Cannot be denied, lately, Asia has risen a number of a middle class, due to the economic growth. According to the fact that Singapore Economy sector has to face the decline for a bit, there also a good sign that statistic has shown an increase in consumer spending in Southeast Asia, and in air traffic at Changi Airport as a regional hub. A raised in a middle-class people of the Asia region absolutely will increase their domestic consumption. This consumption also includes a high-tech product and increasing the number of the manufacturing sector. This also has an impact on their import number to increase, and the last, adding their investment in the foreign country. Despite the political uncertainty which occurs in some countries of South East Asia (associated in Association of South East Asian Nation), EDB was certain that Singapore can take an advantage of the growth of the population of countries like the Philippines and Indonesia. ASEAN country has a 5 percent growth in the economic sector. It will give Singapore a chance to get profit, as long as they open up the economy and have some policies that friendly with the market. EDB also certain it will last for about a long term.
Economic Development Board of Singapore, as the lead government agencies built in 1961, is an institute that developing strategies to keep Singapore become a global business center.
EDB has the aim to attract the foreign investor to boost the Singapore manufacturing industry sector. EDB is the future preparation for the Singapore nation. They have established a strong position in the global economy, and not less important is they have to create a competitive environment in order to save the city's standing inside and outside of the region. EDB's aim becoming tough since the statistic has shown that Singapore export-oriented has been flat for the first quarter. But the EDB aim has been strengthening by the Monetary Authority of Singapore (MAS) by issuing a policy to not taking appreciate from currency. EDB thought this policy aim is to stabilize the cost structure in Singapore, which will pull out the business competition and encourage them to step up to the market. Further, this policy has kept the cost structure to be in competitive range. Nonetheless, the currency will become a big problem. This policy has put aside the currency problem and lead to a growth number of exports.
The cost structure has become so important because it has an impact transmitted to external demand and import prices. The MAS set to zero appreciation path to make a nominal effective exchange rate policy, to bend the imported and domestic pressure of inflation.
The government has put an effort to tightened the application process for the foreign workers, not by sorted of their nationality, but more oriented to the target which is valuable and investment- potential. Beh Swan Gin from the EDB said that if a company is servicing a Singapore's customers, then it will not make a sense to have all of their staff come from a foreign country.