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Internal factors that affect Singapore

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Title: Internal factors that affect Singapore


1
Sustaining Singapore's Development in the 21st
Century
  • Internal factors that affect Singapore
  • External factors that affect Singapore
  • Economic strategies for sustainable development
  • Environmental strategies for sustainable
    development

2
Internal Factors that Affect Singapore
  • Limited land
  • Shortage of water
  • Dependence on imported technology
  • Environmental pollution
  • Racial vulnerability
  • A small and open economy
  • Shortage of skilled labour

3
External Factors that Affect Singapore
Economic Slowdown in Other Countries
Socio-Political Unrest in Other Countries
Environmental Issues
4
Economic Slowdown in Other Countries
  • How it affects
  • Singapore relies on other countries for natural
    resources
  • sells to other countries its manufactured goods
  • reduction in imports and exports mean less
    business for
  • Singapore. This affects the economy.
  • Example
  • Currency Crisis in 1997 and 1998
  • slowdown in economic activities
  • many workers lost jobs
  • Singapore ran into recession

5
Socio-Political Unrest in Other Countries
  • How it affects
  • strong links among countries due to
    globalisation
  • countries are inter-related to one another
  • when one country is affected, others are involved
  • Examples
  • World War II and Singapores involvement
  • Social unrest in Vietnam and refugee problems in
    Singapore
  • Political unrest in Indonesia and Singapores
    investment

6
Environmental Issues
  • How it affects
  • air, noise and land pollutions have no boundary
  • what happens in one country impact on its
    neighbours
  • Example 1
  • forest fires in Indonesia in
  • 1997
  • haze in Singapore leading to unhealthy living
    conditions
  • Example 2
  • collision of two oil tankers in 1997
  • affected people as well as
  • marine life

7
Economic Strategies for Sustainable Development
1. Moving Towards a Knowledge-Based Economy
4. Building an Information Technology (IT)
Infrastructure
7. Promoting Research and Development
2. Improving Workers Employability
5. Going Regional and Global
8. Attracting Foreign Talent
3. Promoting Manufacturing and Services as Twin
Engines of Growth
6. Developing Local Entrepreneurship and
Technoprenuership
8
1. Moving Towards a Knowledge-Based Economy
  • What is it
  • information and knowledge drives economy
  • need to be knowledgeable, creative and
    innovative
  • need to train and upgrade
  • How to achieve it
  • greater emphasis on training and upgrading
  • choose right type of training
  • no use memorising everything in this computer
    age
  • more important to review and analyse, in
    coming up
  • with creative sound suggestions to issues
  • value-addedness at all levels of manufacturing
  • service industry
  • EG?

9
1. Moving Towards a Knowledge-Based Economy
  • Results
  • Maintain long-term competitive edge
  • Workforce that is more skilled to compete in
  • knowledge-intensive industries eg electronics,
  • IT

10
2. Improving Workers Employability
  • What is it
  • new technology and rapid changes ? obsolete
    workers
  • - important to keep the workers employable
  • How to achieve it
  • upgrading of skills, eg part-time courses
  • at Bukit Merah Skills Development Centre
  • retrain rather than retrench employees
  • training in new areas, eg IT
  • EGs?

11
2. Improving Workers Employability
  • after 2000
  • promoting continuous learning among workforce
  • Workforce Devp Agency in 2003 ensure
    competitive workforce through skills upgrading
    (new Stat board under MOM)
  • target main competencies for IT, creative,
    financial industries
  • Data management, game development etc!
  • http//app2.wda.gov.sg/wsq/Common/hompage.aspx to
    find out more!
  • Employability Skills Systems new skills to
    adapt to new job demands and changing work
    environment
  • Skills Development Fund financial assistance to
    employers to encourage them to train and upgrade
    skills of their workers

12
3. Promoting Manufacturing and Services as
Twin Engines Of Growth
  • What is it
  • promoting high-technological manufacturing
  • at the same time promoting services
  • if one sector fails, can rely on the other sector
  • How to achieve it
  • a regional service centre (promote services)
  • centres of education and research in Singapore
  • better service eg. DBS and POSB
  • regional headquarters here
  • manufacturing services (promote manufacturing)
  • import raw materials from other countries and
    export as
  • refined products

WHY?
13
3. Promoting Manufacturing and Services as
Twin Engines Of Growth
  • Centre for technology intensive, high value-added
    manufacturing activities
  • Attract MNCs to set up technology-intensive, high
    value-added manufacturing activities here
  • eg electronics, Seagate (hard disk drives),
    chemical engineering (Jurong Islandchemical hub
    for ExxonMobil and Shell), Life Sciences
    (Biopolis)
  • ? Generates more jobs locally
  • ? Affirms Singapores position as a manufacturing
    hub

14
3. Promoting Manufacturing and Services as
Twin Engines Of Growth
  • Aims to be regional hub for services
  • Education (University of Pennsylvania Wharton
    School of Business, University of Chicago
    Graduate School of Business, Shanghai Jiao Tong
    University, Stanford University set up branches
    in Singapore)
  • Strengthen Singapores position as a choice
    tourist destination in SEA
  • Innovative in offering man-made attractions so as
    not to lose out to competitors in the region
    (Integrated resorts (IRs) Marina Bay and Sentosa)
  • Jobs creation
  • Generate further economic growth to withstand
    intense regional competition
  • ? Reduce dependence on single industry/market

