- Ministry of Trade and Industry (Singapore)
Ministry of Trade and Industry Logo of the MTI Agency overview Formed March 1979 Jurisdiction Government of Singapore Employees 770 Annual budget $3.36 billion SGD (2010) Ministers responsible Lim Hng Kiang, Minister
S Iswaran, Second Minister
Lee Yi Shyan, Minister of State
Teo Ser Luck, Minister of State
Agency executives Ow Foong Pheng, Permanent Secretary
Ng How Yue, Second Permanent Secretary
The Ministry Of Trade and Industry (Abbreviation: MTI;) is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore.
To promote economic growth and create jobs, so as to achieve higher standards of living for all.
This will be done through three strategies, which are derived from Singapore's general philosophy of economic management - strong adherence to a free market economic system, and active pursuit of outward-oriented economic policies:
- Facilitating the development of industry sectors with strong growth potential and fundamentals.
- Protecting Singapore's international trade interests, in particular, with a view to enhance access to global markets for our goods,services and investments.
- Providing a good understanding of the current state of and outlook for the Singapore economy for policy formulation and refinement.
The vision of the Ministry of Trade and Industry is to turn Singapore into a leading global city of talent, enterprise and innovation. Its vision is further elaborated through a sub-vision: A Globalised, Entrepreneurial and Diversified Economy.
A Globalised, Entrepreneurial and Diversified Economy
The MTI's vision is for Singapore to be by 2018:
- a globalised economy where Singapore is the key node in the global network, linked to all the major economies;
- a creative and entrepreneurial nation willing to take risks to create fresh businesses and blaze new paths to success; and
- a diversified economy powered by the twin engines of manufacturing and services, where vibrant Singapore companies complement MNCs, and new startups co-exist with traditional businesses exploiting new and innovative ideas.
To realise the MTI's vision of Singapore as a leading global city - a hub in the new Asian and global economic networks, and an entrepreneurial and diversified economy - the Economic Review Committee (ERC) identified six key areas which are critical:
- External ties
- Competitiveness and flexibility
- Entrepreneurship and Singapore companies
- Twin engines: manufacturing and services
According to MTI, Singapore needs to embrace globalisation, and continue linking ourselves to the developed economies, to attract investment and expand its markets. Investors should be offered that extra plus, in terms of superior capabilities and an efficient and flexible business environment.
The MTI also claims Singaporeans must constantly upgrade themselves, and make Singapore a knowledge economy powered by innovation, creativity and entrepreneurship. As manufacturing is an important industry in Singapore, to hold out in the increasingly competitive sector, Singaporeans must maintain our cost competitiveness, equip themselves with relevant skills and expertise, and continue to attract high-quality investments.
Departments & Statutory boards
The ministry oversees a department and 10 statutory boards. These are:
- Singapore Department of Statistics
- Agency for Science, Technology and Research (A*STAR)
- Competition Commission of Singapore (CCS)
- Economic Development Board (EDB)
- Energy Market Authority (EMA)
- Hotel Licensing Board (HLB)
- International Enterprise Singapore (IE Singapore)
- JTC Corporation (JTC)
- Sentosa Development Corporation (SDC)
- Singapore Tourism Board (STB)
- SPRING Singapore (Standards, Productivity and Innovation Board)
- ^ a b "Head V: Ministry of Trade and Industry" (PDF). Budget 2010: Revenue and Expenditure Estimates. Ministry of Finance. 2010-02. http://www.mof.gov.sg/budget_2010/revenue_expenditure/attachment/28%20MTI%20EE2010.pdf. Retrieved 2010-09-14.
- ^ a b "New Permanent Secretary post at MTI". Channel News Asia. http://www.channelnewsasia.com/stories/singaporelocalnews/view/1156505/1/.html. Retrieved 5 October 2011.
- ^ "Ministry of Trade and Industry : Strategies". Ministry of Trade and Industry. http://app.mti.gov.sg/default.asp?id=96. Retrieved 2008-01-10.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Ministry of Interior and Defence — The Ministry of Interior and Defence of Singapore was set up in 1965, with Dr. Goh Keng Swee as the first Minister. The Ministry was responsible for both internal and external security, controlling both the Police Force and the Armed Forces.… … Wikipedia
Business and Industry Review — ▪ 1999 Introduction Overview Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… … Universalium
Ministry of Industry — may refer to: Ministry of Industry and Energy (Azerbaijan) Ministry of Defence Industry of Azerbaijan Ministry of Industry, Mining and Energy (Cambodia) Ministry of Industry (Canada) Ministry of Industry and Information Technology of the People s … Wikipedia
Ministry of National Development (Singapore) — Ministry of National Development Logo of the MND Agency overview Jurisdiction Government of Singapore Headquarters 5 Maxwell Roa … Wikipedia
Ministry of Home Affairs (Singapore) — Ministry of Home Affairs Logo of the MHA Agency overview Formed 1959 Jurisdiction Government of Singapore Headquarters New Phoenix Park, 28 Irrawa … Wikipedia
Ministry of Law (Singapore) — Ministry of Law Logo of MinLaw Agency overview Jurisdiction Government of Singapore Headquarters 100 High Street, #08 02 The … Wikipedia
Ministry of Defence (Singapore) — Ministry of Defence Singapore Agency overview Formed 11 August 1970 Preceding agency Ministry of Interior and Defence Jurisdiction Government of Singapore Headquarte … Wikipedia
Ministry of Foreign Affairs (Singapore) — Ministry of Foreign Affairs Agency overview Formed 1965 Jurisdiction Government of Singapore Headquarters Ministry of Foreign Affairs, Tanglin, Singapore 248163 Employees 1370[1 … Wikipedia
Ministry of Education (Singapore) — Ministry of Education Logo of the MOE Agency overview Jurisdiction Government of Singapore Headquarters 1, North Buona Vista Drive, Singapore 138675 Employees … Wikipedia
Ministry of Transport (Singapore) — Ministry of Transport Logo of the MOT Agency overview Jurisdiction Government of Singapore Headquarters 460 Alexandra Road, #39 00 #33 00 Storeys PSA Building, Singapore 119963 … Wikipedia