Singapore's Strategic Transformation from Entrepot Economy to High Tech Hub: A Comprehensive Business Perspective

Strategic Management in Economic Development: The Singapore Experience

Authors:

Mark Goh, Li Choy Chong, Caroline YEOH, Singapore Management University

Abstract:

Over the last three decades, Singapore's transformation from a mere entrepot economy to a thriving hub of commerce and finance with an advanced industrial base is nothing short of remarkable. Beginning in the late 1970s, the nation has strategically shifted its focus from labor-intensive industries to high-tech sectors marked by capital intensiveness. The wake-up call of the 1985 economic downturn catalyzed a comprehensive review of Singapore's economic foundations, leading to the development of a collaborative framework between government entities and private sector stakeholders.

This new partnership was instrumental in steering Singapore through its recession within an exceptionally short timeframe. A pivotal moment for strategic reorientation occurred as it spurred the establishment of international and strategic alliances with multinational corporations MNCs and other national governments. The 1990s witnessed a series of policies and strategic initiatives introduced by the Singaporean government, designed to propel the city-state into its role in the global economy.

This paper outlines the innovative strategies employed by Singapore to achieve high-tech society status and establish itself as a comprehensive business center with an economically developed infrastructure. A brief historical overview serves as context for this ambitious transformation.

Disciplinary Focus: Business

Research Areas Highlighted:

Strategic Management, Organization Theory

Publication Detls:

International Journal of Management

Volume 10, Issue 2 June 1993

Page Range: 165-182

Link to Full Text:

https:ink.library.smu.edu.sglkcsb_research2552

is made avlable under a Creative Commons Attribution Non-Commercial Share Alike License.

Acknowledgments:

The authors thank the Singapore Management University for their continuous support and contributions in research development.

Contact Information:

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