Ministry of Trade and Industry (MTI)
The mission of the Ministry of Trade and Industry is to promote economic growth and create jobs. A total budget of $3,270.90 million (excluding Other Development Fund Outlays) has been allocated to Ministry Of Trade and Industry in FY2009 to achieve this mission.
MTI aims to achieve the following outcomes:
A Competitive Economy
A Globalised Economy
An Entrepreneurial Economy
A Diversified Economy
A Competitive Economy
In FY2009, MTI will take pragmatic steps to overcome the challenges posed by the global economic slowdown and position the Singapore economy for the future. We will strengthen and rejuvenate existing sectors, while nurturing promising new growth sectors. We will implement a series of cost alleviating and capability building measures to enhance our long-term cost competitiveness.
To achieve this outcome, we will undertake the following initiatives and programmes:
Ensure adequate and competitive industrial infrastructure
MTI will ensure that Singapore remains a globally competitive investment and business location, and that adequate resources and infrastructure are available to sustain the growth of our industries.
A total of $385.83 million is set aside for developing industrial infrastructure. This will support developments, for example, in One-North, a 200-ha work-live-play-learn ecosystem for the biomedical science and engineering, info-communications technology, and media industries. Infrastructural and geotechnical works for the Jurong Rock Cavern will continue into FY2009. When completed in 2013, the underground caverns will have a potential storage capacity of about 1.5 million cubic metres for storing liquid hydrocarbons like crude oil, condensates and diesel oil, saving precious land for other activities. The infrastructure at Seletar Airport will also be upgraded, to anchor Singapore as an aerospace Maintenance, Repair and Overhaul (MRO) hub. To facilitate continued private sector participation in the development of industrial facilities, this budget will also include infrastructure preparation for Industrial Government Land Sales (GLS) sites in various parts of Singapore.
A total of $1.07 billion is set aside for land-related expenditure in FY2009. This includes reclamation and development of land in areas like Tuas View Extension and Jurong Island, as well as the excavation costs for creating the underground caverns. These projects will create new industrial space to support the long-term growth of Singapore’s manufacturing sectors.
Build R&D capabilities
The competitiveness of our industry clusters needs to be supported by a strong intellectual and knowledge capital base. A total of $7.5 billion has been allocated to MTI for FY2006-2010 to strengthen Singapore’s R&D capabilities. Of this, $5.4 billion are allocated for public sector research and research manpower development in the areas of science, engineering and biomedical sciences (BMS). The remaining $2.1 billion are for the Research Incentive Scheme for Companies (RISC) to promote private sector R&D investments in Singapore. RISC provides project-based grants to companies to support the building of R&D capabilities.
Gross Expenditure on R&D (GERD) has increased from 2.31% to 2.61% of GDP from 2006 to 2007, with the private sector making up 66.8% of GERD in 2007. The number of Research Scientist and Engineers per 10,000 labour force for 2007 was 89.1.
The development budget for A*STAR programme in FY2009 is $1.04 billion. For BMS R&D, A*STAR will work closely with the Ministry of Health and the National Medical Research Council to integrate basic, translational and clinical research. A*STAR’s Science and Engineering Research Council’s (SERC) Research Institutes (RI) were involved in 298 projects with 220 companies in FY2008 (from beginning of FY2008 up to end October 2008). In FY2009, A*STAR will continue to intensify industry development efforts to catalyse greater commercialisation of technologies, leveraging on the SERC RIs’ multi-disciplinary capabilities.
Ensure competitive and secure energy
To support economic growth, we will ensure that our energy supply remains secure and that our energy market is competitive so as to keep costs down. We have liberalised our electricity market, and are looking into enabling full contestability in the electricity retail market. EMA has developed a prototype Electricity Vending System (EVS) which allows households to purchase electricity directly from competing providers with different price plans.
EMA is studying ways to improve the formula for tariff-setting to take into account how electricity tariffs can be more reflective of the prevailing market oil price, while minimizing volatility so that consumers would not be faced with large adjustments too often.
In Sep 2008, the gas market was fully liberalised, allowing all players to have open and non-discriminatory access to the entire gas pipeline network in Singapore. Such an open access regime will support a competitive market for gas which is a key input for our electricity market.
