Contributions of Engineers in the New Economy

Question 1

What are some contributions of engineers to Singapore?

Answer 1

• economy: the creation of jobs
• diplomacy and deterrence: military technology
• social and others: housing, transportation,

Question 2

Summarize the 5 phases of economic development in Singapore.

Answer 2

Phase 1 1965-1984: Export led industrialization
- The first was to shift away from import-substitution in favor of export-led industrialization
- The second was to attract global multinational corporations as vehicles to achieve industrial growth (HP, Seagate)
- Training of Singaporeans in the fields of Science and Technology (The Science and Industry Quiz 1972; Science Centre 1977)
Phase 2 1985-2010: Liberalization of modern services
- Rise of modern services such as business services, info-comm services, entertainment services, financial services)
- promote innovation, enterprise, and entrepreneurship in the economy
- liberalize various services sectors such as finance, telecommunications, and utilities
Phase 3 2011-2025: Productivity-led growth phase
- to counter shortage of labor
- financial incentives were given to firms to undertake capital deepening and adopt technology solutions to raise productivity
Phase 4 2026-2040: Regional Integration & offshore economy phase
Phase 5 2041-2065: Climate change mitigation
- green industry will emerge as the largest contributor to our Gross National Income
- introduction of carbon tax

Question 3

What is the importance of Research, Innovation and Technological Development?

Answer 3

• high value-added activities
• strong manufacturing capabilities and efficient services through superior technology…
• upgrade our existing industry and business clusters

Question 4

What are the 4 main challenges for Research & Development?

Answer 4

1. Making it conducive for industry to undertake R&D
   - costs of doing research is high
   - funding and grants
   - collaborative R&D
2. Strengthening technological capability
3. Fostering innovation and commercialization
   - translation of technology into commercial benefits
   - technological start ups
   - one stop innovation and commercialization centers
   - environment for high tech industries and start ups to flourish
4. Meeting the demand for manpower
   - limited pool of local research scientists and engineers
   - groom local R&D manpower (raise job profile, education)
   - reliance on foreign talents (provision of scholarships, attractive terms, special research programs)
   - internationalization (overseas R&D programs, bring overseas R&D centers and universities into Singapore)

Question 5

What is the Knowledge-based economy?

Answer 5

• Strengthen and broaden the overall education of the people
• Nurture the spirit of entrepreneurship and build a technopreneurship society
• Learn to think out of the box
• Life-long learning, upgrading skills (skillsfuture)