Ministry of Trade and Industry (Singapore)

Updated on Dec 02, 2024

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Formed March 1979 (1979-03)		Employees 2,932 (2015 est.)
Jurisdiction Government of Singapore Annual budget $3.05 billion SGD (2015 est.) Ministers responsible Lim Hng Kiang, Minister (Trade)S Iswaran, Minister (Industry)Sim Ann, Senior Minister of StateKoh Poh Koon, Minister of StateLow Yen Ling, Parliamentary Secretary Agency executives Loh Khum Yean, Permanent SecretaryLee Ark Boon, Deputy Secretary (Trade)Ngiam Shih Chun, Deputy Secretary (Industry)

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:

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.