To create greater diversity in our energy sources, we are pursuing liquefied natural gas (LNG) importation by 2012. The LNG terminal will enhance Singapore’s energy security by enabling us to import natural gas from different sources around the world. It is also a step in the right direction for fuel-source diversification. PowerGas was appointed by EMA in Sep 2007 to build, own and operate the LNG terminal. In Apr 2008, EMA appointed BG Asia Pacific (BG) to be the LNG aggregator1 to procure LNG for Singapore. BG will procure LNG from Egypt and Trinidad & Tobago, in the first instance, and Australia subsequently.
In FY2008, we convened the first International Advisory Panel (IAP) on Energy to discuss the opportunities and challenges facing Singapore in a carbon-constrained world. The IAP endorsed Singapore’s energy policy framework to maintain a good balance among the objectives of economic competitiveness, energy security and environmental sustainability, as well as Singapore’s market-based approach to the energy industry. The IAP emphasized that Singapore’s existing strengths such as a good education system with a science and technology focus, a highly skilled labour force, and strong Government support have positioned us well to exploit opportunities in clean energy manufacturing, services and R&D. These factors, coupled with Singapore’s compact urban environment, also made Singapore an ideal location for the test-bedding, development and export of new energy solutions (e.g. clean energy, smart grids, etc.) to other cities in the world. The IAP recommended that energy efficiency should be a strategic priority for Singapore and suggested electrification of transport as a possible urban solution and the review of the use of alternative low-carbon energy solutions in Singapore.
1 To achieve economies of scale, LNG will be imported by a single entity known as the LNG aggregator for the first 3 mtpa.
A Globalised Economy
MTI is committed to promoting international trade, facilitating the internationalisation of our companies and advancing Singapore’s economic diplomacy. Through our programmes to promote free trade, accelerate regional economic integration and explore new markets, MTI continually seeks to expand Singapore’s economic space and provide opportunities abroad for our companies.
To achieve this outcome, we will undertake the following initiatives and programmes:
The mission of the Ministry of Trade and Industry is to promote economic growth and create jobs. A total budget of $3,270.90 million (excluding Other Development Fund Outlays) has been allocated to Ministry Of Trade and Industry in FY2009 to achieve this mission.
MTI aims to achieve the following outcomes:
A Competitive Economy
A Globalised Economy
An Entrepreneurial Economy
A Diversified Economy
A Competitive Economy
In FY2009, MTI will take pragmatic steps to overcome the challenges posed by the global economic slowdown and position the Singapore economy for the future. We will strengthen and rejuvenate existing sectors, while nurturing promising new growth sectors. We will implement a series of cost alleviating and capability building measures to enhance our long-term cost competitiveness.
To achieve this outcome, we will undertake the following initiatives and programmes:
Ensure adequate and competitive industrial infrastructure
MTI will ensure that Singapore remains a globally competitive investment and business location, and that adequate resources and infrastructure are available to sustain the growth of our industries.
A total of $385.83 million is set aside for developing industrial infrastructure. This will support developments, for example, in One-North, a 200-ha work-live-play-learn ecosystem for the biomedical science and engineering, info-communications technology, and media industries. Infrastructural and geotechnical works for the Jurong Rock Cavern will continue into FY2009. When completed in 2013, the underground caverns will have a potential storage capacity of about 1.5 million cubic metres for storing liquid hydrocarbons like crude oil, condensates and diesel oil, saving precious land for other activities. The infrastructure at Seletar Airport will also be upgraded, to anchor Singapore as an aerospace Maintenance, Repair and Overhaul (MRO) hub. To facilitate continued private sector participation in the development of industrial facilities, this budget will also include infrastructure preparation for Industrial Government Land Sales (GLS) sites in various parts of Singapore.
A total of $1.07 billion is set aside for land-related expenditure in FY2009. This includes reclamation and development of land in areas like Tuas View Extension and Jurong Island, as well as the excavation costs for creating the underground caverns. These projects will create new industrial space to support the long-term growth of Singapore’s manufacturing sectors.
