Tharman: Singapore should grow depth of expertise in selected sectors
From our Correspondent
Singapore Finance Minister Tharman Shanmugaratnam said Singapore should now focus on its strong areas and grow the depth of expertise in these sectors.
In a speech made at an Economic Strategies Committee (ESC) forum yesterday, Mr Tharman stressed the need for Singapore to build up capabilities such as workforce skills and quick commercialisation of new products within the sectors that Singapore is showing strength in.
He said:
“It’ll mean not focusing on every area. But we move quickly to identify emerging trends and work with early adopters – global or local – to develop clusters of real strength. And we can probably be good at seven or eight areas and in each of those seven or eight areas, at any point in time, we want to develop real depth of capabilities. If you look at capabilities, we do need a step change in our next phase of growth.”
These sectors have not yet been identified, but are likely to be revealed by the time the committee finishes its work.
The committee, formed in May this year, aims to develop ways for Singapore to grow the economy in the long term. It is set to unveil its key recommendations in January next year and release its full report by mid-2010.
The Singapore government has the propensity to “put all its eggs” in a few baskets to grow the economy.
Not too long ago, Life Sciences was in the vogue. More than $1 billion dollars have been pumped into the industry with few significant results to show.
In 2006, casinos were allowed to be constructed in Singapore to ride on the bandwagon of the gaming industry.
The two casinos are expected to be opened next year. An analyst from Citicorp Anil Daswani expressed doubts about the profitability of Singapore’s two integrated resorts.
In a report on the prospects of Las Vegas Sands (LVS), which owns Marina Bay Sands (MBS) here, Citi said that assuming MBS contributes 20 per cent of LVS’s total Ebitdar in its first full year, every eligible Singaporean will have to go to the casino five times a year and spend more then the average visitor to Macau.
‘We liken the current sentiment towards the integrated resort to the Macau gaming boom in 2006/07 and urge investors to not be left holding this parcel when the music stops,’ he added.
According to Mr Anil, Singapore needs to attract locals to gamble regularly if it wants its casinos to succeed.
However, a hefty entry fee of $100 is likely to put off some Singaporeans. Furthermore, unlike Las Vegas or Melbourne, Singapore has a small population of only 4 million people.
Singapore’s economy is an odd mixture of capitalist / state-controlled. The government controlled a substantial portion of the domestic economy through its giant sovereign wealth fund Temasek Holdings as well as state-linked companies like Capitaland, Singtel and SIA.
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kny on Wed, 11th Nov 2009 5:55 pm
In the 70s the government focused on manufacturing, in the 90s they focused on electronics. Now manufacturing and electronics are moving out to other countries. Early this decade we focused on life sciences. But is the industry making money? Now we are focusing on IRs. Whats next?? What happens to those people who work in those industries if the government decides to focus on another industry?
We need to focus on sectors that will last a life time and not switch and switch. Its like a spoilt teenager buying the latest trend of clothes only to dispose it later.
Muppet on Wed, 11th Nov 2009 7:25 pm
Yes. I agree with Tharman. We should grow depth of expertise in politics. We then form credible opposition parties to put oust the gahment.
BioHazardous on Wed, 11th Nov 2009 8:34 pm
So what happened to the life sciences industry? I’ve wasted my time, effort and money studying life sciences only to discover that there’s not much job market in the life sciences industry in singapore.
How many lives and careers have PAP wrecked with their myopic and fickle policies…
I suggest TR interview the life sciences alumni from NUS and NTU to find out how bad the situation is. Don’t be surprised that most life sciences Singapore Citizen grads HATE PAP.
admin on Wed, 11th Nov 2009 8:54 pm
Hi BioHazardous,
Would you like to write us an article on your predicament?
A bachelor degree in Life Sciences is as good as a common Science degree. You will need to get at least a PhD to work in ASTAR and even then, it doesn’t guarantee you a job for life. Remember the PRC Chinese prof who ends up driving a taxi for a living?
