Ministry of Trade and Industry (Singapore)
Logo of the MTI
|Jurisdiction||Government of Singapore|
|Annual budget||$3.36 billion SGD (2010)|
|Ministers responsible||Lim Hng Kiang, Minister
S Iswaran, Second Minister
Lee Yi Shyan, Senior 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)
- "Head V: Ministry of Trade and Industry" (PDF). Budget 2010: Revenue and Expenditure Estimates. Ministry of Finance. February 2010. Retrieved 2010-09-14.
- "New Permanent Secretary post at MTI". Channel News Asia. Retrieved 5 October 2011.
- "Ministry of Trade and Industry : Strategies". Ministry of Trade and Industry. Retrieved 2008-01-10.
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