation’s industries, enterprises, and workers on a firmer footing for long-term, sustainable growth. A new initiative will be launched to attract more locals to join the manufacturing sector, while doubling the efforts to create a vibrant core of homegrown manufacturers. The manufacturing sector grew significantly by 13.2% in 2021, and attracted USD 8.5 billion in total asset investment, creating more than 6,000 jobs. Support will be provided for manufacturers with strong potential to expand their global reach.
The Enterprise 2030 strategy will be aimed at fostering an ecosystem of Singapore enterprises that are future-ready, globally competitive and possess deep innovative capabilities. Sustainability and digitalization will be driving the next lap of growth for the services sector, which represents 70% of Singapore’s economy spanning industries such as finance, insurance and information and communications.
(Sources: MTI; Channel News Asia)