| Next, we need to step up investment
promotion to sustain and upgrade the flow of investments
into knowledge-driven activities and create challenging
jobs for Singaporeans.
To spur more investments in manufacturing
and services, Government has re-introduced the Liberalised
Investment Allowance Scheme (LIAS). This provides a
30 per cent across-the-board investment allowance for
expenditure on productive equipment. In addition, Government
has also allowed for a higher, discretionary allowance
of 50 per cent, for approved investments that meet certain
requirements, such as higher contribution to value-added.
In 1999, EDB will intensify its investment
promotion efforts, including stationing more officers
overseas in the US, Japan and Europe, in order to achieve
its target of $7.5 billion in manufacturing investments
and $1.5 billion in total business spending this year.
In line with the vision set out by
the CSC for Singapore to develop into a globally competitive
knowledge economy, EDB has also recently unveiled its
Industry 21 (I21) Plan. The vision of I21 is for Singapore
to be a vibrant and robust global hub for knowledge-driven
industries. EDB will develop Singapore's manufacturing
and exportable services sectors with a strong emphasis
on technology, innovation and capabilities. Reflecting
this shift, jobs created will have a higher proportion
of skilled workers. |
