Title: Internal factors that affect Singapore
1Sustaining Singapore's Development in the 21st
Century
- Internal factors that affect Singapore
- External factors that affect Singapore
- Economic strategies for sustainable development
- Environmental strategies for sustainable
development
2Internal Factors that Affect Singapore
- Limited land
- Shortage of water
- Dependence on imported technology
- Environmental pollution
- Racial vulnerability
- A small and open economy
- Shortage of skilled labour
3External Factors that Affect Singapore
Economic Slowdown in Other Countries
Socio-Political Unrest in Other Countries
Environmental Issues
4Economic Slowdown in Other Countries
- How it affects
- Singapore relies on other countries for natural
resources - sells to other countries its manufactured goods
- reduction in imports and exports mean less
business for - Singapore. This affects the economy.
- Example
- Currency Crisis in 1997 and 1998
- slowdown in economic activities
- many workers lost jobs
- Singapore ran into recession
5Socio-Political Unrest in Other Countries
- How it affects
- strong links among countries due to
globalisation - countries are inter-related to one another
- when one country is affected, others are involved
- Examples
- World War II and Singapores involvement
- Social unrest in Vietnam and refugee problems in
Singapore - Political unrest in Indonesia and Singapores
investment
6Environmental Issues
- How it affects
- air, noise and land pollutions have no boundary
- what happens in one country impact on its
neighbours
- Example 1
- forest fires in Indonesia in
- 1997
- haze in Singapore leading to unhealthy living
conditions
- Example 2
- collision of two oil tankers in 1997
- affected people as well as
- marine life
7Economic Strategies for Sustainable Development
1. Moving Towards a Knowledge-Based Economy
4. Building an Information Technology (IT)
Infrastructure
7. Promoting Research and Development
2. Improving Workers Employability
5. Going Regional and Global
8. Attracting Foreign Talent
3. Promoting Manufacturing and Services as Twin
Engines of Growth
6. Developing Local Entrepreneurship and
Technoprenuership
81. Moving Towards a Knowledge-Based Economy
- What is it
- information and knowledge drives economy
- need to be knowledgeable, creative and
innovative - need to train and upgrade
- How to achieve it
- greater emphasis on training and upgrading
- choose right type of training
- no use memorising everything in this computer
age - more important to review and analyse, in
coming up - with creative sound suggestions to issues
- value-addedness at all levels of manufacturing
- service industry
- EG?
91. Moving Towards a Knowledge-Based Economy
- Results
- Maintain long-term competitive edge
- Workforce that is more skilled to compete in
- knowledge-intensive industries eg electronics,
- IT
102. Improving Workers Employability
- What is it
- new technology and rapid changes ? obsolete
workers - - important to keep the workers employable
- How to achieve it
- upgrading of skills, eg part-time courses
- at Bukit Merah Skills Development Centre
- retrain rather than retrench employees
- training in new areas, eg IT
- EGs?
112. Improving Workers Employability
- after 2000
- promoting continuous learning among workforce
- Workforce Devp Agency in 2003 ensure
competitive workforce through skills upgrading
(new Stat board under MOM) - target main competencies for IT, creative,
financial industries - Data management, game development etc!
- http//app2.wda.gov.sg/wsq/Common/hompage.aspx to
find out more! - Employability Skills Systems new skills to
adapt to new job demands and changing work
environment - Skills Development Fund financial assistance to
employers to encourage them to train and upgrade
skills of their workers
123. Promoting Manufacturing and Services as
Twin Engines Of Growth
- What is it
- promoting high-technological manufacturing
- at the same time promoting services
- if one sector fails, can rely on the other sector
- How to achieve it
- a regional service centre (promote services)
- centres of education and research in Singapore
- better service eg. DBS and POSB
- regional headquarters here
- manufacturing services (promote manufacturing)
- import raw materials from other countries and
export as - refined products
WHY?
133. Promoting Manufacturing and Services as
Twin Engines Of Growth
- Centre for technology intensive, high value-added
manufacturing activities - Attract MNCs to set up technology-intensive, high
value-added manufacturing activities here - eg electronics, Seagate (hard disk drives),
chemical engineering (Jurong Islandchemical hub
for ExxonMobil and Shell), Life Sciences
(Biopolis) - ? Generates more jobs locally
- ? Affirms Singapores position as a manufacturing
hub
143. Promoting Manufacturing and Services as
Twin Engines Of Growth
- Aims to be regional hub for services
- Education (University of Pennsylvania Wharton
School of Business, University of Chicago
Graduate School of Business, Shanghai Jiao Tong
University, Stanford University set up branches
in Singapore) - Strengthen Singapores position as a choice
tourist destination in SEA - Innovative in offering man-made attractions so as
not to lose out to competitors in the region
(Integrated resorts (IRs) Marina Bay and Sentosa) - Jobs creation
- Generate further economic growth to withstand
intense regional competition - ? Reduce dependence on single industry/market
154. Building an Information Technology (IT)
Infrastructure
- What is it
- invisible network linking different parts of
Singapore - links Singapore with rest of the world
- good IT structure would encourage more
investment
- How to achieve it
- 1991 to 1995 - 2 billion for National Technology
Plan - IT 2000 Plan (1992)
- - prepare Singapore for the IT age through use
of - computers in workplaces, public
places and schools - 1996 to 2000 - 4 billion National Science and
Technology Plan - Singapore ONE (1996)
- - worlds first nation-wide network
Purpose?
