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Industrial Development in Singapore

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Introduction

Industrial Development in Singapore 1.Draw a time line to trace the industrial development in Singapore from 1970s to 2000s (Do include short explanation at each junction) 2. Predict what will be the direction of the industrial development in Singapore in the next 20 years in the perspective of a) The government b) The investors c) The workers a) In the EDB's Industry 21 blueprint launched in June 1998, programs were designed to promote Singapore's economic growth into the next millennium aiming to develop Singapore into a leading competence centre for knowledge-driven activities and a hub for the headquarters and product charters of multi-national corporations. Thus in the next twenty years, we predict that the knowledge-driven industries would contribute more towards Singapore's GDP. As China is growing in importance as a major competitor those industries in which we are no longer competitive will be shifted out mostly secondary labour-intensive, producing low value products like the textile and, and promising sectors will be nurtured and grow. ...read more.

Middle

Current overseas joint ventured industrial parks will be expanded for example the Suzhou Industrial Park and Information Technology Park in Bangalore b) The government emphasis on R&D and the many incentives they offer would thus encourage more companies to venture into R&D work. Technology would become the key competitive factor Companies would need to enhance links to other global technological centres. They will embrace innovation to generate new businesses and growth. Thus innovation within companies and development of new knowledge-driven capabilities and activities will increase with the support of the government. Also with the governmental support, local enterprises to be more resilient in the face keener competition. Local enterprises pool of resources would have grown to achieve synergy and economies of scale, The leverage on external expertise will raise professional standards, their brands would have be developed and innovation and technology new and improved products will be developed and processes would also be re-engineered to increase productivity. ...read more.

Conclusion

To nurture the domestic manpower to their maximum potential. Twenty years in the future the government through the Ministry of Education would have developed Singapore into having nation". By starting at school and continuing throughout working life. Furthermore the government emphasis on R&D and innovation would mean Singapore would need a highly skilled and disciplined labour force. Workers by then would have inculcated life long learning and would go for self improvement courses on their own accord Learning would help workers aquire skills needed for new jobs or for growth within existing jobs, resulting in higher wages and better job security. For employers, training increases productivity and competitiveness. A skilled and adaptable workforce will enable employers to respond quickly to industry changes. Singapore will continue to have a leverage on foreign manpower at all levels to enhance the industrial growth of the nation. The employment of foreign manpower will help national to grow beyond what indigenous resources can produce. This however might bring stiff competition between foreigners and locals for jobs ...read more.

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