15
4. Building an Information Technology (IT)
Infrastructure
  • What is it
  • invisible network linking different parts of
    Singapore
  • links Singapore with rest of the world
  • good IT structure would encourage more
    investment
  • How to achieve it
  • 1991 to 1995 - 2 billion for National Technology
    Plan
  • IT 2000 Plan (1992)
  • - prepare Singapore for the IT age through use
    of
  • computers in workplaces, public
    places and schools
  • 1996 to 2000 - 4 billion National Science and
    Technology Plan
  • Singapore ONE (1996)
  • - worlds first nation-wide network

Purpose?
16
5. Going Regional and Global
  • What is it
  • limited land and labour resources
  • need to look beyond Singapore for investment
  • ? mutual benefits long-term growth potential
  • ? diversify investments
  • How to achieve it
  • i. Go Regional (Regionalization)
  • invest in countries that have abundant land,
    lower labour
  • costs and new markets
  • provide infrastructure, expertise and money in
    return, host
  • country would provide land and labour for
    Singapores companies
  • 1989/94 SIJORI
  • 1994 Suzhou Industrial Park
  • International Tech Park in Bangalore, India

17
  • How to achieve it
  • ii. Go Global
  • 1997 and 1998 recession in Southeast Asia
  • global investment e.g. Africa and Latin America
  • EDB business opportunities in region and tax
    incentive
  • schemes for companies which set up factories
    overseas
  • TDB grants for companies to move to new
    markets
  • contacts authorities for overseas investment
  • government provides opportunities eg. setting
    up of
  • Southern Africa Investment Fund of US100
    million
  • Investments in Australia, Indonesia, India,
    Middle East, Africa, Latin America, Central and
    Eastern Europe

18
6. Developing Local Entrepreneurship and
Technopreneurship
  • What is it
  • ensuring entrepreneurs are highly skillful
  • need to transform entrepreneurs into
    technopreneurs
  • How to achieve it
  • role played by government
  • - established one-stop centre to assist
    technopreneurs
  • - allows for changes in law to accommodate risk
    taking
  • e.g. change in bankruptcy law
  • educational opportunities
  • technopreneurial skills taught in NUS and NTU
  • Kenny Yap of Qian Hu Fish Farm, a local
    ornamental fish service provider, Creative
    Technology, Hyflux

19
7. Promoting Research and Development
  • What is it
  • development of own talent pool and own
    technologies
  • importance of successful RD
  • How to achieve it
  • encourage local enterprises to partner with
    universities and
  • national research institutions
  • encourage international partnerships to promote
    science and
  • technology exchanges eg. joint projects with
    countries like
  • China, Germany and India

20
8. Attracting Foreign Talent
- recruit more foreigners in areas where talent
is inadequate - learn from foreign talent to
improve own labour force
  • How to achieve it
  • more foreigners in fields like petrochemicals
    and wafer
  • fabrication
  • Research Scientists and Engineers
  • information centres overseas e.g. London and
    Hong Kong
  • foreigners in local universities
  • foreign talent could provide avenue for more
    business
  • opportunities overseas
  • EGs?

21
Economic Strategies for Sustainable Development
1. Moving Towards a Knowledge-Based Economy
4. Building an Information Technology (IT)
Infrastructure
7. Promoting Research and Development
2. Improving Workers Employability
5. Going Regional and Global
8. Attracting Foreign Talent
3. Promoting Manufacturing and Services as Twin
Engines of Growth
6. Developing Local Entrepreneurship and
Technoprenuership
22
Why do you think the Asian currency crisis caused
a decline in visitor arrival from ASEAN countries
to Singapore?
ASEAN countries were the most affected by the
currency crisis. Due to the crises, the people
in these countries had less money to spend. They
thus avoided Singapore as the cost of living in
Singapore is very high.
23
How will the decline in visitor arrivals affect
other related economic activities?
Impact on service industry employees will lose
their jobs due to reduced tourists (eg retail,
hospitality, FB, tourism)
24
Why do you think that human knowledge is
considered the key factor for Singapores
successful future growth?
Since Singapore has no natural resources, it has
to ensure that its human resource is very good.
As such, there is an important need to ensure
that the people are knowledgeable and prepared
for the challenges ahead.
25
What problems will the retrenched workers
and economy face if workers refuse to be
retrained?
If they refuse to retrain, they will not be able
to get another job easily. As such, they will be
financial burdened. This would mean an increase
in unemployment, which would worsen the economy
as money circulation would be reduced.
26
Why do you think the Singapore government needs
to help the private companies by co-investing
with them?
This would ensure that the private companies are
well- equipped and prepared to face challenges.
27
Why do you think some Singaporeans may choose to
live permanently in other countries?
Pull Factors Some of them might feel comfortable
staying on as they are used to the lifestyle
there. Opportunities to pursue passion Push
Factors Others might decide to settle down
overseas due to the inability to cope with the
fast pace of Singapore life. Lack of opportunities
28
How do you think Singaporeans can stay rooted to
Singapore while living abroad?
With IT facilities freely available overseas,
they can keep in touch with what is happening in
Singapore through emails and internet access. NS
other common experiences Home
Friends Connection with the community
surroundings ? sense of ownership
29
Do you agree that maximising our strengths and
minimising our weaknesses are sensible approaches
to planning for our future? Explain your answer.
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