Evolution of industrial policy-making in support of innovation: the case of Singapore

Like any developing nation, Singapore has always aspired to attain higher levels of economic prosperity and to eventually achieve developed nation status. Since independence, Singapore has enacted numerous industrial policies to sustain and stimulate its economic progress. These policies have largely aimed to address the business, industrial and technological concerns of firms. As to whether Singapore has succeeded in promoting innovation pursuits, one needs to understand the economic difficulties faced by the government that shaped industrial policy-making over the last four decades. In the light of the country's national objective to develop an innovation-driven economy, this paper provides historical perspectives tinged with social-economic and socio-political influences to the evolution of Singapore's industrial policy-making. It describes the context of the nation's economy and discusses the policy-making thinking that has helped to build the economy to its current state of development. Finally, it envisions the next wave of industrialisation and directions of Singapore's industrial policy-making to foster an economic climate in support of innovation.