Page 56 - Forbes - Asia (July - August 2018)

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SINGAPORE:

ON THE FAST TRACK TO THE FUTURE
The city-state’s focus on innovation and globalization will ensure the country’s central position on the world stage.

Photo credit - Singapore Tourism Board

Singapore skyline after dark
In the face of a fast-changing global environ- Much of their efforts will center on foster- their resolve for a regional trade deal that will
ment, Singapore is working hard to future- ing innovation and upgrading the skills of benefit the economies involved.
proof its economy. The city-state has earned the workforce to meet the changing needs The ASEAN-led Regional Comprehensive
a reputation for moving with the times, and of businesses and consumers. Singapore Economic Partnership is an ambitious trade
never have the times moved as fast as they will also continue to lure both multinational deal that Singapore’s Minister for Trade and
are now. corporations and promising start-ups to its Industry Chan Chun Sing has said is on track
With technology disrupting businesses shores, even as it supports the growth of its for a substantial agreement by the end of 2018.
at an unprecedented rate and an uncertain own small and medium enterprises. Despite these encouraging signs, there
geopolitical situation, getting the eco- Already, we are seeing a growing num- are challenges ahead for Singapore. The
nomic formula right is more difficult than ber of local enterprises make a name for threat of a global trade war persists, as
ever before. To navigate the road ahead, themselves globally. Earlier this year, Toyota does the tremendous stress that rapid
the government is banking on innovation announced plans to invest US$1 billion in Sin- technological change places on companies
and globalization to fuel the country’s long- gapore-based, ride-hailing company Grab, and governments.
term growth. valuing the company at more than US$10 bil- But with its commitment to transform itself
After establishing a blueprint for the lion, according to Bloomberg. to adapt to changing conditions, Singapore
transformation of its economy a few years On the trade front, Singapore continues has shown time and again that it is up to the
back, the authorities have moved into the to champion the free flow of goods and task of reinventing itself to meet new chal-
implementation phase. The government- services across borders in the face of rising lenges. Businesses and investors who have
led Future Economy Council was set up last protectionism around the world. In July, the disregarded the tiny nation in the past have
year to implement earlier recommendations trade ministers of Singapore and 15 other been proven wrong time and again. It would
by the Committee on the Future Economy, countries—including the 10-nation ASEAN be unwise to count Singapore out this time
which had been tasked to chart a new course bloc as well as Australia, China, India, Japan, around. Singapore instead is on the fast track
for Singapore. New Zealand and South Korea—reaffirmed to the future.

17 Singapore