Singapore Economy 2030:

GROW OUR
ECONOMY

AI-generated image by MTI

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‘‘

ECONOMY203
We must remain agile and continue
to grow our economy by seizing new
opportunities, and making ourselves more
productive, innovative, and competitive. Transform
While there will still be uncertainties and
challenges in the future, if all of us work
together as Team Singapore, with workers,
& thrive
The Ministry of Trade and Industry will support businesses and
businesses, trade associations and workers to not only address near-term challenges, but also uplift
chambers, and unions each playing our their capabilities and seize growth opportunities.
part, we can remain relevant on the global Our efforts are guided by the Singapore Economy 2030
stage and enhance our heft. We can seize vision, which charts our path towards a vibrant economy with
new opportunities for growth, improve the
lives of all Singaporeans, and build our
shared economic future together.
‘‘ opportunities for all.

Trade 2030
— Minister for Trade and Industry, Mr Gan Kim Yong To grow Singapore’s trading volume, widen the types of trading
activities in Singapore, and expand trade globally.
We will continue to strengthen Singapore’s economic
connectivity and integration, while leveraging international
partnerships to enhance trade flows and expand our network
of digital and green economy agreements.

CONTENT
Singapore Economy
Enterprise 2030
2030 Vision To build and sustain a vibrant ecosystem of Singapore
Page 3 enterprises that are future-ready and can compete globally.
We will support companies in promising new growth areas and
build a strong slate of locally-grown, high-growth companies
Near-term support that are globally competitive. We will also support local small

SINGAPORE
for businesses and medium-sized enterprises (SMEs) to digitalise, innovate,
Pages 4-5 internationalise, and to become more sustainable.

Grow our economy

Pages 6-7
Manufacturing 2030
To increase manufacturing value-add by 50% by 2030, and for
Unlock our Singapore to become a global business, innovation, and talent
resource potential hub for Advanced Manufacturing.
Pages 8-9
We will continue to attract high-quality investments into
Singapore, groom promising local enterprises and strengthen
Transform our the manpower pipeline for the sector.
businesses
Pages 10-13

Connect to strengthen Services 2030

our status as a global To grow the Modern Services cluster’s value-add by at least
business node 50% by 2030; harness growth opportunities for the overall sector
Pages 14-15 in sustainability and digitalisation; and anchor Singapore as a
leading, vibrant hub for businesses, lifestyle, and tourism.

Useful resources We aim to entrench Singapore as a hub of firms, a hub of flows,

Page 16 and a hub of talents, while seizing new growth opportunities in
sustainability and digitalisation.
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Why is it important? Deloitte Singapore business tax

leader, Rohan Solapurkar:
While inflation is expected to moderate
BUSINESSES
this year, the external environment remains “The Enterprise Support
volatile and uncertain. Package is a significant
We will continue to support businesses to boost to SMEs by giving
address these challenges with near-term
them extra cash in
measures, even as they transform to stay
competitive. supporting their growth
journey amid global
headwinds – which is the
highest amount in the last
SUPPORT WITH 10 years. What stands out
CASH FLOW is the re-introduction of
l 50% Corporate Income Tax Rebate for the Corporate Income Tax
companies in the Year of Assessment 2024, Rebate after a hiatus of
NEAR-TERM SUPPORT FOR

capped at $40,000 three years.”

l Minimum cash payout of $2,000 for smaller
companies that employ at least one local
employee

Baker Tilly Singapore managing

ACCESS TO partner, Joshua Ong:
FINANCE “This year’s Budget
The enhanced Enterprise Financing Scheme announced not just
(EFS) will support businesses to better access immediate steps to allay
financing by: concerns on rising costs,
l Extending the EFS-Trade Loan’s enhanced it took an impressive leap
maximum loan quantum of $10 million until forward and introduced

$1.3 billion
March 2025, at 50% Government risk-share
long-term solutions to
l Extending the EFS-Project Loan for help Singaporeans and
domestic construction projects until By the numbers Singapore companies
March 2025, at a maximum loan quantum
become future-ready.

