Ministry of Trade and Industry (Singapore)

Ministry of Trade and Industry

Agency overview
Formed	March 1979 (1979-03)
Jurisdiction	Government of Singapore
Employees	2,932 (2015 est.)
Annual budget	$3.05 billion SGD (2015 est.)
Ministers responsible	Lim Hng Kiang, Minister (Trade) S Iswaran, Minister (Industry) Sim Ann, Senior Minister of State Koh Poh Koon, Minister of State Low Yen Ling, Parliamentary Secretary
Agency executives	Loh Khum Yean, Permanent Secretary Lee Ark Boon, Deputy Secretary (Trade) Ngiam Shih Chun, Deputy Secretary (Industry)
Child agencies	A*STAR Competition Commission of Singapore Economic Development Board Energy Market Authority Hotel Licensing Board IE Singapore JTC Corporation Sentosa Development Corp. Singapore Tourism Board SPRING Singapore
Website	www.mti.gov.sg

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.

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:

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.

The MTI's vision is for Singapore to be by 2018:

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:

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.

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