Competitive Economy

The economic vitality of a city plays a pivotal role in shaping and supporting the lives of its residents (Unsplash)

A competitive economy goes beyond offering opportunities for economic security. It encompasses diverse factors that speak to dynamism and resilience. Fostering an innovative and inclusive business environment that is welcoming to different cultures and lifestyles is essential to enhancing the well-being and satisfaction of workers and their families. It underscores the significance of an accessible educational system and an inclusive workforce system as being essential for economic resilience through various pathways and skillsets. It also calls for the development of a well-stocked talent pool.  

Contextual Considerations 

Inclusive Workforce and an Accessible Education System

Singapore's commitment to continuous learning and skills development ensures its workforce remains competitive and ready to seize opportunities in emerging industries (Unsplash)

A competitive economy needs a workforce that remains inclusive, with both employees and employers feeling empowered and valued for their skills. Singapore ensures this through national initiatives that support lifelong learning and provide accessible training for all ages and backgrounds. Education and workforce policies are designed to ensure every individual can develop to their fullest potential, regardless of their starting point. 

Skills Development and Lifelong Learning

• SkillsFuture Singapore (SSG): Aims to promote a culture of lifelong learning and skills development, providing Singaporeans with opportunities to develop their fullest potential throughout life, regardless of their starting points. 

Support for Unemployed Individuals

• SkillsFuture Jobseeker Support (JS) scheme: Provides temporary financial support to lower- and middle-income involuntarily unemployed jobseekers while they take part in meaningful job search activities.   

Creative and Innovative Business Environment

Historic shophouses along Haji Lane blends heritage preservation with creative enterprise, where boutiques, cafes and street art create a vibrant street (Unsplash)

An environment that is business-friendly, efficient, safe, stable and trustworthy, with resilient infrastructure to support the economy, builds confidence for investors. Singapore continues to remain a global economic hub because of its vibrant startup ecosystem, research facilities and progressive policies. 

Support for Businesses  

• Startup SG: Makes avenues of support more accessible for startups and ecosystem partners through various initiatives and programmes, thus building a vibrant startup ecosystem.  

• Free trade agreements: Are the result of Singapore’s consistent development of multilateral relations with countries in the region as well as the rest of the world. Over the years, Singapore has implemented 27 free trade agreements which have helped it in its global economic activity.

Economic Resilience

The city's dynamic cultural ecosystem, featuring heritage precincts to contemporary arts spaces, plays a vital role in making Singapore appealing to local and international talent (Unsplash)

A resilient economy is built on the strong foundation of an environment that is efficient, trustworthy and stable. Through the years, Singapore has continued to remain a global economic hub with its vibrant startup ecosystem, research facilities and progressive policies that build confidence for investors.  

Singapore also aids its small and medium enterprises (SMEs) in their global expansions, which reinforces the competitiveness of the nation’s economy through their growth and resilience. Additionally, Singapore ensures that businesses can access the talent that they need by building a high-quality foreign workforce that complements the local workforce. 

Support for Small and Medium Enterprises 

• Market Readiness Assistance Grant: Provides financial support for SMEs venturing abroad by covering expenses related to international expansion, market promotions and business development.  

• Partnerships for Capability Transformation (PACT): Foster productivity enhancements, knowledge transfer and innovation for local companies, particularly SMEs, by facilitating collaborations with multinational corporations. 

Attracting and Retaining Global Talent 

• Overseas Networks & Expertise Pass (ONE Pass): Attracts global talent and rainmakers who transform businesses and create opportunities in Singapore. This ensures that businesses can access the talent they need by building a high-quality foreign workforce that complements the local workforce. 

• Enhancing the intangibles: Includes cultural and social offerings which are important in attracting and retaining both local and global talent. Singapore also attracts global pop star acts and hosts meetings, incentives, conferences and exhibitions for a diversity of sectors including technology, business and health.