The economic development sector comprises Ministry of Trade and Industry (MTI), Ministry of Transport (MOT) and Ministry of Manpower (MOM), along with parts of other agencies that have a role in promoting Singapore’s economic growth.

This sector accounts for 13% of FY2005 government expenditure.

The Economic Sector aims to achieve high and stable levels of economic growth and employment through:

In FY2005, the Economic Sector agencies will work towards their goals by allocating their expenditure to emphasise the following:

Direct funding of $100 million for EDB, to attract $8 billion of fixed asset investments in the manufacturing sector and $2.4 billion of total business spending in traded services.

Setting aside $2.2 billion (including loans) to promote and upgrade the capabilities of industries under the Economic Development Assistance Scheme (EDAS).

Funding provision of $798 million (including loans) to foster a vibrant enterprise environment, upgrade the capabilities of small and medium enterprises (SMEs), and help Singapore-based enterprises internationalise.

Committing $543 million for public sector research in the areas of science, engineering and biomedical sciences.

Setting aside of $117 million for the Research Incentive Scheme for Companies (RISC) to promote private sector R&D investments in Singapore.

Besides various tourism projects such as Mandai Nature Kingdom and remaking Orchard Road, $112 million will be provided for STB, to develop and promote Singapore as a premier tourism hub and to achieve the targets outlined under the Tourism 2015 vision.

Allocating up to $10 million for the Creative Town project, which provides co-funding for new and innovative projects to encourage creativity and support the development of the creative industries.

Allocating $31 million for the Manpower Development Assistance Scheme, which aims to support 30,000 training places under the Skills Redevelopment Programme, and fund the curriculum development to meet the needs for trained manpower in growth sectors.

Funding of $83 million has been set aside under the Lifelong Learning Endowment Fund to tackle structural unemployment, through programmes to help workers find and keep jobs, and also to enhance the skills of our local workforce.

Committing a total of $53 million to look after the welfare of our workers, of which $19 million will be deployed to protect the safety and health of workers; $20 million to raise workplace quality, and maintain harmonious labour relations and tripartite cooperation; and $14 million to enhance foreign manpower management.

Committing a total of $2.1 billion to develop Singapore’s land, sea and air transport sectors, of which $1.2 billion goes towards expanding our rail network, and $478 million towards constructing, improving and upgrading the road network system.

Setting aside $60 million to develop industrial and tourism infrastructure, of which $18 million is to fund the remaking of Orchard Road into one of the world’s greatest shopping streets.