> 30,000
of $15 million
Enterprise Support Package to help
l Permanently increasing the maximum loan businesses manage rising costs For local companies, the
quantum of the EFS-Working Capital Loan
imperative next step is
to $500,000
to familiarise themselves
Companies have used SkillsFuture Enterprise with the new and enhanced

$2,000
Credit to upskill their workers and transform their range of tools, leverage
businesses since 2020
PURSUE the right resources for
TRANSFORMATION them, and establish a
strong foothold in the years
l The SkillsFuture Enterprise Credit will
be extended to June 2025, to support ahead.”
businesses in workforce and enterprise Minimum cash payout under the Corporate Income
transformation Tax Rebate scheme for SMEs that employ at least
one local employee
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Why is it important?
Despite shifts in global supply chains, Singapore’s robust
infrastructure, pro-business policies, and skilled workforce
continue to attract businesses and investors.
To maintain our economic momentum, we will double down Deloitte Singapore global
on deepening capabilities in key growth areas and attracting investment and innovation
investments to create greater opportunities and jobs for incentives leader, Yvaine Gan on
Singaporeans. the Refundable Investment Credit
(RIC):
OUR ECONOMY

“This new tax credit with

ENCOURAGE a refundable cash feature
INVESTMENTS will help Singapore remain
l The new Refundable Investment Credit scheme will globally competitive
support qualified firms in developing high-value and in attracting foreign
substantive economic activities in key sectors and new investments, hence shaping
growth areas in Singapore
Singapore’s economy to
GROW

achieve sustainable growth.

The flexibility of the RIC in
STRENGTHEN supporting a wide range of
COLLABORATION activities, which includes
l The enhanced Partnerships for Capability manufacturing, digital
Transformation (PACT) scheme will support more
collaborations between multinational corporations, large services, headquarter
local enterprises, and SMEs, including capability training, By the numbers activities, commodity
internationalisation and corporate venturing trading, R&D and green
transition plans, is

DEEPEN
CAPABILITIES
$2.9 trillion
Foreign Direct Investment in Singapore as at
encouraging and may be a
powerful tool in supporting
companies in scope under
Pillar 2*.”
We will deepen research and innovation capabilities in key end-2023, up from $1.9 trillion in 2019¹
growth sectors through measures such as: *Pillar 2 of the Base Erosion and Profit Shifting
(BEPS) 2.0 framework introduces a minimum
l MedTech Catapult, a $38 million national initiative to effective tax rate of 15% for large multinational
accelerate the development of novel life sciences tools enterprises. Singapore will implement this starting

US$74 billion
and medical devices, and build a go-to medical device from January 2025.
product development platform in Singapore
l $97 million Nucleic Acid Therapeutics Initiative
(NATi) to build Singapore into a regional hub for nucleic
acid therapeutics research, clinical translation and Global market size of precision medicine in 2022, Managing director at Cloudflare
commercialisation projected to grow at an average rate of 11.5% a
in Asia-Pacific, Japan and China,
l Additional tranche of $60 million provided to the year up to 2030²
Jonathon Dixon:
National Robotics Programme (NRP) to step up
Singapore’s robotics capabilities in sectors such as “AI is going to be an
manufacturing and logistics, facilities management and integral part of doing
healthcare

US$1.35 trillion
business going forward,
l Artificial Intelligence (AI) Centre of Excellence for and the technology has
the Manufacturing Sector, an initiative that brings
the potential to create new
stakeholders across industry, research and the startup
ecosystem together to develop AI-enabled solutions jobs and augment existing
Estimated global market size of AI in 2030, up from
and improve the productivity and competitiveness of US$150 billion in 2023³
ones.”
the sector
l National Semiconductor Translation and Innovation
SOURCES:
Centre (NSTIC) will be funded by about $180 million ¹Singapore Department of Statistics (DOS), Feb 2024
to foster ecosystem collaboration and open up new ²Precedence Research – Precision Medicine Market Size, Share,
possibilities in enhancing the performance, efficiency and Report 2022 to 2030
functionality of semiconductor devices ³MarketsandMarkets, 2023
 8 9

Why is it important?
OUR RESOURCE POTENTIAL

Singapore has grown into a leading global

city despite our resource constraints such as
land, labour and energy. We must navigate
the transition towards a net-zero future, and
continue to push boundaries and unlock our
resource potential to strive for the next bound
of growth.

ENERGY
TRANSITION AND
DECARBONISATION
UNLOCK

We will invest in clean energy sources and new

decarbonisation pathways, while ensuring a
secure and cost-competitive power system
through the:
l Future Energy Fund with an initial $5 billion
in funding to support investments in energy
transition infrastructure such as undersea
cables to import low-carbon electricity and
new hydrogen terminals and pipelines
l Import of up to 4GW of low-carbon electricity
by 2035, which will make up around 30% of UOB senior economist,
Singapore’s electricity supply
Alvin Liew on the Future
l Low-Carbon Energy Research Programme Energy Fund:
with 16 awarded projects to advance the By the numbers
research and development of low-carbon “This is definitely
alternatives such as hydrogen, and enable something that is very

40%
decarbonisation of power and industry
sectors forward-looking, but
it’s also necessary.
l Collaboration with an industry consortium to
study the techno-economic feasibility of a The measures (such as