Build R&D capabilities
The competitiveness of our industry clusters needs to be supported by a strong intellectual and knowledge capital base. A total of $7.5 billion has been allocated to MTI for FY2006-2010 to strengthen Singapore’s R&D capabilities. Of this, $5.4 billion are allocated for public sector research and research manpower development in the areas of science, engineering and biomedical sciences (BMS). The remaining $2.1 billion are for the Research Incentive Scheme for Companies (RISC) to promote private sector R&D investments in Singapore. RISC provides project-based grants to companies to support the building of R&D capabilities.
Gross Expenditure on R&D (GERD) has increased from 2.31% to 2.61% of GDP from 2006 to 2007, with the private sector making up 66.8% of GERD in 2007. The number of Research Scientist and Engineers per 10,000 labour force for 2007 was 89.1.
The development budget for A*STAR programme in FY2009 is $1.04 billion. For BMS R&D, A*STAR will work closely with the Ministry of Health and the National Medical Research Council to integrate basic, translational and clinical research. A*STAR’s Science and Engineering Research Council’s (SERC) Research Institutes (RI) were involved in 298 projects with 220 companies in FY2008 (from beginning of FY2008 up to end October 2008). In FY2009, A*STAR will continue to intensify industry development efforts to catalyse greater commercialisation of technologies, leveraging on the SERC RIs’ multi-disciplinary capabilities.
Ensure competitive and secure energy
To support economic growth, we will ensure that our energy supply remains secure and that our energy market is competitive so as to keep costs down. We have liberalised our electricity market, and are looking into enabling full contestability in the electricity retail market. EMA has developed a prototype Electricity Vending System (EVS) which allows households to purchase electricity directly from competing providers with different price plans.
EMA is studying ways to improve the formula for tariff-setting to take into account how electricity tariffs can be more reflective of the prevailing market oil price, while minimizing volatility so that consumers would not be faced with large adjustments too often.
In Sep 2008, the gas market was fully liberalised, allowing all players to have open and non-discriminatory access to the entire gas pipeline network in Singapore. Such an open access regime will support a competitive market for gas which is a key input for our electricity market.
To create greater diversity in our energy sources, we are pursuing liquefied natural gas (LNG) importation by 2012. The LNG terminal will enhance Singapore’s energy security by enabling us to import natural gas from different sources around the world. It is also a step in the right direction for fuel-source diversification. PowerGas was appointed by EMA in Sep 2007 to build, own and operate the LNG terminal. In Apr 2008, EMA appointed BG Asia Pacific (BG) to be the LNG aggregator1 to procure LNG for Singapore. BG will procure LNG from Egypt and Trinidad & Tobago, in the first instance, and Australia subsequently.
In FY2008, we convened the first International Advisory Panel (IAP) on Energy to discuss the opportunities and challenges facing Singapore in a carbon-constrained world. The IAP endorsed Singapore’s energy policy framework to maintain a good balance among the objectives of economic competitiveness, energy security and environmental sustainability, as well as Singapore’s market-based approach to the energy industry. The IAP emphasized that Singapore’s existing strengths such as a good education system with a science and technology focus, a highly skilled labour force, and strong Government support have positioned us well to exploit opportunities in clean energy manufacturing, services and R&D. These factors, coupled with Singapore’s compact urban environment, also made Singapore an ideal location for the test-bedding, development and export of new energy solutions (e.g. clean energy, smart grids, etc.) to other cities in the world. The IAP recommended that energy efficiency should be a strategic priority for Singapore and suggested electrification of transport as a possible urban solution and the review of the use of alternative low-carbon energy solutions in Singapore.
1 To achieve economies of scale, LNG will be imported by a single entity known as the LNG aggregator for the first 3 mtpa.
A Globalised Economy
MTI is committed to promoting international trade, facilitating the internationalisation of our companies and advancing Singapore’s economic diplomacy. Through our programmes to promote free trade, accelerate regional economic integration and explore new markets, MTI continually seeks to expand Singapore’s economic space and provide opportunities abroad for our companies.
To achieve this outcome, we will undertake the following initiatives and programmes:
