Gene Kenneth B.

Paragas Econ 106

BSA-1 (TF 10:00-11:30) March 10, 2020

Knowledge Economy of Singapore

Factors that makes the knowledge economy of Singapore:

1. Commitment to Innovation
-Singapore is investing heavily to transform itself into a knowledge-based
economy. In which its government has pledged to more than double the
public sector’s research and development budget to almost $12 billion
over the next five years, much of which will go into investigative and
mission-oriented research. Singapore’s uncompromising stance against
intellectual property rights abuse also works in its favor. Great ideas and
innovation are valuable assets that have to be protected. Singapore has
strong copyright laws, particularly in safeguarding knowledge-intensive
industries like pharmaceuticals and biomedical research.
2. Investment in Human Capital
-Education has always been a priority of Singapore's policy planning. Much
of the focus in recent years has been on establishing Singapore as a world-
class education hub by attracting top educational institutions to Singapore,
and on building a cluster of top-notch professional education and training
centers. Knowledge professionals also play a crucial role in which the
creation, transmission, and effective and creative use of knowledge form
the core of a knowledge-based economy. While innovation and education
are largely responsible for the creation of knowledge, the dissemination of
this knowledge falls into the hands of knowledge professionals.
3. Economic Development
- Driven mostly by trade and investment. Singapore has retained its status
of one of the world's largest oil processing centers, and is ranked among
the top three of the world's busiest seaports. In the aviation sector,
Singapore Airlines has been voted the world's best carrier for 10
consecutive years. Entrepreneurship is thriving in Singapore, testament to
the growing creative streak of Singaporeans. The emergence of strong local
brands like BreadTalk, 77th Street and Expressions. And many of these
brands are making inroads into overseas markets.
Gene Kenneth B. Paragas Econ 106
BSA-1 (TF 10:00-11:30) March 10, 2020

Knowledge Economy of Finland

Factors that makes the knowledge economy of Ireland:

1. Language
-English is a natural asset for Ireland based providers wherein Ireland’s
integration in the EU and global markets in general, proved vital in
overcoming the small size of its domestic market. For instance, the
experience gained by Irish managers working in globally-competitive Irish
firms and multinationals―both in Ireland and abroad, better enables them
to meet global standards and practices. With the UK outside the European
Union, Ireland is the only English-speaking member state left. This is not
just important for serving the large EU market but it also opens up other
markets
2. Knowledge and Education
- Since 1998, a number of significant actions have been taken, enabling the
higher education sector to build infrastructure and funding high quality
research programs. Ireland demonstrates the positive development
consequences of being connected to leading technology centers. Ireland
enhanced its capacity for value creation by tapping into these innovative
centers and the attraction of skilled knowledge workers, both foreign and
returning Irish emigrants
3. Trade
geographically Ireland can service a global market efficiently given its
ability to trade across all time zones. Trade deals with the EU and Canada is
the most recent example but Japan and India are on the horizon too. These
EU trade deals allow companies inside the EU to access large external
markets without major hurdles making Irish knowledge-based companies
using advanced telecommunications to support more customers in these
countries over the next decade.
Gene Kenneth B. Paragas Econ 106
BSA-1 (TF 10:00-11:30) March 10, 2020

Knowledge Economy of Philippines