SINGAPORE’S ECONOMY grew 1.1 per cent in 2023 and is expected to grow by up to 3 per cent for 2024. This is very good, considering the difficult economic climate the world faces.
The MTI has more ways to see Singaporeans through these difficult times. Here are 5 of them:
1. Supporting new technologies in advanced manufacturing
Source: Gan Kim Yong / Facebook
“We will double down on our strengths in robotics and automation,” said Minister for Trade and Industry Gan Kim Yong on Day 3 of the Committee of Supply debates this past Friday (Feb 1).
This includes helping local start-ups bring cutting-edge technology to market, especially in areas like precision medicine which grows at about 11.5 per cent a year.
Our MP Saktiandi Supaat (Bishan-Toa Payoh GRC) rightly pointed out that manufacturing is a key pillar of Singapore’s economy. It is one-fifth of our GDP and employs one-eight of Singapore’s workers. So, this strategic-doubling down means more higher-value opportunities in advanced manufacturing and new growth pathways for Singapore.
2. Seizing green growth opportunities
Climate change remains the great battle of our time. MTI will aid Singapore’s industries to contribute — and commandeer — this fight.
“We have established a vibrant carbon services and trading ecosystem to take advantage of the growth in the global carbon market. There are also opportunities to develop sustainable products, such as biofuels, sustainable aviation fuel and green chemicals, which support our green growth objectives,” said Minister Gan.
Look to the skies for one such example. Neste, the world’s leading producer of sustainable fuels, expanded their Singapore operations recently: Singapore is now the world’s leading producer of sustainable aviation fuel.
3. Towards a cleaner power system
How do we keep Singapore’s industries running though? Second Minister for Trade and Industry Tan See Leng announced that Singapore’s natural gas procurement is being centralised this year. This shores up Singapore’s fuel stocks, even while upgrades to diversify Singapore’s energy grid continue.
Source: Singapore International Energy Week
About $43 million for six research projects exploring hydrogen deployment for fuel is also being given.
Minister Tan also clarified for an Opposition member that technology today just does not make it cost-efficient to procure hydrogen.
“The logistics and transportation of the hydrogen is actually very, very costly, because I think you know, the boiling point of liquid hydrogen is actually very, very low. And there’s significant amounts of energy needed to keep it at that kind of low temperatures, so it doesn’t make it economically viable,” said Minister Tan.
4. Swiftly bringing in events Taylor-ed for tourism
“We are also developing a pipeline of high quality and first-of-its-kind experiences here in Singapore, that we will launch in the coming years. This will help us to maintain international mindshare and strengthen our appeal as a compelling destination,” said Minister of State for Trade and Industry Alvin Tan.
Look no further then to Taylor Swift. BLACKPINK. Ed Sheeran. Jacky Cheung. They all have Singapore locked in as concert venues, and are part of our PAP Government’s strategy for post-pandemic tourism.
“In 2023, our international visitor arrivals recovered to 13.6 million, which is 71% of our 2019 levels, while our tourism receipts for the first three quarters of 2023 reached 98% of the same period in 2019,” said MOS Tan.
So an over-$300 million boost to Singapore’s Tourism Development Fund is coming. It will upskill tourism workers and help local enterprises develop new intellectual properties.
Source: Alvin Tan / Facebook
The fund will also rejuvenate the nation’s tourism offerings. You do need world-class facilities to host world-class acts and keep having the world’s largest MICE events — and like for 2024, bring in at least $26 billion for Singapore’s economic growth.
5. Revitalising heartland businesses
We at Petir.sg are big on placemaking, or making an area vibrant and where people want to linger. Here, we are all for Minister of State for Trade and Industry Low Yen Ling announcing the Heartland Enterprise Placemaking Grant. This does mean that Singapore’s neighbourhood mom-and-pop shops have more support in the age of e-commerce and big franchises.
Source: Low Yen Ling / Facebook
“We will make available funding of up to $10,000 for eligible heartland enterprises to organise placemaking projects. I am sure many good ideas are out there waiting to be explored. We want to encourage our heartland enterprises to come forward with exciting proposals,” said Minister Low.
Cover photo: The Straits Times© Singapore Press Holdings Limited. Reproduced with permission.
