Formed in March 1979, the origins of the Ministry of Trade and Industry (MTI) can be traced to the former Development Division of the Ministry of Finance. Goh Chok Tong, then the Senior Minister of State (Finance), was appointed to head the new ministry.[1] MTI oversees ten statutory boards whose responsibilities range from raising the level of science and technology, to regulating the energy market and promoting Singapore as a tourist destination. Some of these statutory boards include the Agency for Science, Technology and Research (A*STAR), the Economic Development Board (EDB), the Energy Market Authority (EMA) and the Singapore Tourism Board (STB). The Department of Statistics also falls within the purview of MTI.[2]
Domestically, MTI studies and identifies key sectors and clusters; assesses the impact of policy initiatives implemented by other government agencies; and produces periodic research and analyses of the Singapore and global economies.[3] An example of a research publication by the MTI is the Economic Survey of Singapore, which is a quarterly report on the performance of the Singapore economy. The report contains analyses on the performance of the overall economy and selected sectors; sources of growth for the economy; labour market and productivity trends; and Singapore’s economic outlook. It also includes statistical figures such as expenditure and income, productivity and business costs, prices, exchange rates, interest rates, trade and balance of payments.[4] In addition, the MTI develops policies for the use of industrial land so as to achieve competitiveness in land costs.[5] It also decides on policies relating to energy security and the liberalisation of the electricity and gas markets.[6]
Internationally, MTI is responsible for establishing and maintaining bilateral economic relations and strengthening Singapore’s role in the World Trade Organisation (WTO), Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC).[7]
References
1. Soh, T. K. (1979, March 16). Goh to head new ministry. The Straits Times, p. 1. Retrieved from NewspaperSG.
2. Ministry of Trade and Industry (MTI). (2012, April 27). About MTI: Department and Statutory Boards. Retrieved September 18, 2013, from MTI website: http://www.mti.gov.sg/AboutMTI/Pages/Department%20And%20Statutory%20Boards.aspx
3. Ministry of Trade and Industry (MTI). (2011, November 2). About MTI: Divisions and Departments. Retrieved September 18, 2013, from MTI website: http://www.mti.gov.sg/AboutMTI/Pages/Divisions-and-Departments.aspx; Ministry of Trade and Industry (MTI). (2013, October 1). Research Room. Retrieved September 18, 2013, from MTI website: http://www.mti.gov.sg/ResearchRoom/Pages/default.aspx
4. Ministry of Trade and Industry (MTI). (2012, August 2). Research Room: Economic Survey of Singapore. Retrieved September 18, 2013, from MTI website: http://www.mti.gov.sg/ResearchRoom/Pages/Economic-Surveys-ESS.aspx?cat=Research Room
5. Ministry of Trade and Industry, 2 Nov 2011, About MTI: Divisions and Departments.
6. Ministry of Trade and Industry, 2 Nov 2011, About MTI: Divisions and Departments.
7. Ministry of Trade and Industry, 2 Nov 2011, About MTI: Divisions and Departments.
The information in this article is valid as at 2014 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the Library for further reading materials on the topic.