30%
cross-border Carbon Capture and Storage hydrogen) that were
(CCS) project Singapore’s total emissions mentioned are not
generated by the power sector¹ something that you will
Singapore’s electricity supply that will be made up of low-carbon see the private sector
DEVELOP LOCAL electricity, which Singapore will import up to 4GW by 2035 being able to take up
CORPORATE and do.”
LEADERS
l We will support companies to strengthen
their pipeline of local corporate leaders
through the Global Business Leaders
Programme, which includes support for
overseas work assignments and other
US$150 trillion
Investment the world needs to achieve net-zero emissions by 2050²
developmental opportunities

SOURCES:
¹Energy Market Authority of Singapore
²The International Renewable Energy Agency, World Energy Transitions Outlook 2023
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Why is it important?
Change and transformation are constants in today’s
rapidly evolving world. We will empower businesses and The Association of Small and
workers to leverage technological advancements and Medium Enterprises (ASME)
seize growth opportunities in critical areas like advanced president, Ang Yuit:
manufacturing, AI, and sustainability.
OUR BUSINESSES

“Ten years ago, we

were talking about
digitalisation, and many
SUPPORT M&OE companies were moving
TRANSFORMATION
TRANSFORM

up along the digitalisation

We will power the transformation of the Marine and process. But with AI,
Offshore Engineering (M&OE) industry through a the timeline is more
$100 million support package over the next five years. compressed, and in just
It includes:
a year, so much has
l Enterprise Development Grant to help companies changed.
build new offshore wind capabilities and catalyse
innovation It is at the right time
l Productivity Solutions Grant to boost productivity that we’re looking at
through mechanisation tools reskilling and having all
l A refreshed M&OE Industry Digital Plan to provide these schemes to look into
roadmaps guiding companies in deepening their upskilling our workforce.”
digital capabilities
l Efforts to upskill workers, redesign jobs and develop
talent through the Jobs Transformation Map, a new
Offshore Wind track under Workforce Singapore’s
Career Conversion Programme and the
Marine Digitalisation Champion Programme

ENERGISING
HEARTLANDS
We will enhance the vibrancy of our heartlands and
enable our heartland merchants to stay relevant and
competitive through:
l The Heartland Innovation and Transformation
programme, which provides curated training courses
and a conducive ecosystem for aspiring enterprises to
By the numbers
test their business ideas, build capabilities, and scale
l The Heartland Enterprise Placemaking Grant,
which defrays up to 50% of eligible costs for selected
placemaking activities organised by heartland
merchants, capped at $10,000 per project
> 9 in 10
Heartland shops (more than 17,000)
have adopted e-payment solutions

94%
to date
LEVERAGE
DIGITALISATION
l The Generative AI Sandbox will provide SMEs with
easy-to-use and affordable generative AI solutions
applicable across sectors to improve their top and Digital technology adoption
bottom lines by SMEs in Singapore in 2022,
a 20% jump from 2018
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TRANSITION TO A
LOW-CARBON AND Head of commercial banking
SUSTAINABLE ECONOMY at HSBC, Priya Kini:

We will support the green transition by: “It is great to see

the expansion of the
OUR BUSINESSES

l Enhancing the Energy Efficiency Grant to include more

sectors and provide additional support for companies with Enterprise Financing
more ambitious plans to reduce their emissions Scheme to allow
l Extending the Enterprise Financing Scheme-Green (EFS- companies which are
adopting green solutions
TRANSFORM

Green) until March 2026 and expanding it to include the

adoption of green solutions to also benefit from it.
l Introducing the Sustainability Reporting Grant to help
large enterprises kickstart their sustainability reporting As more companies adopt
journey. We will also provide funding support and partner sustainable solutions,
with sustainability service providers to launch a programme technologies or products,
to help SMEs to develop their sustainability report
this will not only support
l Enhancing the Resource Efficiency Grant for Emissions the transformation
(REG(E)) to support more energy efficiency and carbon
emissions reduction projects for industrial facilities
of the industry as a
whole, but also create
new opportunities for
other players across the
EQUIP WORKERS WITH economy.”
GREEN SKILLS
We will support our workers in upskilling and reskilling to
seize job opportunities in green growth areas by:
l Working with industry, training providers and unions under PwC Singapore’s tax leader for
the Green Skills Committee to identify skills and develop energy, utilities and resources,
training programmes in two focus areas (i) Sustainability Irene Tai:
Reporting and Assurance and (ii) Energy By the numbers
“Beyond just making
l Working with NUS and NTU to develop training
sure everyone is on
programmes in carbon management, services and
trading board, there’s also this
opportunity for Singapore
to attract foreign
By the numbers capabilities, helping to
DEEPEN grow the local capabilities
PARTNERSHIPS

