8_GLOBALIZATION

8_GLOBALIZATION

1. Managing resources efficiently

   • Developing people
     • Promote local entrepreneurship
       • Singapore needs more local entrepreneurship
         • Willing to take risks in their business ventures and come up with new products to compete with foreign companies
           • Hence, bankruptcy laws are amended to allow entrepreneurs who have failed to start an business again
     • Encourage workforce to upgrade their skills
       • Singapore Workforce Development Agency (WDA) creates opportunities for workers to upgrade skills
         • To enable workers to adapt to new job demands and changing work environment
       • Financial assistance will be provided to employers to encourage them to train and upgrade skills of their workers
       • All these measures ensure workforce remains competitive and employable
       • Skillful workforce will be attractive to investors
         • With more investment, Singapore will sustain its economic growth
     • Attracting foreign manpower
       • Foreign workers can support construction and service industries in Singapore
         • Help to take up lower-skilled jobs as more Singaporeans upgrade to higher-skilled jobs
       • Foreign talent make up for the lack of local expertise
         • Bring overseas business contacts and create more business opportunities and jobs in Singapore
       • Ensure a pool of workforce in Singapore
         • Adequate workforce helps to drive economy which maintain investors' confidence, thus sustaining Singapore's economic growth