reference ITM would meet the expectations. It will also allow then to conclude what could be potential gaps and opportunities to further increase the impact capacity and how future progress reviews could be designed. Therefore, the aim of the project would be to answer these two key research questions:
What is the capacity of the selected reference industry transformation roadmap, given the totality of planned actions, the deployed resources, the expected outcomes and the links between actions, resources and outcomes; of reaching those outcomes? What gaps limit this capacity and what actions could increase it?
In addition, three aspects would contextualise the analysis, both to set a broader research context as well as enable a comparative analysis of broad industrial policies, including:
A literature review of the potential contribution of investment in skills and other intangibles for industrial policy and economic growth; A review of Singapore's Industrial Transformation programme; A review of industrial policy developments in other developed economies;
Furthermore, two additional elements would underpin the comparative analysis of the selected (reference) ITM, notably:
A comparison of the selected reference ITM with other industrial policy programmes focused on a selected sector, internationally; A comparison of the selected reference ITM with other ITMs.
1.2. Research strategy The aim of the research project is to assess the capacity of the selected reference ITM to meet the transformation expectations. Analysis would further benefit from the insights of a comparative review of other similar policy interventions around the world as well as comparison of the reference ITM with other ITMs in Singapore. As it seems that a major component of this policy initiative is focused on skills development, analysis should also to a large extent cover actions aimed at skills development. However, for a holistic assessment of ITM as a policy intervention, all core elements of the policy initiative should be identified and captured in the overall analysis. The research tasks would be as following: 1.2.1.Carrying out a literature review of key research arguments/success factors as regards the impact of intangible asset investment (skills, R&D, innovation) and international trade (global value chains) on productivity growth, having the purpose of providing theoretical and research background for respective policy initiatives; 1.2.2.Carrying out a focused comparative review of Singapore's ITP and broad industrial policy initiatives and their outcomes of other developed economies, to identify similarities and assess the extent to which international experience and achieved outcomes could be applicable in the case of Singapore's ITP and vice-versa; 1.2.3.Carrying out a focused comparative analysis of the selected reference ITM (as proposed – precision engineering ITM) with a number of other sector-specific initiatives, assessing the comprehensiveness of precision engineering ITM and identifying the key shared and differing elements, as compared to: o Other Singapore's ITMs (that cover other industry sectors); and o Policy interventions in other countries targeting the same industry sector;
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