Singapore seeks ways to improve economic competitiveness

15:49 | 03/11/2015 Global Economy

Singapore will focus on three sectors – jobs, resources and technology – to boost the economy’s competitiveness and generate opportunities and jobs for its people, said Singaporean Minister of Finance Heng Swee Keat.

Singapore seeks ways to improve economic competitiveness

Part of Singapore (Photo: VNA)

In order to realise its ambitions, Singapore will form Committee on the Future Economy in December to examine specific issues relating to jobs, enterprises, resources, technology and markets to transform Singapore from an economy based on added value to one generating value.

This transformation also aims to create an environment that embraces the freedom of creativity of enterprises, turning the island state into a reliable link in the structure of the region as well as the world.

On that basis, the committee also examined methods to cooperate with enterprises to redesign jobs meeting future demand and optimising labour, land and business resources costs.

Singapore’s Minister of Trade and Industry S Iswaran emphasised that the creativity value requires Singapore to continue deepening the public-private relationships to create economic values, extremely important for Singapore to overcome limitations and exploit market opportunities in the future and promote global competitiveness.

Iswaran said that as a small country, Singapore always seeks solutions to the scarcity of land and other natural resources.

Many innovative solutions in water and environment, urban planning and green buildings have been effectively implemented, producing positive results. Some of the solutions have been exported to other countries in the region and the world, he added./.

Source: VNA

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