Singapore

1 Pages 266 Words

As you may well know, Singapore is a social-democratic country. What this worked out to in terms of the economy would be a strong hand from the Government in terms of economic direction, infrastructural support and even participation in commerce and trade, but the spirit of free economy is still dominant. In practice, there had been instances of over-zealous managers exceeding the bounds of their responsibilities and giving rise to complains of government intervention or monopoly of certain sectors in the private sector. Such complaints are being reduced as both sides come to understand their symbiotic relationship and focus on their own activities. Let's look first at the role of the Government and then our role in the private sector



THE ROLE OF THE GOVERNMENT

Economic and trade policies in Singapore are managed by the Ministry of Trade and Industry (MTI). It may be unknown to many in Singapore that MTI do more than just set trade and economic policies. It is an active participant in ensuring the economic competitiveness and business continuity of Singapore. We hope the following statements, taken from the home pages of MTI, would provide a better picture of the role of MTI and, through her various agencies, a better understanding of how MTI is assisting local businessmen get a bite of the world economy.

Vision : for Singapore to become an advanced and globally competitive knowledge economy within the next decade, with manufacturing and services as its twin engines of growth.

Management : Economic management is undertaken at the macro level to identify problems or opportunities, and to set broad growth directions and strategies....