Modelling a Systemic Industrial Policy Ecosystem: A Case Analysis of Singapore - Page 11

Endnotes

1. The approach of selective intervention strives for a “middle way” stance to industrial policy-making – which is neither a completely “hands-off” industrial policy nor an industrial policy of laissez faire , but one which intervenes “selectively” (Goh, 2004b).
2. Political stability and good governance were important structural factors responsible for Singapore's success. For more than four decades, from 1959 till now, the People's Action Party (PAP) was the dominant ruling party under the leadership of Mr Lee Kuan Yew (till 1990) and current Prime Minister Goh Chok Tong (from 1990 till 2004). Since 12 August 2004, the Prime Minister of Singapore is Mr Lee Hsien Loong.
3. Launched as the blueprint to take Singapore into the 21 st century, the Industry 21 Plan calls for a stronger emphasis on innovation and to transform Singapore into a knowledge-based economy. The objective is to sustain the manufacturing sector’s contribution to the gross domestic product (GDP) at not less than 25% and employment share at more than 20% in the medium to long term. Under this plan, Singapore will attract multinational corporations (MNCs) to anchor their key knowledge-driven industries in the country. Local companies will also be encouraged to engage in more knowledge-intensive activities to become world-class players.
4. The Technopreneurship 21 Plan is a national initiative to develop a critical mass of successful technology start-up companies to support an entrepreneurial culture and to create a conducive environment for innovation. It focuses on attracting technopreneurs, venture capitalists and investment houses to base their activities in Singapore.
5. The Growth Triangle was based on a concept of tripartite economic co-operation to promote the joint development of Singapore, Johore in Malaysia and the Riau islands in Indonesia. The choice of location was one based on close proximity to natural resources and labour, almost identically similar in concept as how the established foreign MNCs regard Singapore in the 1970s.
6. The OECD (1996) defines a knowledge economy as one in which the production, distribution and use of knowledge are the main drivers of growth, wealth creation and employment for all industries.
7. The key thrusts of the Innovation Development Programme are: (i) to identify and promote innovation projects by industry cluster; (ii) to introduce innovation systems and practices in companies; and (iii) to expand the innovation infrastructure and to intensify innovation awareness. The objective is to encourage companies to develop innovation competencies in products, processes, applications and services.