Ministry of Trade and Industry (Singapore)

Ministry of Trade and Industry
Agency overview

Formed	March 1979 (1979-03)
Jurisdiction	Government of Singapore
Employees	2,932 (2015 est.)^[1]
Annual budget	$3.05 billion SGD (2015 est.)^[1]
Ministers responsible	Lim Hng Kiang, Minister (Trade) S Iswaran, Minister (Industry) Sim Ann, Senior Minister of State Koh Poh Koon, Minister of State Low Yen Ling, Parliamentary Secretary
Agency executives	Loh Khum Yean, Permanent Secretary Lee Ark Boon, Deputy Secretary (Trade) Ngiam Shih Chun, Deputy Secretary (Industry)
Child agencies	A*STAR Competition Commission of Singapore Economic Development Board Energy Market Authority Hotel Licensing Board IE Singapore JTC Corporation Sentosa Development Corp. Singapore Tourism Board SPRING Singapore
Website	www.mti.gov.sg

The Ministry Of Trade and Industry (Abbreviation: MTI; Malay: Kementerian Perdagangan dan Perusahaan; Chinese: 贸工部; Tamil: வர்த்தக, தொழில் அமைச்சு) is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore.

Mission

To promote economic growth and create good jobs, to enable Singaporeans to improve their lives

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.

Vision

The vision of the Ministry of Trade and Industry is to turn Singapore into a leading global city of enterprise and talent, a vibrant nation of innovation and opportunity.

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.

Strategies

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:^[2]

External ties
Competitiveness and flexibility
Entrepreneurship and Singapore companies
Twin engines: manufacturing and services
People
Restructuring

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)

References

1 2 "Head V: Ministry of Trade and Industry" (PDF). Budget 2015: Revenue and Expenditure Estimates. Ministry of Finance. February 2015. Retrieved 21 December 2015.
↑ "Ministry of Trade and Industry : Strategies". Ministry of Trade and Industry. Retrieved 2008-01-10.

External links

Wikimedia Commons has media related to Ministry of Trade and Industry (Singapore).

Official website

Government of Singapore
Cabinet of Singapore
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Statutory agencies	Accounting and Corporate Regulatory Authority Agency for Science, Technology and Research Building and Construction Authority Casino Regulatory Authority Central Provident Fund Civil Aviation Authority of Singapore Civil Service College Defence Science and Technology Agency Economic Development Board Energy Market Authority Health Promotion Board Health Sciences Authority Housing and Development Board Info-communications Media Development Authority Immigration and Checkpoints Authority International Enterprise Singapore Inland Revenue Authority of Singapore Intellectual Property Office of Singapore JTC Corporation Land Transport Authority Maritime and Port Authority of Singapore Media Development Authority National Arts Council National Environment Agency National Heritage Board National Library Board People's Association Public Transport Council Public Utilities Board SPRING Singapore Singapore Accountancy Commission Singapore Land Authority Singapore Tourism Board Sport Singapore Urban Redevelopment Authority Workforce Singapore
Former statutory agencies	Commercial and Industrial Security Corporation Nanyang Technological University National University of Singapore Post Office Savings Bank Singapore Broadcasting Authority Singapore Broadcasting Corporation Singapore Harbour Board Singapore Improvement Trust Singapore Telecommunications National Computer Board Telecommunication Authority of Singapore Public Works Department
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Sovereign wealth fund	Government of Singapore Investment Corporation Temasek Holdings
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