Better get a MSc (Pharmacy), BDS or MBBS.
stupid yipin on Wed, 11th Nov 2009 9:25 pm
million dollar minister should have come up with this BEFORE the economic crisis, if not we pay you million dollars for what?
dun give pappie any more chance to screw up singapore’s future, vote for change, vote opposition
Anonymous on Wed, 11th Nov 2009 9:26 pm
BioHazardous on Wed, 11th Nov 2009 8:34 pm
“I’ve wasted my time, effort and money studying life sciences only to discover that there’s not much job market in the life sciences industry in singapore.”
Sorry to hear that. The simple truth and reality is that those HOT AIR that encourage you and other basically target an industry – pharmaceuticals – which the WHOLE WORLD KNOWS is SHRINKING due to structural consolidation via mergers and takeover in the past 15 years.
They are clueless of preachings. We in the industries and commercial world knows most of the time the “big mouths” talked nonsense both INSIDE and OUTSIDE SINGAPORE. They seems to get this very strange orgasm that public applause of courtesy as “APPROVAL’ of their fictional mind-created wisdom.
They really knew nothings about what is really going on around the world and MSM just echo them like DIVINE LIGHT is shining on their wisdom.
Those in the know are NOT impressed at all.
Plenty of Singaporeans have been fooled.
You are NOT the first nor will you be the last looking at some of the pro-establishment “parrots” preaching some of the queer “teachings from the establishment” in the posts here.
dystopia 2009 on Wed, 11th Nov 2009 9:28 pm
at least last time we know that we focusing on electronics, manufacturing and life sciences … now this million dollar minister dun even know what singapore should focus on next but just anyhow shoot bullets at a few areas
i know singapore building casinos but our mini-stars dun need to turn into gamblers right? or are they following the footsteps of LKY’s father hahahaha
dystopia here we come…
cy on Wed, 11th Nov 2009 10:06 pm
what happens to biohazardous is what happen to ppl who follow pap policy, i remember once semiconductor was very hot too like life sciences.
fair and square on Wed, 11th Nov 2009 11:38 pm
MR THARMAN
IS “COMPASSION’ one of the sectors we should look into first?
As you probably fully aware,despite some of your colleagues may inform you otheriwse,many locals form all collar-types are out of work for obvious reasons:cost-cutting and foreign is better policy.
The GOVT should perhaps consider to grant all retrenched local workers a once-off tax refund as this would allow them to help
themselves and the domestic economy.It is not the same as socail securty-that we know your reasoning-but a mere tax refund for all local sinagporeans out of work.
The govt may also want to help alleviate the hardship of the average singaporean by a GST REBATE for all goods and services as long as they prodcue their PINK ICs.This would help in lightening their COL and at the same time prove your sincerity in claiming that citizens has more rights?this is a very simple idea but workable i must humbly opine.
ther are of course other ways to show that citizenship has its priveleges and that you can scan for more public opinions and suggestions.
As another CHRISTMAS SEASON is fast approaching,i hope that you could consider my humble suggestion so that more retrenched
sinagporeans and theri families could at least celebrate.
you,your colleagues and other rich bosses would be getting your bonuses but many poor displaced singaporeans are still worried for their re-employment and meanwhile,how to put bread on the table.
may i thank you in anticipation of a positive response.
And,a Meery and Blesses CHRISTMAS to you .
Jim on Wed, 11th Nov 2009 11:42 pm
Cy
Times change and technology changes also. Yes, it was semi-conductors previously but now they have been replaced by micro-chips (which, in the very near future, are in turn, about to be replaced by nano-chips).
Churuya on Thu, 12th Nov 2009 9:57 am
The government stop pretending to be experts and let the people decide.
The people should stop relying on the government to decide and make up their own minds on what to do.
Anyway, about the casino, can it be the turning point of PAP’s fortunes? The only trick they can try to do now is to delay opening of casino until after elections.
noroyo~n
Time for Change on Thu, 12th Nov 2009 6:03 pm
The have run out of ideas on how to grow the economy and now are soliciting for help from the business community. Is this why they are paid their multi million dollar salaries?
ck1 on Tue, 17th Nov 2009 1:46 pm
Seems to me that Singapore has been doing alright. They are amongst the richest countries in Asia. The big picture in focusing on casinos is travel and tourism obviously. With the likes of the Singapore Formula 1, and now the casinos it’s obvious the country wants to increase global awareness of the country to attract most tourists.