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Singapore's strategies to overcome challenges of globalisation…
Singapore's strategies to overcome challenges of globalisation (negative economic impacts)
Nurture SMEs (ensuring they are
relevant
and have a
competitive edge
)
Overseas venture
Expansion of market; more consumers;
higher profit / revenue
Old Chang Kee (recently opened stall in London)
Charles & Keith
Supply Singaporeans during a global crisis
Singaporeans
Workers who lost jobs --> given help to find new jobs
Retrained with relevant skills
e.g. MySkillsFuture
Rental Rebates for lower income families
For employability
Businesses
Smaller Singapore firms:
Reduced interest rates
Increased subsidies for their insurance premiums
Smaller companies were granted further tax redemption
(little operation tax)
For sustainability / survivability
Expansion of Market Share through economic cooperation
"regionalisation"
Foreign Direct Investment (FDI)
Temasek Holdings
Suzhou industrial park (
internationalisation
)
Free Trade Agreements (FTAs) are treaties between countries to establish a free trade area with no tariffs / hindrances.
e.g. USSFTA - United States-Singapore Free-trade-ageement
Strategic Framework Agreement (SFA)
Diversify economy
Economic Development Board (EDB)
many examples of keeping up with the evolving economy
low skilled labour intensive --> high skilled knowledge based industry