EPGE assignment 2

Topics: Economy, Singapore, Global Competitiveness Report Pages: 11 (2586 words) Published: August 3, 2015

University College Dublin

Economic Policy and the Global Environment Assignment 2

Written by:Chan Wei Hao Winston
Student ID:14212829
Group:FT UCD BBS 23 A
Tutor Name: Mr. Wong Hean Hoo
Date Submitted:26 June 2015
Total Words:2047

Table of Contents
1.INTRODUCTION3
2.CAUSES OF HIGH COMPETITIVENESS IN SINGAPORE3
2.1REGIONAL COOPERATION3
2.2HUMAN CAPABILITY4
2.3GOVERNMENT POLICIES4
3.CHALLENGES SINGAPORE FACE5
3.1TOO DEPENDENET ON MNC5
3.2COMPETITION WITH OTHER COUNTRIES6
3.3 HUMAN RESOURCE DEVELOPMENT6
4.STRATEGIES FOR FUTURE IMPROVEMENT7
4.1BUILD A DIVERSE CORPORATE ECOSYSTEM7
4.2SUSTAINABLE COMPETITIVE ADVANTAGE8
4.3HUMAN RESOURCE DEVELOPMENT8
5.CONCLUSION9
REFERENCES10

1.INTRODUCTION
According the news article (Tan, 2015), Singapore is ranked world's third-most competitive economy, first being the United States and second being Hong Kong, making Singapore the most competitive economy in South East Asia (SEA). Singapore possesses world- class infrastructure, land transportation, ports and air transport facilities and the economy can rely on a healthy macroeconomic environment and fiscal management (Yahya, 2014). The competitiveness is increased by its robust education, which allows improvement in higher education and training. For example, Singapore offers a wide range of post-secondary institutions from local to international (Milde, 2013). Singapore’s major focus on education and training have made it grow to become a leader in global competitiveness. This effort prepares individuals with skills to businesses which require talented employees to compete in ever changing global economy (Milde, 2013). Apart from the strong education system in Singapore, other factors such as Singapore’s geographic position, a huge seaport and a highly skilled workforce have provided a favorable business environment for enterprises to thrive and compete in (Economywatch.com, 2015). 2.CAUSES OF HIGH COMPETITIVENESS IN SINGAPORE

2.1REGIONAL COOPERATION
One of the most important factor in Singapore’s economy is the emergence of regional cooperation. Regional cooperation can develop an economy in various ways such as, the transfer of manufacturing technology between countries, introducing new information technology to improve linkages between economies and allow other remote regions to be in contact with the world (Wtec.org, 1997). For example, Singapore sent high labor-demand operations to low-cost neighboring countries like Malaysia and Indonesia in joint cooperative trade and development plans which attracted private sector investments and provision of infrastructure and fiscal incentives from the public sector, spurring economic development (Wtec.org, 1997). Being strategically located at the intersections of the east-west trading routes, Singapore has access to big markets like China and India. Singapore acts as a base for Asian companies to internationalize and enter the global market. Being one of the top three investors in Singapore, Japan acknowledged this advantage and established research and development (R&D) centres and manufacturing plants to ship their advanced products to the global market (Mfa.gov.sg, 2015). Other reasons why other countries want to trade with and invest in Singapore includes having a pro-business environment, exclusive air and sea logistics, highly skilled work force, strong intellectual property (IP) Protection, ISO certified companies and being profound in English (Mfa.gov.sg, 2015). 2.2HUMAN CAPABILITY

Human capability is a major factor for an economic competitive country like Singapore. Education and training had always been a high priority in the list of government spending. A well-educated, skilled and hardworking workforce assisted Singapore to develop and prosper economically over the past decades (Ministry of Trade and Industry, 2003). Singapore is able to attract multi-national...

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Kunz, J. (2014). Lack of Skilled Workers Challenges Manufacturers. Manufacturing Engineering, 153(2), pp. 17-18.
Mfa.gov.sg, (2015). Economic Relations. [online] Available at: http://www.mfa.gov.sg/content/mfa/overseasmission/tokyo/about_singapore/economic_relations.html [Accessed 23 Jun. 2015].
Milde, K. (2013). This is why Singapore is such an economic powerhouse. Singapore Business Review. [online] Available at: http://sbr.com.sg/economy/commentary/why-singapore-such-economic-powerhouse [Accessed 22 Jun. 2015].
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