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The mission of MTI is to promote high and stable
levels of economic growth and employment, so that
all Singaporeans have ample opportunity to improve
their standard of living. A total budget of $1,969m
has been allocated to MTI in FY2003 to achieve
this mission.
MTI's key strategic thrusts include stimulating
enterprise development as well as promoting and
developing globally competitive manufacturing
and services sectors.
MTI will help to raise the productivity and upgrade
the capabilities of SMEs and the domestic sector,
as well as help local businesses internationalise.
To increase the manufacturing sector's value creation
in Singapore, biomedical science will be built
up as the fourth pillar of manufacturing. For
the services sector, while continuing to promote
traditional services like trading, logistics,
and tourism, new services clusters like healthcare
and education will be developed.
MTI will strengthen R&D capabilities and to develop
R&D manpower, in order to generate talent for
the Knowledge Based Economy and to support Singapore's
economic growth. Infrastructure development, including
land reclamation, is key to provide the resources
to ensure vibrant economic growth.
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$534m to foster
a vibrant enterprise environment and to assist
the development and internationalisation of
Singapore-based enterprises.
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$441m (including
loans) for the Enterprise Development
Fund to help small and medium enterprises
(SMEs) gain better access to finance,
upgrade their business capabilities
and restructure their operations:
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3,000 SMEs
to receive financial assistance
in engaging expert help to modernise
and upgrade their operations under
the Local Enterprise Technical
Assistance Scheme (LETAS). |
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1,600 SMEs
to benefit from fixed interest
rate loans provided through the
Local Enterprise Financing Scheme
(LEFS) and micro-loan scheme. |
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$68m on the operations
of International Enterprise Singapore
to help Singapore-based companies internationalise
through building core capabilities and
connections, and enabling better access
to capital. |
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$26m for the Startup
Enterprise Development Scheme (SEEDS)
to grow at least 58 innovative startups
through equity financing on a matching
basis for every dollar raised from 3rd
party investors, up to a maximum sum
of $300,000. |
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$1,771m (including loans)
for the promotion and capability upgrading
of industries under the Economic Development
Assistance Scheme (EDAS). |
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$114m for EDB
to attract $8.0b of fixed asset investments
in the manufacturing sector and $1.9b of total
business spending in traded services. These
investments will contribute:
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$8.2b in value-added
per annum when fully realised. |
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18,000 jobs, of
which 70% would be skilled jobs. |
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$97m for STB to develop
and promote Singapore as a travel destination
by developing core as well as emerging markets,
developing a tourism experience based on service
quality and enhancing tourism vibrancy by
increasing the number of world-class players
and new tourism concepts. |
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$1,036m to strengthen
Singapore's R&D capabilities:
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$812m for public
sector research in the areas of science,
engineering and biomedical sciences. |
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$224m for the
Research Incentive Scheme for Companies
(RISC) to promote private sector R&D
investments in Singapore. RISC provides
project-based grants to companies to
support the building of R&D capabilities. |
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$55m on R&D manpower
development under A*STAR. The A*STAR Scholarships
and Fellowships programmes support the training
of research scientists and engineers at top
overseas and local institutions, from the
undergraduate to the doctoral and postdoctoral
levels, to meet Singapore's R&D manpower requirements. |
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$81m to develop
industrial and tourism infrastructure, out
of which:
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$22m to
fund the Sentosa People Mover (Sentosa
Express) to provide seamless and efficient
access to Sentosa and its major activity
zones.  |
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$17m is set aside
for development of industrial infrastructure,
including Phase 1 basic infrastructure
works at One North. The One North development
is a key project to lay the foundation
for the development of a technopreneur
community in Singapore by creating a
vibrant live-work-play-learn environment. |
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$1,119m of land-related
expenditure for reclamation and infrastructure
development, including reclamation works at
Jurong Island and Tuas View Extension. |
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