| The financial services sector is
one of the key sectors of the Singapore economy, contributing
12 per cent to GDP. It is the second largest economic
sector after manufacturing. The financial services sector
is a high value-add industry, employing almost 90,000
people or 5 per cent of the workforce.
The Stock Exchange of Singapore (SES)
has also developed into a regional securities trading
centre. There are now 45 foreign companies listed on
the exchange and their total market capitalisation is
about S$137 billion. Our financial futures exchange,
or SIMEX, trades a wide range of international products
with an annual turnover of 22.6 million contracts valued
at US$ 16.1 trillion.
Our financial services sector has
come a long way. However, there is room for our financial
market to grow. To further develop our financial services
sector, I have decided to introduce a package of new
incentives. |
