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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 $1,597 million has been allocated to MTI in FY2004
to achieve this mission.
MTI’s key strategic thrusts include stimulating enterprise
development, promoting and developing globally competitive
manufacturing and services sectors as well as expanding Singapore’s
economic space.
MTI will help to raise the productivity and upgrade the capabilities
of small and medium enterprises (SMEs) and the domestic sector,
as well as help local businesses internationalise. For the
manufacturing sector to continue as an important growth engine,
cost competitiveness must be maintained. MTI will strengthen
and upgrade our key manufacturing clusters by moving them
up the value chain while at the same time develop new capabilities
in emerging technologies. For the services sector, while continuing
to promote traditional services like trading, logistics, and
tourism, new services clusters like healthcare, creative industries
and education will be developed.
MTI will strengthen R&D capabilities and develop R&D
human capital, 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 providing the resources to ensure vibrant economic
growth.
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$624 million to foster a vibrant enterprise environment
and to assist the development and internationalisation
of Singapore-based enterprises.
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$579 million (including loans) for the Enterprise
Development Fund to help SMEs gain better access
to finance, upgrade their business capabilities
and restructure their operations:
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4,000 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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3,000 SMEs to benefit from loans provided
through the Local Enterprise Financing Scheme
(LEFS), micro-loan scheme and the Loan Insurance
Scheme.
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$30 million for the International Enterprise
Incentive Scheme to help companies strengthen
internationalisation capabilities and access to
new markets.
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iPartners Programme encourages Singapore-based
companies with complementary businesses
to venture abroad as a pack.
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iFinance Consulting Programme assists
internationalising companies develop sound
business plans by supporting the engagement
of professional financial advisers.
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$12 million for Networking platforms viz. Network
China, Network India, Network Indonesia to provide
networking opportunities and connections to high
growth and emerging markets.
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$1,354 million (including loans) to promote and upgrade
capabilities of industries under the Economic Development
Assistance Scheme (EDAS).
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$109 million for EDB to attract $8.0 billion of fixed
asset investments in the manufacturing sector and $2.0
billion of total business spending in traded services.
These investments will contribute:
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$9.0 billion in value-added per annum when fully
realised; and
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16,000 jobs, of which more than 70% would be
skilled/professional jobs.
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$67 million 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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$852 million to strengthen Singapore’s R&D
capabilities.
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$742 million for public sector research in the
areas of science, engineering and biomedical sciences.
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$110 million 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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$64 million to develop industrial and tourism infrastructure,
out of which:
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$25 million is to fund the development of Chinatown;
and
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$39 million 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 creative and enterprising
community in Singapore by creating a vibrant live-work-play-learn
environment.
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$957 million of land-related expenditure for reclamation
and infrastructure development, including reclamation
works at Jurong Island and Tuas View Extension.
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