| Ministry of Trade and Industry | |
|---|---|
| Logo of the MTI | |
| Agency overview | |
| Formed | March 1979 |
| Jurisdiction | Government of Singapore |
| Employees | 770[1] |
| Annual budget | $3.36 billion SGD (2010)[1] |
| 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[2], Permanent Secretary Ng How Yue[2], Second Permanent Secretary |
| Website | |
| www.mti.gov.sg | |
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.
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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:
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.
The MTI's vision is for Singapore to be by 2018:
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:[3]
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.
The ministry oversees a department and 10 statutory boards. These are: