Outlook for 2009 murky but Singapore can be more than an investment destination

2009 Outlook: Mr Beh Swan Gin, the Economic Development Board's (EDB) new managing director advised that Singapore is still on track for record manufacturing investments this year, the outlook for 2009 is 'murky' - no thanks to the fallout from the global credit crisis.

'There is no question that large investments being decided this year and 2009 will take into account the changing economic conditions,' said Dr Beh, who assumes the hot seat at EDB effective today. 'I think we need to see how the situation unfolds over the next few months.'

While he said that it's too early for EDB to give a guidance for 2009 - something usually done around January - Dr Beh nevertheless conceded in an interview with local media that 'I must say that this year, the picture is murkier than usual because of the US situation'.

EDB is 'reinforcing' or shoring up Singapore's economic pillars, Dr Beh said, by infusing knowledge-intensive aspects or activities within the various sectors like biomedical, semiconductors, or chemicals.

He also stressed there was a critical need for talent, both local and foreign. 'In the past, capital was critical for success, and attracting investments was key to that. Now, with knowledge and innovation, talent is critical - and that is an important challenge for Singapore.'

EDB says Singapore can be more than an investment destination: Singapore will focus not just on being a good investment destination, but also a good business partner, said the incoming managing director of the Economic Development Board (EDB).

Dr Beh said the relatively new industry of water solutions is one example of what the EDB will focus on.

The sector falls under urban solutions, which, together with personal wellness and healthcare, and lifestyle products and services, are the three areas the board will emphasise on.

For example, for personal wellness and healthcare, it could look at how to make the systems more effective.

Dr Beh, incoming managing director, EDB, said: "It's important for Singapore but equally important is what companies in the region and all over the world will be looking for. So we can develop this solution through things like process re-engineering - maybe through better use of tech or IT."

Source BusinessTimes and CNA. Image Source BusinessTimes.
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