Invitation strategy for cutting edge industries through MNCs and global talents: The case of Singapore

• Main Author: TAN, Kim Song
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2016
• Subjects: Singapore; business hubs; foreign investment; Asia; Special economic zones; Asian Studies; Growth and Development; Macroeconomics; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/soe_research/1923; https://ink.library.smu.edu.sg/context/soe_research/article/2922/viewcontent/InvitationStrategySingapore_2016.pdf
• Institution: Singapore Management University

Singapore presents an interesting case of how a country achieves dynamic economic development and innovation through the "invitation" strategy of a business hub. Despite being a small city-state with limited domestic market size and no meaningful hinterland or natural resources to speak of, Singapore has managed to transform its economy dramatically over the past 50 years by leveraging the strengths of other economies. Specifically, it has been able to attract (or "invite") various types of productive resources, including foreign capital, foreign technology and foreign workers (both skilled and unskilled) to make up for what it lacks. This has helped Singapore not only achieve sustained growth and development but also enhance its innovative capacity.