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I don't know where you got this "overall impression" from because that is not the "impression" that I have. To me PAP's recent economic strategy appears to be aimed at various sectors, one of which is the IRs. Others are Big Pharma, clean energy, green environment, wealth management, animation etc. Oh and the search continues, this is a dynamic process.
Oh they may are- but long after other countries have done it. They are being reactive, not being proactive. A government should be better than that.
And even if they are continuing these initiatives, my bet is that they are betting on the wrong things, pursuing them skin-deep and they are allowing themselves to be blinded by the gold, hence blind to all else. That's why most of their initiatives end up losing money, and putting up another bad mark on their overall reputation.
And besides again, they are overstretching, and micro-managing. Another bad sign of government overreach. People should be partners in any business initiative; and not slaves or lowly paid servants. But local citizens are treated like dirt, especially those who are not rich and/or well connected.