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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 $1,575 million has been allocated to MTI in FY2005
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.
Infrastructure development is key to providing the
resources to ensure vibrant economic growth. 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.
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Enterprise Development |
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$798 million to foster
a vibrant enterprise environment and to assist the development
and internationalisation of Singapore-based enterprises. |
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$685 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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2,500 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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$12 million for the International Enterprise
Incentive Scheme to build up companies’
core capabilities to venture overseas. |
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iPartners Programme encourages Singapore-based
companies with complementary businesses
to venture abroad as a cluster. |
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Capability Development programmes strengthen
companies’ competencies in branding,
design, manpower, capital and distribution
for successful internationalisation. |
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$40 million for SPRING Singapore to enhance
enterprise competitiveness through developing
productivity & innovation and competencies
of SMEs and nurturing a pro-enterprise environment
for businesses. |
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$61 million for IE Singapore to help companies
tap overseas business opportunities by providing
market intelligence and facilitation through its
network of overseas offices. |
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Diversification of the
Economy |
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$2,167 million (including loans) to
promote and upgrade capabilities of industries under
the Economic Development Assistance Scheme (EDAS). |
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$100 million for EDB to attract $8.0
billion of fixed asset investments in the manufacturing
sector and $2.4 billion of total business spending in
traded services. These investments will contribute:
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$10.0 billion in value-added per annum when
fully realised; and |
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18,000 jobs, of which more than 70% would
be skilled/professional jobs. |
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$112 million for the STB to develop
and promote Singapore as a premier tourism hub and to
achieve the targets outlined under the Tourism 2015
vision. The STB will enhance the existing tourism experiences
for Leisure, Business and Services visitor segments
by introducing world-class tourism concepts and nurturing
new capabilities among tourism players. To position
Singapore as a top-of-mind destination, STB will undertake
more intensive overseas marketing and anchor iconic
events that will drive international visitor traffic
and showcase Singapore's attributes to a global audience.
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Building Up R&D Human
Capital and Fostering World Class Research |
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$660 million to strengthen Singapore’s
R&D capabilities. |
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$543 million for public sector research in
the areas of science, engineering and biomedical
sciences. |
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$117 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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Infrastructure Development |
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$60 million to develop industrial and
tourism infrastructure, out of which: |
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$18 million is to fund the remaking of Orchard
Road into one of the world's greatest shopping
streets. |
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 $42
million is set aside for development of industrial
infrastructure, which includes some 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 work-live-play-learn
environment. |
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$787 million of land-related expenditure
for reclamation and infrastructure development. |
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