Ministry of Trade and Industry (Singapore)

In the first quarter of 2024, the Singapore economy grew by 2.7% on a year-on-year basis.   Since the last economic survey in February 2024, the external economic environment has remained resilient. Due to tight financial conditions, GDP growth in the major economies is expected to taper gradually in the immediate quarters, before picking up alongside anticipated policy rate cuts later in the year. Nevertheless, downside risks in the global economy remain.   Considering the performance of the Singapore economy in the first quarter, as well as the latest global and domestic economic developments, MTI has maintained Singapore’s GDP growth forecast for 2024 at “1.0% to 3.0%”.   Download the full report here: www.mti.gov.sg/ess1Q24

As Singapore works towards a low-carbon economy, Serena and her team look into green growth areas to promote cross-border green economic cooperation through Green Economy Agreements. Her efforts will help to garner support from various countries, including Singapore, to accelerate our net-zero emission goals. #WeAreMTI #TeamMTI

Patch testing, elevated! Hapsense, a wearable skin sensor designed by Procter & Gamble SgIC, A*STAR and NTU, can measure the effects of a skincare product and provide quantifiable assessments compared to conventional skin-testing methods such as consumer surveys.   Made possible by public-private partnership, this innovation tapping on soft electronics can enable scientists to unlock big data insights to accurately guide the formulation of skincare products for various skin types and expand its applications to test surfaces and products in categories beyond skincare. Procter & Gamble - P&G Singapore Innovation Center (SgIC) A*STAR - Agency for Science, Technology and Research Nanyang Technological University Singapore

#ICYMI Singapore hosted the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum last month. Bringing together over 300 participants comprising C-suite and senior executives from the region’s largest investors, startups, and project proponents, the forum aims to facilitate high-quality business and capital matching, and build connections between the public and private sectors. It is also a key initiative to advance the objectives of the IPEF Clean Economy Agreement by mobilising financing in support of the development and deployment of clean energy and climate-friendly infrastructure and technologies in the IPEF economies.   Watch the video to view the highlights from the event! #IPEFInvestorForum

Earlier this week, Minister Josephine Teo visited Chongqing, China and convened the 9th Joint Implementation Committee Meeting for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) together with Chongqing Mayor Hu Henghua. The CCI is a key bilateral project launched in 2015, focusing on modern connectivity and services such as financial services, transport and logistics, aviation, and information and communication technology. During the trip, Minister Teo also met with other Chongqing officials and visited some projects, including the Multi-Modal Distribution and Connectivity Centre, a physical facility co-developed by Singapore and Chongqing companies to enhance multimodal operations across Chongqing’s air, river, rail, and road logistics nodes. We will continue to work closely with our counterparts in China to foster stronger economic ties.

#DidYouKnow that 27 June is Micro-, Small and Medium-sized Enterprises (MSMEs) Day?    To boost the digital and Artificial Intelligence (AI) capabilities of local SMEs, the Digital Enterprise Blueprint (DEB) was launched earlier this year.   The DEB brings together key ecosystem partners to push for AI integration within local SMEs by streamlining processes, enhancing productivity, and driving innovation through a wide range of programmes and initiatives.   Learn more about the various programmes and how they can support your business growth: https://lnkd.in/gueNfi_x   IMDA Enterprise Singapore Microsoft Amazon Web Services (AWS) Google Salesforce

#DidYouKnow Singapore has been ranked the world’s most competitive economy, according to the International Institute for Management Development (IMD) World Competitiveness Yearbook (WCY) for 2024? As part of the ongoing industry engagements supporting the Alliance for Action (AfA) on Business Competitiveness, the Singapore Business Federation hosted a Focus Group Discussion last week, which brought together 17 business leaders to discuss regulatory issues and their impact on the business environment. The Government will continue to foster stronger collaboration between the public and private sectors to grow Singapore's economy. To provide feedback, please get in touch with the AfA Secretariat at policy@sbf.org.sg.

The Clean Economy pillar of the Indo-Pacific Economic Framework (IPEF) aims to promote the adoption of clean energy technologies and improve energy efficiency. This involves supporting the widespread implementation of these technologies, which will open up new markets and partnerships. The framework also encourages investment in sustainable infrastructure and fosters innovation in green technologies. Read more about the IPEF Clean Economy Investor Forum: https://lnkd.in/gkqVUDfC #ipefinvestorforum

Since 2010, the Partnerships for Capability Transformation (PACT) scheme has played a key role in promoting closer partnerships between companies. The enhanced PACT will offer more opportunities for multinational corporations and large local enterprises to build resilient relationships in Singapore’s ecosystem, while helping local SMEs to deepen their capabilities and expand their operations to capture new growth opportunities in regional and global markets. Interested companies can approach the Economic Development Board or Enterprise Singapore to find out more details.

Join us in recognising local talent and companies! Enterprise Singapore has unveiled its annual Good Company Report, highlighting fast-growing local SMEs with great company culture, industry exposure, and career opportunities. This year, Enterprise Singapore partnered with student groups from various Polytechnics to storyboard, direct, and produce a series of short films showcasing some of their memorable behind-the-scene experiences at these local companies. Check out the sectors you are interested in and discover your next career move!