Singapore Economy 2030 vision aims to create export value of at least S$1 trillion

Singapore

SINGAPORE has unveiled what Trade and Industry Minister Gan Kim Yong called a "collective vision for the economy", with goals such as reaching an export value of at least S$1 trillion by 2030.

The Singapore Economy 2030 vision "will put our industries, enterprises, and workers on a firmer footing for long-term, sustainable growth" over the next decade, he said on Friday (Mar 4).

The Ministry of Trade and Industry (MTI) intends to raise Singapore's export value from S$805 billion in 2020 to at least S$1 trillion by 2030, and double offshore trade value to US$2 trillion as well.

The Republic also wants to capture more re-exports and transshipment flows, and expand trade with more economies with deeper connections in global supply chains.

Besides redoubling efforts to develop innovative local traders with global scale, the MTI is working with partners to build talent who can trade carbon credits and other commodities, and also plans to attract leading global traders that will anchor more activities here.

Meanwhile, the master plan lays out new initiatives under Singapore's Manufacturing 2030 strategy announced in 2021, which aims to grow manufacturing value-add by 50 per cent.

Support measures will include "bespoke support for manufacturers with strong potential, to deepen their capabilities and expand their global reach", said Gan in Parliament.

The MTI will also help to develop human capital for the manufacturing sector through a M2030 Careers Initiative to train polytechnic and Institute of Technical Education (ITE) graduates.

The initiative will offer at least 200 internships for ITE students from 60 companies by end-2022, as well as a pilot grant to hire ITE graduates for critical technician and assistant engineer roles.

That is as the manufacturing sector most recently grew by 13.2 per cent in 2021, while drawing S$8.5 billion in fixed asset investments, which are projected to create more than 6,000 jobs.

On the services front, Gan highlighted opportunities in sustainability and digitalisation.

Local enterprises form the fourth and final pillar of the Singapore Economy 2030 vision, with Second Minister for Trade and Industry Tan See Leng saying that the government will identify, nurture and grow promising businesses.

The government is launching an initiative to cultivate a new generation of "Singapore Global Enterprises" which are "locally grown and globally competitive".

These high-potential companies will be supported in 4 ways: developing global-ready executives; creating new corporate ventures; facilitating mergers and acquisitions; and creating enhanced access to financing.

To MPs' questions on how to ensure firms have access to the talent they need, Tan said: "The answer lies in growing our own 'timber', providing the space and opportunity to nurture and support Singaporeans to be part of the growth stories of many more promising home-grown enterprises."

This is why the government will launch the Singapore Global Executive Programme to boost human capital capabilities of these high-potential local firms, he said. The programme will support these firms in talent attraction and retention as well as leadership succession programmes to develop a pipeline of future leaders.

Meanwhile, the government will expand the Corporate Venture Launchpad after a pilot last year to support companies to incubate and launch new businesses.

Enterprise 2030 also aims to strengthen the capabilities of local firms through initiatives such as the Partnerships for Capability Transformation scheme, which drives collaborations between large companies and smaller businesses. The government will extend enhanced support levels for the scheme to Mar 31, 2023.