Policies on Private Sector Development

Policies on
Private Sector
Development
- Singapore
Experience –
Session by : A/P Ken Pan Yancheng
President
Trade & Industry Association (Singapore)
1
High-Skilled People, Innovative Economy,
Distinctive Global City
Skills, innovation and productivity the basis for sustaining
Singapore’s economic growth.
Provide for inclusive growth - increase in the incomes of our
citizens.
A vibrant and distinctive global city – open and diverse, the
best place to grow and reach out to a rising Asia
And a home that provides an outstanding quality of life for
our people.
2
Presentation Focus
3 Broad Priorities
7 Strategies
3
3 Broad Priorities
① Boost Skills in Every Jobs
② Deepen Corporate Capabilities to Seize
Opportunities in Asia
③ Make Singapore a Distinctive Global and
An Endearing Home
4
1. Boost Skills in Every Jobs
How to grow productivity by 2% to 3% per year over the next
decade?
 National Productivity and Continuing Education Council
 Improving efficiency and creating better jobs
 Upskilling workforce at all levels
 Raising the quality of the foreign workforce
5
2. Deepen Corporate Capabilities to Seize
Opportunities in Asia
The main areas of focus include:
 Commercialising R&D as a key source of competitiveness
 Developing market-based facilities to spur bank financing of
cross-border trade and projects
 Supporting stronger alliances between large and small
players.
6
3. Make Singapore a Distinctive Global and
An Endearing Home
 Attracting and nurturing diverse pools of talent, both homegrown and global
 Expanding and deepening opportunities to develop
professional expertise and thought leadership in key areas
of specialisation
 Making Singapore a leading cultural capital
 Providing the best quality of life in Asia
7
S1. Growing Through Skills and Innovation
 Encourage enterprise innovation and investments in technology
and training, both through broad-based and targeted sectoral
approaches.
 Introduce strong economy-wide fiscal incentives for companies to
invest in productivity enhancement and innovation.
 Set up a National Productivity Fund to provide grants to support
industryfocused and enterprise-level productivity initiatives at the
sectoral level.
 Develop a national productivity knowledge base by establishing a
Productivity and Innovation Centre for enterprises to tap on.
8
Productivity & Innovation Credits PIC
 Under
the
PIC
Scheme,
businesses can enjoy 400% tax
deduction/allowance
and/or
60%
cash
payout
for
investments made in any of the
6 qualifying activities from the
Years of Assessment (YAs) 2013
to 2018.
 From YAs 2013 to 2015,
businesses can also enjoy a PIC
Bonus. This is a dollar-for-dollar
matching cash bonus capped at
$15,000.
9
Example 1 of Enterprise Innovation
Boncafé International Pte ltd
 One of the best known coffee brands in Southeast Asia.
 Automate its production line, including the loading of coffee beans,
roasting, packing and sealing processes.
 Through these measures, it has increased the quality as well as
quantity of its output, and reduced wastage due to human errors.
 The number of pouches of ground coffee an employee can pack in an
hour has increased from 12 to 360. This also resulted in a more
satisfied workforce.
10
S2. Anchor Singapore as a Global-Asia Hub
① Key base for global players seeking to tap into opportunities – A key
global centre for high value manufacturing and services.
② Building on our physical and cultural connectivity to Asia and the
world - market neutrality offers global businesses a strategic base.
③ Grow opportunities in ASEAN, working together with our regional
partners to realise the vision of a single market under the ASEAN
Economic Community by 2015.
④ Build on our unique position as a city that can grow both high-value
complex manufacturing and international services.
11
On becoming a world class financial centre
 Singapore has liberalised the domestic banking and insurance
industries to greater foreign participation.
 Singapore has also adopted a more open and consultative approach in
its supervision and development of the financial sector, and
 Singapore has shifted the emphasis from regulation to risk-focused
supervision.
12
Other 5 Stategies
S3. Build a Vibrant and Diverse Corporate Ecosystem
S4. Make Innovation Pervasive, and Strengthen
Commercialisation of R&D
S5. Become a Smart Energy Economy
S6. Enhance Land Productivity to Secure Future Growth
S7. Build a Distinctive Global City and an Endearing Home
13
Thank you for your Attention
13