Ministry of Trade and Industry (Singapore)
Encyclopedia
The Ministry Of Trade and Industry (Abbreviation
: MTI;) is a ministry
of the Government of Singapore
that directs the formulation of policies related to the development of trade and industry in Singapore
.
This will be done through three strategies, which are derived from Singapore's general philosophy of economic management - strong adherence to a free market
economic system, and active pursuit of outward-oriented economic policies:
According to MTI, Singapore
needs to embrace globalisation, and continue linking ourselves to the developed economies, to attract investment
and expand its markets. Investors should be offered that extra plus, in terms of superior capabilities and an efficient and flexible business environment.
The MTI also claims Singaporeans must constantly upgrade themselves, and make Singapore
a knowledge economy powered by innovation
, creativity
and entrepreneurship
. As manufacturing
is an important industry in Singapore, to hold out in the increasingly competitive sector, Singaporeans must maintain our cost competitiveness, equip themselves with relevant skills and expertise, and continue to attract high-quality investments.
Abbreviation
An abbreviation is a shortened form of a word or phrase. Usually, but not always, it consists of a letter or group of letters taken from the word or phrase...
: MTI;) is a ministry
Ministry (government department)
A ministry is a specialised organisation responsible for a sector of government public administration, sometimes led by a minister or a senior public servant, that can have responsibility for one or more departments, agencies, bureaus, commissions or other smaller executive, advisory, managerial or...
of the Government of Singapore
Government of Singapore
The Government of Singapore is defined by the Constitution of the Republic of Singapore to mean the Executive branch of government, which is made up of the President and the Cabinet of Singapore. Although the President acts in his personal discretion in the exercise of certain functions as a check...
that directs the formulation of policies related to the development of trade and industry in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
.
Mission
To promote economic growth and create jobs, so as to achieve higher standards of living for all.This will be done through three strategies, which are derived from Singapore's general philosophy of economic management - strong adherence to a free market
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
economic system, and active pursuit of outward-oriented economic policies:
- Facilitating the development of industry sectors with strong growth potential and fundamentals.
- Protecting Singapore's international trade interests, in particular, with a view to enhance access to global markets for our goods,services and investments.
- Providing a good understanding of the current state of and outlook for the Singapore economyEconomy of SingaporeSingapore has a highly developed state capitalist mixed economy; the state owns stakes in firms that comprise perhaps 60% of the GDP through entities such as the sovereign wealth fund Temasek...
for policy formulation and refinement.
Vision
The vision of the Ministry of Trade and Industry is to turn Singapore into a leading global city of talent, enterprise and innovation. Its vision is further elaborated through a sub-vision: A Globalised, Entrepreneurial and Diversified Economy.A Globalised, Entrepreneurial and Diversified Economy
The MTI's vision is for Singapore to be by 2018:- a globalised economy where Singapore is the key node in the global network, linked to all the major economies;
- a creative and entrepreneurial nation willing to take risks to create fresh businesses and blaze new paths to success; and
- a diversified economy powered by the twin engines of manufacturing and services, where vibrant Singapore companies complement MNCs, and new startups co-exist with traditional businesses exploiting new and innovative ideas.
Strategies
To realise the MTI's vision of Singapore as a leading global city - a hub in the new Asian and global economic networks, and an entrepreneurial and diversified economy - the Economic Review Committee (ERC) identified six key areas which are critical:- External ties
- Competitiveness and flexibility
- Entrepreneurship and Singapore companies
- Twin engines: manufacturing and services
- People
- Restructuring
According to MTI, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
needs to embrace globalisation, and continue linking ourselves to the developed economies, to attract investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
and expand its markets. Investors should be offered that extra plus, in terms of superior capabilities and an efficient and flexible business environment.
The MTI also claims Singaporeans must constantly upgrade themselves, and make Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
a knowledge economy powered by innovation
Innovation
Innovation is the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society...
, creativity
Creativity
Creativity refers to the phenomenon whereby a person creates something new that has some kind of value. What counts as "new" may be in reference to the individual creator, or to the society or domain within which the novelty occurs...
and entrepreneurship
Entrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
. As manufacturing
Manufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
is an important industry in Singapore, to hold out in the increasingly competitive sector, Singaporeans must maintain our cost competitiveness, equip themselves with relevant skills and expertise, and continue to attract high-quality investments.
Departments & Statutory boards
The ministry oversees a department and 10 statutory boards. These are:- Singapore Department of Statistics
- Agency for Science, Technology and ResearchAgency for Science, Technology and ResearchThe Agency for Science, Technology and Research is a statutory board under the Ministry of Trade and Industry of Singapore...
(A*STAR) - Competition Commission of Singapore (CCS)
- Economic Development BoardEconomic Development Board-Overview:The Economic Development Board is a statutory board of the Government of Singapore that plans and executes strategies to sustain Singapore as a leading global hub for business and investment....
(EDB) - Energy Market AuthorityEnergy Market AuthorityThe Energy Market Authority is a a statutory board under the Singapore's Ministry of Trade and Industry of Singapore. The EMA's main goals are to promote effective competition in the energy market, ensure a reliable and secure energy supply, and develop a dynamic energy sector in...
(EMA) - Hotel Licensing Board (HLB)
- International Enterprise SingaporeInternational Enterprise SingaporeInternational Enterprise Singapore , or IE Singapore, is a statutory board under the Ministry of Trade and Industry of the Singapore Government that facilitates the overseas growth of Singapore-based companies and promotes international trade.-Purpose:...
(IE Singapore) - JTC CorporationJTC CorporationJTC Corporation , formerly the Jurong Town Corporation, is Singapore's principal developer and manager of industrial estates and their related facilities.-History:JTC was established on 1 June 1968 to develop industrial estates...
(JTC) - Sentosa Development CorporationSentosa Development CorporationSentosa Development Corporation is a statutory board in Singapore, under the purview of the Ministry of Trade and Industry....
(SDC) - Singapore Tourism BoardSingapore Tourism BoardThe Singapore Tourism Board is a statutory board under the Ministry of Trade and Industry of Singapore, tasked to promote the country's tourism industry.-History:...
(STB) - SPRING Singapore (Standards, Productivity and Innovation Board)