Singapore as a leader in technological development

by Péter Klemensits

Singapore, which covers 733 square kilometres and has a population of 7.6 million, is not only one of the most advanced countries in Southeast Asia, but also one of the most advanced in the world.

The country's leaders have recognised from the outset that continuous technological innovation is key to ensuring Singapore's competitiveness, as it is a key driver of the country's economy.

Singapore is rapidly becoming a smart nation, using digital smart technologies to create new jobs and business opportunities and transform the way people live, work and play. Smart nation also means fundamentally rethinking business models to make sweeping changes to achieve productivity gains and create new growth areas.

The COVID-19 pandemic has reinforced Singapore's leaders' belief that the city-state can only respond competitively to geopolitical changes in the long term if it commits to further innovation.

Innovation-related along with programmes such as the National Artificial Intelligence Strategy, will enable the adoption of programmes that will ensure the country's leadership in areas such as robotics, aerospace, and information and communications technology.

The direction was set by the founding father

Much of the Singapore's success can be attributed to the vision of one man - Lee Kuan Yew, Singapore's first prime minister who was in office from 1959 to 1990. After Singapore's separation from Malaysia, Lee Kuan Yew leds Asia's smallest country to emerge as one of the world’s most powerful financial centres. Lee maintained a tight grip on domestic finance by preventing the internationalisation of the Singapore dollar and limiting the operations of foreign banks. This meant international firms saw an opportunity to establish themselves in the tiny island nation.