EDB's plan involves developing ideas in areas like health care, urban living
Nicholas Fang, Business Times 15 Feb 08;
THE long-running programme to entice overseas businesses to locate their regional bases in Singapore is receiving a strategic boost.
A new initiative developed by the Economic Development Board (EDB) builds on the work of the past 20 years but encompasses an approach that could bring double the benefits.
Called Future.Singapore, it will focus on business themes in which Singapore is seeking solutions, allowing the country itself to be used as a working model and test bed.
This added benefit will come on top of the traditional foreign investment flows into the country, said EDB chairman Lim Siong Guan.
He identified three new business themes under the new initiative: urban solutions; wellness, ageing and health care; and lifestyle products and services.
Mr Lim said in an interview yesterday that the initiative's tagline would be: The Future In Singapore - Singapore In The Future.
'We will seek to produce new products and services that the world will want in the future which are first produced here, hence, The Future In Singapore.
'We will also develop and test new ideas where we will be at the forefront in the use of technology for urban liveability, health care and quality living, which is where Singapore In The Future comes in.'
The EDB's assistant managing director for industry development, Ms Aw Kah Peng, said the three business themes were identified after wider global trends were analysed.
'There are certain mega trends that are affecting the world and Singapore, and we are looking at how these work and how we can benefit from them,' she said.
Mr Lim said this contrasted with the EDB's earlier strategy of focusing on attracting businesses that could be grouped into clusters according to industry.
'That was more supply-driven, where we would look at what businesses companies were engaged in, and then create an attractive and conducive environment for them here in Singapore,' he said.
'While we will continue to do that, we are now also looking at what is being demanded by the marketplace and seeing how we can develop solutions here.'
The new industries the EDB is hoping to develop under the latest initiative range across a wide spectrum. They include clean water and energy; waste management; urban planning; wellness and health services; products for an ageing population; and business opportunities targeting the rising middle class in Singapore and in the region.
Mr Lim said foreign companies would not consider investing in Singapore in these sectors unless there were competent local companies already operating.
'A good example is clean water. We started Newater to meet a need for supplies of clean water in Singapore, and now it has become a draw for a high level of research and development activities in that field here,' he said.
The new sectors are also expected to appeal to young Singaporeans looking for exciting careers.
'Many young people are passionate about issues such as clean energy, or are interested in products such as interactive games,' said Mr Lim.
EDB assistant managing director Kenneth Tan, who heads the board's New Business Group, said the EDB itself had received strong responses from prospective employees.
'There have been many people applying at the EDB for jobs that deal specifically with the business sectors under the new initiative, such as urban solutions,' he said.
Mr Lim said it is an encouraging sign that the EDB is targeting industries that will have a wide appeal for Singaporeans looking for jobs, as this is a key objective for the board when bringing in foreign investment projects.
