The following are TWO strategies to overcome challenges of globalisation:
i. Managing resources efficiently
ii. Venturing abroad

Which is more important in ensuring Singapore's future economic developments? Explain your answer.

Issue: Singapore's future economic development
Given Factor :
a.Managing resources efficiently
b.Venturing abroad

Rank:
Primary Factor:
Venturing abroad as Singapore is too small to depend on herself. Economic development has to be generated by participating in a globalised world economy.
Secondary Factor:

Managing resources efficiently is also important as Singapore is a small country with limited land,people and water. If these resources are not managed efficiently, then it will not be a good environment for economic development. But being able to manage the environment alone is not sufficient to ensure economic development.

Singapore still need to depend on other countries like China, Japan and United State to sustain her economic development. This is because she has to sell her goods and services to these countries.


Suggested answer.

Several important strategies have been used in ensuring Singapore's future economic developments. Two of these strategies are to manage her resources effectively and venturing abroad.


One of the ways to manage Singapore resources effectively is to develop Singapore human resources. In a globalising world, business competition will increase, it is critical to train a pool of entrepreneurs to venture beyond the boundary of the country. This can help to create more business and trade opportunity for the country's industry. This can prevent the nation from becoming stagnant.

Another way is to ensure that the workforce must be trained and retrained in order for them to remain competitive in the global economy where businesses are getting more mobile. This is critical as it ensure that they remain relevant in the ever changing economy.

Meanwhile the country must continue to try to attract foreign talent. This would help to ensure a ready of experts to be employed in the different industry. The foreign contact which they bring can help to create more business opportunities.

Beside managing the human resources, we must also ensure that the physical environment is well managed. The physical condition of the nation must be maintain in order to continue to attractive to foreign investment. For example, built across the mouth of the Marina Channel, the Marina Barrage creates Singapore’s 15th reservoir, and the first in the heart of the city. With a catchment area of 10,000 hectares, or one-sixth the size of Singapore, the Marina catchment is the island’s largest and most urbanised catchment. Together with two other new reservoirs, the Marina Reservoir will boost Singapore’s water catchment from half to two-third's of the country's land area.In this way Singapore need not depend on Malaysia solely for her water needs.

Although managing Singapore resources is a necessary strategy for Singapore future economic development, it is not a sufficient condition. She still has to venture abroad.

Singapore can invest in their neighbouring countries so as to tap on the lower labour costs and new market . For example, Singapore has developed several industrial parks in India, Vietnam and China so that Singapore's business can tap of these countries cheaper resources. In this way, Singapore's economic development can be ensured as the business continue to grow.

Another way it to have cooperation with other countries like forming partnership with other nations which can further strengthen relationship between the nations. Hence, promoting further growth between the 2 countries. One method is to sign Free Trade Agreement with countries like China, New Zealand and Australia. It can help open up more trade and business opportunities for the companies in both partnering countries. These investment can ensure long term growth. The spread of investments across the world would help to ensure that the country's economic growth is maintained even if the markets and investment in one particular region are weakened.

Ultimately, Singapore must always look to the world for her future economic development as her domestic market is too small to sustain her economic growth.Therefore venturing abroad is a more important strategies then managing her resources effectively. Even in her desire to manage her human resources effectively, she still has to venture abroad to attract foreign talent, train entrepreneurs to venture beyond the boundary of the country.Therefore I believe that venturing abroad is the more important strategy.