165. Going Regional and Global
- What is it
- limited land and labour resources
- need to look beyond Singapore for investment
- ? mutual benefits long-term growth potential
- ? diversify investments
- How to achieve it
- i. Go Regional (Regionalization)
- invest in countries that have abundant land,
lower labour - costs and new markets
- provide infrastructure, expertise and money in
return, host - country would provide land and labour for
Singapores companies - 1989/94 SIJORI
- 1994 Suzhou Industrial Park
- International Tech Park in Bangalore, India
17- How to achieve it
- ii. Go Global
- 1997 and 1998 recession in Southeast Asia
- global investment e.g. Africa and Latin America
- EDB business opportunities in region and tax
incentive - schemes for companies which set up factories
overseas - TDB grants for companies to move to new
markets - contacts authorities for overseas investment
- government provides opportunities eg. setting
up of - Southern Africa Investment Fund of US100
million - Investments in Australia, Indonesia, India,
Middle East, Africa, Latin America, Central and
Eastern Europe
186. Developing Local Entrepreneurship and
Technopreneurship
- What is it
- ensuring entrepreneurs are highly skillful
- need to transform entrepreneurs into
technopreneurs
- How to achieve it
- role played by government
- - established one-stop centre to assist
technopreneurs - - allows for changes in law to accommodate risk
taking - e.g. change in bankruptcy law
- educational opportunities
- technopreneurial skills taught in NUS and NTU
- Kenny Yap of Qian Hu Fish Farm, a local
ornamental fish service provider, Creative
Technology, Hyflux
197. Promoting Research and Development
- What is it
- development of own talent pool and own
technologies - importance of successful RD
- How to achieve it
- encourage local enterprises to partner with
universities and - national research institutions
- encourage international partnerships to promote
science and - technology exchanges eg. joint projects with
countries like - China, Germany and India
208. Attracting Foreign Talent
- recruit more foreigners in areas where talent
is inadequate - learn from foreign talent to
improve own labour force
- How to achieve it
- more foreigners in fields like petrochemicals
and wafer - fabrication
- Research Scientists and Engineers
- information centres overseas e.g. London and
Hong Kong - foreigners in local universities
- foreign talent could provide avenue for more
business - opportunities overseas
- EGs?
21Economic Strategies for Sustainable Development
1. Moving Towards a Knowledge-Based Economy
4. Building an Information Technology (IT)
Infrastructure
7. Promoting Research and Development
2. Improving Workers Employability
5. Going Regional and Global
8. Attracting Foreign Talent
3. Promoting Manufacturing and Services as Twin
Engines of Growth
6. Developing Local Entrepreneurship and
Technoprenuership
22Why do you think the Asian currency crisis caused
a decline in visitor arrival from ASEAN countries
to Singapore?
ASEAN countries were the most affected by the
currency crisis. Due to the crises, the people
in these countries had less money to spend. They
thus avoided Singapore as the cost of living in
Singapore is very high.
23How will the decline in visitor arrivals affect
other related economic activities?
Impact on service industry employees will lose
their jobs due to reduced tourists (eg retail,
hospitality, FB, tourism)
24Why do you think that human knowledge is
considered the key factor for Singapores
successful future growth?
Since Singapore has no natural resources, it has
to ensure that its human resource is very good.
As such, there is an important need to ensure
that the people are knowledgeable and prepared
for the challenges ahead.
25What problems will the retrenched workers
and economy face if workers refuse to be
retrained?
If they refuse to retrain, they will not be able
to get another job easily. As such, they will be
financial burdened. This would mean an increase
in unemployment, which would worsen the economy
as money circulation would be reduced.
26Why do you think the Singapore government needs
to help the private companies by co-investing
with them?
This would ensure that the private companies are
well- equipped and prepared to face challenges.
27Why do you think some Singaporeans may choose to
live permanently in other countries?
Pull Factors Some of them might feel comfortable
staying on as they are used to the lifestyle
there. Opportunities to pursue passion Push
Factors Others might decide to settle down
overseas due to the inability to cope with the
fast pace of Singapore life. Lack of opportunities
28How do you think Singaporeans can stay rooted to
Singapore while living abroad?
With IT facilities freely available overseas,
they can keep in touch with what is happening in
Singapore through emails and internet access. NS
other common experiences Home
Friends Connection with the community
surroundings ? sense of ownership
29Do you agree that maximising our strengths and
minimising our weaknesses are sensible approaches
to planning for our future? Explain your answer.