Singapore developing a global tech hub with government grants and incentives
Armed with lucrative grants and incentives, Singapore has been ramping up its efforts to lure tech firms and investors, including global players like Facebook, Alphabet’s Google and Dyson, companies and government officials say.
But now the focus is shifting toward attracting talent, and even the government says its work is not done.
Chng Kai Fong, managing director of Singapore’s Economic Development Board (EDB), the government agency tasked with negotiating some of those deals, said he is now gunning for “Jedi Masters” he hopes can finally elevate Singapore into a global tech hub.
The secretive nature of the deals means it is unclear how much the country spends to attract such companies and whether it pays off.
Manufacturing, finance, and insurance made up more than a third of Singapore’s $356 billion economy in 2018. The information-communications sector, into which tech firms would largely fall, was about 4%. But it is growing faster than any other sector, data on Tuesday showed. Info-comm expanded at an annualized 6.6% in the first quarter of this year, while the next fastest of the nine sectors Singapore tracks was finance and insurance at 3.2%. [read more]