2,000
in the whole sustainability
We will deepen partnerships with Trade Associations and ecosystem.
Chambers (TACs) to drive industry transformation by:
It gives Singaporeans
l Establishing an Alliance for Action (AfA) on Business
Competitiveness with the private and public sectors, and Enterprises in Singapore have used the Energy Efficiency a new set of diverse
co-create recommendations to strengthen competitiveness Grant since 2022 to defray energy costs opportunities for new
in areas such as manpower, land, and regulations career paths. Those are

> 30,000
l Working with the Singapore Business Federation to the new jobs that are
build shared resources and boost the capabilities of TAC really being created from
secretariats to support members in critical areas like the sustainability drive.”
digitalisation, sustainability and internationalisation
l Partnering industry to reduce transaction costs of
SMEs benefitted from the capability development
doing business with Government through streamlined
programmes at SME Centres launched by MTI and TACs
procurement via Tender Lite and the GeBIZ Supplier
last year
File Repository, as well as going digital through
eGuarantee@Gov and One-Stop Payroll
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Why is it important?
TO STRENGTHEN OUR

Singapore continues to be Asia’s most

competitive economy and the world’s fourth
most competitive economy, according to the
STATUS AS A GLOBAL BUSINESS NODE

latest International Institute for Management

Development (IMD) World Competitiveness
Ranking released in June 2023.
However, the global competitiveness scene
remains dynamic. We must continuously
strengthen our position as a hub for culture,
ideas and commerce.

BUILD A
VIBRANT HUB
We will strengthen our appeal as a vibrant
lifestyle and economic hub for residents and
tourists alike by:
l Injecting over $300 million to the Tourism
Development Fund 4 to develop and
market new products and experiences,
rejuvenate existing offerings and upskill our
CONNECT

tourism workers
l Developing a pipeline of high-quality,
first-of-its-kind experiences in Singapore

STRENGTHEN
COMPETITIVENESS
We will continue to strengthen our global By the numbers
trade competitiveness by:
l Advancing trade and investment with
partner economies, especially in growing
markets
l Pioneering partnerships for the green and
digital economies through Digital Economy
13.6 million
International visitor arrivals to Singapore
$2 trillion
Singapore’s total trade in goods and
in 2023
Agreements and Green Economy services in 2023, up from $890 billion
Agreements in 2005
l Supporting local companies in their
efforts to scale up and internationalise
through the Market Readiness Assistance

>20,000 30% growth

(MRA), Enterprise Development Grant
(EDG) and Double Tax Deduction for
Internationalisation (DTDi) scheme
l Encouraging new trade flows for in-demand
areas such as carbon credits and biofuels
Trade in goods within ASEAN grew from US$645 billion in
l Implementing faster documentary and Jobs created in Singapore, as a result of the $12.7 billion
2018 to US$857 billion in 2022¹
cargo clearance for movement of goods in Fixed Asset Investment commitments attracted by the
for Authorised Economic Operators (AEO) Economic Development Board last year SOURCES:
under the ASEAN AEO Mutual Recognition ¹ASEAN Statistical Highlights 2023
Arrangement (AAMRA)
16

GoBusiness
Scan the QR code for more Visit the GoBusiness portal for
information, or contact MTI at more information on available
mti_email@mti.gov.sg support for enterprises. Apply
for grants or use the e-Adviser
to discover your eligibility
for Government schemes by
answering a few simple questions.

Pro-Enterprise
Panel
Take a short assessment to find out
how the Pro-Enterprise Panel can
support your business’s regulatory
needs and challenges to minimise
compliance costs and encourage
innovation in businesses.

SME Centres
Our experienced Business Advisors
are here to support you in growing
your business, through areas such
as overseas expansion, financing,
productivity, and HR. Book a
complimentary 1-on-1 consultation
at an SME Centre of your choice.

Chief Technology
Officer-as-a-Service
Answer a few questions to conduct a
self-assessment of your company’s digital
readiness, identify digitalisation gaps,
and find digital solutions tailored to your
business needs. Eligible companies can
also seek digital advisory services and
project management support from a
shared pool of digital consultants.
Centres of
Innovation
The Centres of Innovation were set up
in partnership with Institutes of Higher
Learning and research institutes to
enhance SMEs’ technology innovation.
The centres provide facilities,
consultancy, training, and technical
services for SMEs to develop and test
technology projects in specific sectors.

Pro-Business
Measures
How can businesses save time and
costs while staying competitive?
Check out this infographic for the
latest updates on the Ministry of
Finance’s pro-business measures.