SINGAPORE: Singapore will continue to pursue higher value services that play to the strength of its workforce, Trade and Industry Minister Lim Hng Kiang said in Parliament on Thursday during his ministry’s Committee of Supply debate.
Mr Lim spelt out the government’s strategies for key clusters in Singapore.
The services industry is a key pillar of Singapore’s economy.
Financial services and exportable services together account for over 60 per cent of Singapore’s GDP, and this does not include domestic services.
Mr Lim said the government will pursue new sectors with strategic growth potential, such as precious metals trading and infrastructure services.
As for manufacturing, which makes up a fifth of the GDP, Mr Lim said that as the economy restructures, future jobs in the sector will be highly-skilled and have a high potential for career growth.
He elaborated: “There will be a need for data analytics professionals, supply chain experts, industrial engineers, designers, business managers, and software programmers. In addition, future jobs will require individuals who can integrate multi skill sets such as technical knowledge, systems thinking, and industry application.”
Also speaking in Parliament, Second Minister for Trade and Industry S Iswaran said research and development efforts have enhanced Singapore’s appeal as a competitive investment location and technology hub.
And this has helped create new jobs in research and development for Singaporeans.
Mr Iswaran said: “More MNCs (multinational corporations) are coming to our shores to collaborate with our local research institutes and technology companies.
“The number of research scientists and engineers in Singapore has grown at a compounded annual rate of seven per cent over the last ten years to about 30,000 in 2012. 70 per cent of these research scientists and engineers are locals.”
In the energy sector, Mr Iswaran said the Energy Market Authority is studying how to expand the contestable segment of the energy market to include consumers, including households.