The MTI plays a very big role in the Singapore business sector, but there are still a lot of people that are asking themselves ‘What is MTI Singapore?’. Read on to have a better understanding.
WHAT EXACTLY IS MTI SINGAPORE?
The Ministry of Trade and Industry (MTI) is a governmental agency in charge of two extremely important sectors of the economy. It contains divisions specialised in diverse sectors (e.g., the Energy Division), foreign entities (e.g., the ASEAN Division), and big state-owned enterprises (JTC Corporation). They also grant permits to Singapore-based businesses.
WHAT DOES THE MTI DO?
The Ministry of Trade and Industry (MTI) fosters economic growth and job creation in order to raise living conditions for all by doing the following.
- Promoting the expansion of industrial sectors with high growth potential and fundamentals.
- Safeguarding Singapore’s foreign trade interests, particularly in order to improve access to global markets for our goods, services, and investments.
- Providing a thorough grasp of the present situation and forecast for the Singapore economy in order to formulate and revise policies.
These strategies are based on Singapore’s basic economic management philosophy, which includes a strong commitment to a free-market economic system and an active pursuit of outward-oriented economic policies.
WHAT ARE THE DEPARTMENTS UNDER MTI?
There are a lot of departments or divisions that are closely related to MIT. Among the main ones that you should know are as follows: –
The Singapore Department of Statistics (DOS) is responsible for developing and sustaining a national statistics service of high quality, integrity, and competence.
As the National Statistical Office, they provide insightful statistics and reliable statistical services to help decision-makers. Their statistics are key inputs for monitoring economic and social trends, policy development and assessment, planning and research, and worldwide reporting by public sector agencies, policymakers, international agencies, corporations, academics, analysts, and the general public.
The Agency for Science, Technology, and Research (A*STAR) is responsible for mission-driven research that enhances scientific discovery and technological innovation. They play an important role in creating talent and leaders for their Research Institutes, the larger research community, and industry.
Their research generates economic growth and job opportunities in Singapore. As a Science and Technology Organization, they bridge the research and development gap between university and industry. In these endeavours, they attempt to combine the appropriate skills of their research institutes and engage with the larger research community as well as other public sector entities to achieve meaningful and effective results.
Aside from investigating and punishing anti-competitive conduct in Singapore, the CCCS also represents Singapore in international competition concerns. Furthermore, the CCCS has a legislative obligation to advise the government or other public bodies on national competition requirements and policies in general.
Among the duties and functions of the CCCS are to
- Maintain and improve market efficiency, as well as increase overall market productivity, innovation, and competitiveness in Singapore.
- Eliminate or limit practices that have a negative impact on competitiveness in Singapore.
- Encourage and sustain competition in Singapore’s markets.
The Singapore Economic Development Board (EDB), a government organisation within the Ministry of Trade and Industry, is in charge of developing strategies to strengthen Singapore’s position as a worldwide hub for business, innovation, and talent.
They are in charge of promoting investment and developing industries in the manufacturing and globally tradeable services sectors. They oversee industries that account for more than a third of Singapore’s yearly GDP.
The Hotel Licensing Board (HLB) is a statutory board within Singapore’s Ministry of Trade and Industry.
HLB, which was established under the Hotels Act, is tasked with administering the regulatory framework for the hotel business. Their responsibilities are as follows.
- Manage the hotel licencing regime, including the registration of new hotels, the update of hotel information, and the renewal of licences.
- Examine the hotel licencing procedures.
- Conduct compliance and enforcement operations in response to complaints and violations of the Hotels Act and Licensing Regulations.
JTC Corporation (JTC) is a statutory board of the Ministry of Trade and Industry that promotes long-term industrial growth. It creates appealing destinations for Singapore’s talent and communities by promoting clean, green, and smart estates. The organisation also promotes innovation in the construction and infrastructure sectors.
Sentosa Development Corporation (SDC) was formed as a Statutory Board under the Ministry of Trade and Industry on September 1, 1972. Since its foundation, its mandate has been to supervise the development, management, marketing, and promotion of Sentosa as a resort destination for both residents and visitors.
SDC also owns Singapore’s sole cable car sky network, which connects mainland Singapore to Sentosa and then across the island to Siloso Point. Sentosa is also home to Singapore’s first integrated resort, Resorts World Sentosa, which houses South East Asia’s first Universal Studios theme park and the S.E.A. Aquarium, one of the world’s largest aquariums.
The Singapore Tourism Board (STB) is a statutory board that reports to Singapore’s Ministry of Trade and Industry. It advocates the growth of Singapore’s tourism sector, one of the country’s core service industries and economic pillars, and is responsible for marketing and promoting Singapore as a tourism destination.
STB works to guarantee that tourism remains an essential economic pillar via long-term strategic planning, establishing partnerships, pushing innovation, and assuring quality in the tourism sector. It publicises Singapore’s multifaceted appeal as a renowned business and leisure destination, as well as to provide empowering and customised experiences.
The ASEAN Division develops and assesses Singapore’s international economic strategy at ASEAN fora in order to keep Singapore economically relevant and competitive.
The scope of the division encompasses ASEAN integration issues as well as ASEAN external relations.
The North-East Asia Division administers Singapore’s commercial ties with North-East Asia, including China, by creating and implementing plans to engage the markets in North East-Asia.
The North America and Europe Division manages Singapore’s economic trade connections with the North America and Europe area, as well as developing strategies for engaging with specific nations.
The Southeast Asia and Oceania Division seeks to increase Singapore’s economic footprint in Southeast Asia and Oceania.
Who is in charge of the MTI?
Mr. Gan Kim Yong was named Minister of Trade and Industry. One of his top tasks at the Ministry of Trade and Industry (MTI) is to seek new growth prospects to assist Singapore’s sustained economic development.
How can I get in touch with MTI?
You can get in touch with MTI via email at email@example.com, or contact them at 1800-2213005.
What is the primary source of income in Singapore?
Singapore’s economy is primarily driven by exports of electronics and machinery, financial services, tourism, and the world’s biggest cargo port.