Government to develop Singapore as Global-Asia hub

Singapore-based companies will be given the opportunity to expand into Asia using three strategies proposed by the government.

According to Minister for Trade and Industry, Mr Lim Hng Kiang's speech during the committee supply debate, the Government has three strategies to help Singapore-based companies seize growth opportunities, become competitive and expand into Asia.

These three are 1) to make Singapore a Global-Asia business hub; 2) to re-position existing clusters and grow emerging ones; and 3) to pursue productivity-led growth.

Companies of today operate globally. Many site their activities across Asia, and coordinate them from "control towers". Their functions include innovation, commercialisation, supply-chain and talent management.

Mr Lim Hng Kiang said,"our political stability, connectivity, access to talent and educated workforce make Singapore a compelling destination for global and regional 'control towers'".

Singapore can be a base for MNCs and global mid-sized companies to penetrate the Asian market. Also, Asian champions will find Singapore useful in terms of expanding from their domestic base to other parts of the world.

"To be a Global-Asia hub, our value is not just location", said Mr im Hng Kiang. "Our companies must also understand the business environtment in Asia."