Singapore maps out 2010 plan

Business Asia, Feb 1, 1999

Singapore has unveiled an ambitious plan to mould its industry into one that is knowledge driven by the year 2010, with annual electronics sector output seen reaching S$150 billion (US$89 billion).

One major goal stated was "to develop knowledge driven manufacturing and exportable services to constitute at least 40 per cent of gross domestic product (GDP), offering 20,000 job opportunities every year," said Mr Liew Heng San, managing director of the Economic Development Board (EDB).

Output for key factors such as electronics and chemicals were slated to maintain the phenomenonal growth achieved in the past 20 years, despite the recent economic uncertainties in the region.

EDB revealed at a seminar that it aims to secure 150 new electronic projects that would help the sector generate S$150" billion worth of annual output by the year 2010.

Mr Liew said the electronics sector is targeted to grow by 8 per cent annually to 2010.

The sector is the main engine of Singapore manufacturing, accounting for 40 per cent of the total.

Singapore also aims to be a world-class hub for the petroleum and petrochemical industry. --Reuters