In the next twenty years, world-class multi-national corporations (MNCs) have been and will continue to be a key driver of Singapore's economic and industrial growth. The government will kick-start the process of building world-class companies by everaging on existing Government-linked companies given their size, and resources. More entrepreneurial non-GLC local enterprises will strive to become world-class companies. Current world-class companies in Singapore will be developed to add depth and resilience to the economy through implementation of plans like , and .
Singapore will continue to adopt a regionlisation strategy to overcome the constraints of limited land and labor as well as to capitalize on the rapid economic development and industrialization experience in the Asia-Pacific region. 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. With the vast development of local industries, many MNCs would thus join-venture with many of these companies to expand company’s influence in Singapore.
On the darker side, in the span of the next twenty years some MNCs would relocate their factories and headquarters to other countries since Singapore is now an industrialize country and the standard of living of the people have improved thus people now demand high pays. This might cause MNCs to relocated to neighbouring developing countries where labour cost is lower.
c) Information and communications technology will play an increasingly important role as a business enabler. In two decades time, there would be a strong foundation provided by our many years of ICT development to position Singapore as an IT hub of Asia Pacific. The necessary infrastructure to facilitate business and working from home might be developed which would discuss the possibility of increased productivity of workers by working in their own home environment.
Greatly looked upon would be Resource Development which means the development a local workforce and attract foreign talent with critical skills necessary to support industry needs. To nurture the domestic manpower to their maximum potential. Twenty years in the future the government through the 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
