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3.35 On manufacturing, the ERC recommended that
we move beyond being a production base, to become
an innovative creator of products and new business.
On services, the ERC proposed that we focus on
exportable services, and develop new services
like healthcare, education and creative industries,
in order to service the region. These are all
high value-added and knowledge-intensive activities.
Investors in these fields do not look for the
cheapest location, but for the country where their
intellectual property (IP) enjoys the best protection,
and where the environment is most conducive to
the creation of new IP. This is an area where
we enjoy a significant advantage over our regional
competitors.
3.36 We will build on this lead. We will continue
to build up and attract talents in R&D and in
the creative fields. The Ministry of Law is conducting
a comprehensive review of our current IP laws
to support the growth of new industries, to take
into account technological advances, and to strengthen
further IP protection. To make Singapore a key
node for developing, managing and commercialising
IP, I have also decided to introduce the following
tax measures:
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