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Sem. I, 2008/2009
MRB1012
 
ECONOMIC ANALYSISAssignment – PEST Singapore Business Environment
Prepared By:
Liew Yin Hoon MR081149
For:
Dato’ Dr Mohd Taib Hashim04
th
-April-2009
 
INTERNATIONAL BUSINESS SCHOOLUNIVERSITI TEKNOLOGI MALAYSIACITY CAMPUS, KUALA LUMPUR
 
PEST – Singapore Business Environment Page 2 of 13 
4. Using PEST analysis, analyze factors that influence businessenvironment of a particular country that you are familiar with anddiscuss its limitations, if any.1.0 INTRODUCTION
Singapore is widely acknowledged as having one of the best businessenvironments in the world – one of the world's most competitive (Institute forManagement Development World Competitiveness Yearbook), most profitable(Business Environment Risk Intelligence Report), most transparent(Transparency International Survey), with world-class intellectual propertyprotection and enforcement (World Economic Forum Global CompetitivenessReport). The presence of many leading global companies and localenterprises here is a testimony to Singapore's excellence in manufacturingand services. There are more than 7,000 Multi-National Corporations inSingapore nowadays.Singapore is an attractive and competitive manufacturing location, possessingworld class capabilities in the design, development and manufacture of cuttingedge products for the world. As MNCs are always looking for the most costefficient for its investment, Singapore’s high labour rate loses out to otherdeveloping countries e.g. Vietnam and China. As some manufacturers haveleft Singapore to other countries with cheaper labour, we can see thetransformation from the manufacturing activities into trading and services. Inaddition, by leveraging on its strength as the regional hub for services suchas logistics and education, Singapore is poised to become Asia's leadingservices hub, providing an array of world-class services.The following sections will analyse the factors (Politic, Economy, Social andTechnology) that influence the business environment in Singapore and also itslimitation.
2.0 POLITICAL/LEGAL
Singapore is an enterprise friendly country. The government has set upseveral organizations in helping the business in a very systematic way.
2.1 Regulation Structure
2.1(a 
 )
Ministry of Trade and Industry (MTI) 
The
Ministry of Trade and Industry (MTI)
has its vision to make Singaporea leading global city of talent, enterprise and innovation. Its mission is topromote economic growth and create jobs, so as to achieve higher standardsof living for all. It was tasked with anticipating problems ahead, identifyingopportunities for growth, rationalising existing policies and giving broaddirections for the economy. The main tasks are categorized as below:-
 
PEST – Singapore Business Environment Page 3 of 13 
- Growing economy,- expanding trade,- developing industries,- fostering pro-enterprise environmentStatutory boards are semi-independent agencies that specialise in carryingout specific plans and policies of the Ministry. One of such agencies under theMTI is SPRING Singapore.SPRING Singapore (Standards, Productivity and Innovation Board) is theenterprise development agency for growing innovative companies andfostering a competitive SME sector. SPRING works with partners to helpenterprises in financing, capabilities and management development,technology and innovation, and access to markets. As the national standardsand accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness andfacilitate trade. It has many programmes to encourage entrepreneurship andassisting the Small and Medium Enterprise (SME). These are two availablefinancial incentive schemes:-i) Business Angels Scheme (BAS) where they will provide innovativeSingapore-based young companies a matching dollar for everydollar invested by pre-approved angel groups, up to $1.5 million.ii) Young Entrepreneurs Scheme for Startups (YES! Startups) wherethey will provide youths with grants of up to $50,000 to start theirinnovative business.SPRING also provides business leadership and capability development wherea numbers of training courses are conducted to improve leadership andbusiness management skills. Several available programs are:-i) Advanced Management Programme (AMP) where it will help tobuild management capabilities of SME leaders throughpostgraduate and executive development courses that focus on thebusiness management needs of SMEs.ii) Management Development Scholarship (MDS): Designed to nurturethe leadership of tomorrow for growth-oriented enterprises where itprovides MBA scholarship to help the SME to develop their talentfor the future.EnterpriseOne (
O
ne
N
etwork for
E
nterprises) is a multi-agency initiativemanaged by
SPRING Singapore
. EnterpriseOne aims to help localenterprises find the answers they need to start, sustain and grow theirbusinesses. Its resources pose:-
 
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Rich And Deep Content
 Over 20 sections covering a comprehensive range of topics such as
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