By Alicia
Wong | Yahoo!
Newsroom – 18 hours
ago
Government spending is expected to
rise over the next five years as it embarks on plans to improve the
quality of life for Singaporeans.
These plans include improving the transport infrastructure,
enhancing the educational and healthcare systems and improving the
quality of housing, listed Deputy Prime Minister and Finance
Minister Tharman
Shanmugaratnam on Tuesday.
This will result in "government expenditure rising as a percentage
of GDP in the next five years," he was quoted by The
Straits Timesas saying.
However, Tharman stressed that the government will maintain a
"sound and sustainable fiscal system" and has in place a "resilient
revenue structure to enable us to meet these higher spending
needs".
He also added that the "overall burden of taxes on Singaporeans"
will remain low by international standards.
In response to President
Tony Tan's address on Monday, Tharman said strong reserves
ensure Singapore can deal with crises.
He added that the Government
of Singapore Investment Corporation and Temasek
Holdings must continue to focus on the long term, pursuing
investment strategies that "generate sustainable portfolio
returns".
Meanwhile the Ministry
of Trade and Industry (MTI) has also pledged to create
more good jobs for locals, reported the paper.
In his addendum to the president's address, MTI
minister Lim
Hng Kiang was quoted as saying, "Singapore will be the
preferred location for companies to deepen their understanding of
the Asian consumer and test-bed new products and services for the
region.
"At the same time,
we will make Singapore an attractive base for emerging Asian
companies seeking to expand internationally," he said.
The ministry also
said it would help Singapore move up the value chain for production
and tap on new growth opportunities.
To ensure local firms are competitive and productive, eight
customised productivity roadmaps in various sectors, such as retail
and precision engineering, have been deployed. One initiative is
the Furniture Industry Productivity Plan launched by SPRING
Singapore on Tuesday
