Strategy 1: Build bridges through a web of free trade agreements. These free trade area agreements, both multilateral and bilateral, will be a crucial part of Singapore’s strategy to build bridges to key economies to the world, and to increase market accessibility of companies based in Singapore.
Strategy 2: Broaden the industry base and develop new growth clusters. The country will focus on new industry clusters such as bio-medical, nanotechnology in manufacturing, as well as a portfolio of internationally salable services with high growth potential, such as educational services, professional services, and intellectual property management.
Strategy 3: Whether in services or manufacturing, the country will build new capabilities to move up the value chain in three particular areas. The first will be lifting the value added of production activities, for example, into highly automated manufacturing. The second is moving upstream into R&D, into innovation and tax baits for new ideas. The third is moving downstream into regional electronics supply chain management into market development, brand management in Asia Pacific, intellectual property management in Asia Pacific, enlarging the regional headquarter operations.
Strategy 4: Creating a vibrant enterprise ecosystem by developing the venture capital industry, increasing tax incentives for new ideas, and provisions of new users to try out the country’s new inventions (cited, worldbank.org/south Asia).
To conclude, other countries must learn example from Singapore in order to remain successful and prosperous. Although the country has very limited geographical region due to which it can’t expand further and some do admit that this factor has been the biggest constraint and hurdle for the growth of Singapore but even due to this constraint, the growth of Singapore has been on the go and has been least effected by economic crises and recession.
Therefore Singapore has done best in its 50 years of independence and will surely be setting further example for developing nations for the coming decades.
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