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How Singapore responds to tensions that arise from economic impacts of…
How Singapore responds to tensions that arise from economic impacts of globalisation
Expand market reach through economic cooperation
Foreign Direct Investment (FDI)
Singapore goes overseas and invests in companies in other countries
Free Trade Agreements (FTA)
US - Singapore Free Trade Agreement (USSFTA)
Trans - Pacific Partnership (TPP)
Not in force
Strategic Framework Agreement (SFA)
Support for Singaporeans during 2008-2009 Global Financial Crisis
Strategies
For Singaporeans
Lower income families were given assistance through rental rebates.
Workers who lost their jobs were given help finding new ones. They were also given opportunities to be retrained with relevant skills
Now have MySkillsFuture
For businesses
Smaller Singapore firms could keep their operations going with reduced interest rates and increased subsidies for their insurance premiums
New businesses and smaller companies were granted further tax exemptions (little or no taxes)
Sustain employability/survivability
Diversify its economy and to ensure the industries are relevant in the changing economy
1960s: Garments, textiles and wood products
1970s: Investments in electronics
1980s: Research & Development (R&D) and computer software services, high-technology fields of electronics and engineering & Skills Development Fund to encourage manpower training programmes
1990s: Chemical, electronics and engineering; Biomedical science including pharmaceutical, biotechnology and medical technology sectors
2000s: Stimulate entrepreneurship and expand research and development activities; Interactive and digital media industry and the energy industry
Low-skill, labour-intensive to high-skilled, knowledge based
Nurture SMEs to ensure that they are relevant and competitive
Incentives by SG Govts
Provides various forms of financial assistance to help SMEs at different stages of growth
Aids in SMEs' efforts to venture abroad
Facilities partnerships between SMEs and larger cooperations
Provides financial assistance in the form of loans, grants and tax incentives
SME examples
Super
Old Chang Kee
Charles & Keith
Provide a competitive edge
Equip Singaporeans with skills to ensure their competitiveness
Enhanced Grant
Enhanced course fee and absentee payroll funding
Workfare - Skill Up
Training roadmap with customised classes
Training commitment award
Training Commitment Award to encourage workers to go for continuous skills upgrading
For Workfare Income Supplement (WIS) recipients. WIS is a scheme to support the wages and retirement savings of older low - wage to encourage them to stay employed
Encouraging local companies to go overseas
[Pull] Higher profits & market share overseas
[Push] Lower profits & market shares locally
N: Nurture SMEs
O: Overseas venture
S: Support Singaporeans during global crisis
E: Expand market share
D: Diversify economy