PUBLISHED ONMarch 13, 2025 4:00 AM
You may be familiar with the history of how Singapore grew from a fishing village to the metropolitan city that it is today. With such a huge transformation, it is important to reflect on how we got here and what our next steps are.
To guide Singapore in charting its next lap of growth, the Ministry of Trade and Industry (MTI) has unveiled the Singapore Economy 2030 vision.
The strategic blueprint centres on four key pillars to propel Singapore's growth trajectory: Trade, Enterprise, Manufacturing, and Services.
Here are the important takeaways from the Singapore Economy 2030 vision:
Trade 2030
By 2030, Singapore aims to boost its export value to at least S$1 trillion and its international commodity trade flows to US$2 trillion (SGD$2.7 trillion). To achieve these goals, the Trade 2030 strategy focuses on anchoring new flows and growing trading volumes, deepening companies' efforts in key areas such as sustainability, and enhancing trade relationships with global economies.
A shining example of this transformation is Cargill - a global food and agriculture leader. The company moved up the value chain through innovation, sustainability, and digitalisation. Cargill's Singapore Innovation Center supports food manufacturers and foodservice customers with health and nutrition food solutions for consumers across Asia.
Enterprise 2030
The Enterprise 2030 strategy aims to create a future-ready ecosystem of globally competitive Singapore enterprises.
This includes building locally grown, high-growth companies while supporting local Small and Medium Enterprises (SMEs) to digitalise, innovate, internationalise, and become more sustainable.
YCH Group, a leading end-to-end supply chain management and logistics company, is one such homegrown company. Besides having a strong regional footprint, YCH Group also invests heavily into cutting edge technologies such as its Automated Storage and Retrieval System, making it the preferred supply chain partner for the Asia-Pacific region.
Manufacturing 2030
With the goal of increasing manufacturing value-add by 50 per cent by 2030, the Manufacturing 2030 strategy seeks to establish Singapore as a global business, innovation, and talent hub for Advanced Manufacturing.
By focusing on key sectors such as semiconductors, MedTech, and aerospace, while anchoring more innovation activities to target new growth engines like the green economy and AI, the Government will strengthen our manpower pipeline and grow the capabilities of local enterprises.
One such example is Agilent Technologies, a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help bring great science to life. The company partners local SMEs for medical research to enhance manufacturing quality and lead time, showcasing the vibrant R&D ecosystem and collaborative opportunities in Singapore.
Besides local SMEs partnerships, the Government is investing in STEM education and supporting mid-career transitions in manufacturing through initiatives such as Workforce Singapore's Career Conversion Programme.
Services 2030
The Services 2030 strategy aims to grow the Modern Services cluster's value-add by 50 per cent while harnessing growth opportunities in sustainability and digitalisation.
It also seeks to establish Singapore as a leading business, lifestyle and tourism hub.
Logistics company DHL leverages Singapore's connectivity, expanding from express delivery to hosting its Asia Pacific HQ for supply chain and forwarding. Its offices in Singapore now oversee last-mile delivery, road, air, ocean transport, and industrial supply chain management across the region.
Shaping Singapore's economic future
Building on the nation's 8.8 per cent annual per capita income growth since 1965, the four pillars focusing on Trade, Enterprise, Manufacturing, and Services will drive sustainable development, create quality jobs, and improve the lives of Singaporeans.
To learn more about the Singapore Economy 2030, check out the Ministry of Trade and Industry's Committee of Supply 2025 website.
This article was brought to you in partnership with Ministry of Trade and Industry, Singapore.
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