Singapore Inc Case
1. Describe the key elements of the Singapore “competitiveness” model.
The key elements of Singapore “competitiveness” model are economic and political stability, a pro-business mindset and a focus on innovation. With an emphasis on these key elements Singapore was able grow and make itself attractive to MNC’s looking to establish international operations in South East Asia.
Economic and Political Stability
Before Singapore began to attract foreign-investments, their first Prime Minister Lee Kuan Yew laid a foundation that circled around the importance of education, strong work-ethic and discipline. This focus was highlighted in three main pillars of efficient government, economic stability and a strong workforce in this case.
Efficient Government – Having an efficient government not only made Singapore attractive to foreign investments but it also ensured Singapore was adaptable and able to build the infrastructure and institutions required for a healthy economy. The work to eliminate corruption in the government and linking MP’s pay to the performance of the GDP were both important in ensuring the government was able and motivated to act efficiently in the best interest of Singapore and its economy.
Economic Stability – The Singapore Government was able to develop a stable economy that was key to supporting long-term investment from both internal and international sources. This was done through their strict controls on their monetary policies as well as by actively managing their unemployment rates.
Strong Workforce – By quickly addressing the labour unrest that was prevalent in post-independence Singapore as well as placing an emphasis on education. Singapore was able to attract MNC’s by ensuring that they are able to provide a local workforce that is both stable and skilled which companies were looking for when looking to establish a presence in South East Asia.
Pro-Business Mindset
With a strong foundation established, Singapore was able to develop
The key elements of Singapore “competitiveness” model are economic and political stability, a pro-business mindset and a focus on innovation. With an emphasis on these key elements Singapore was able grow and make itself attractive to MNC’s looking to establish international operations in South East Asia.
Economic and Political Stability
Before Singapore began to attract foreign-investments, their first Prime Minister Lee Kuan Yew laid a foundation that circled around the importance of education, strong work-ethic and discipline. This focus was highlighted in three main pillars of efficient government, economic stability and a strong workforce in this case.
Efficient Government – Having an efficient government not only made Singapore attractive to foreign investments but it also ensured Singapore was adaptable and able to build the infrastructure and institutions required for a healthy economy. The work to eliminate corruption in the government and linking MP’s pay to the performance of the GDP were both important in ensuring the government was able and motivated to act efficiently in the best interest of Singapore and its economy.
Economic Stability – The Singapore Government was able to develop a stable economy that was key to supporting long-term investment from both internal and international sources. This was done through their strict controls on their monetary policies as well as by actively managing their unemployment rates.
Strong Workforce – By quickly addressing the labour unrest that was prevalent in post-independence Singapore as well as placing an emphasis on education. Singapore was able to attract MNC’s by ensuring that they are able to provide a local workforce that is both stable and skilled which companies were looking for when looking to establish a presence in South East Asia.
Pro-Business Mindset
With a strong foundation established, Singapore was able to develop