The government is moving ahead with plans to make Singapore the Asian hub of the technology world. A separate division called Digital Industry Singapore has also been established for this purpose. The department is planning to create 10,000 new jobs in the technology sector in the next three years. News Reuters.
The city-state of Singapore is pushing for renewed investment in the technology industry to offset the slowdown in economic growth. For this purpose, Digital Industry Singapore has already started coordinating with various departments of the government to attract investment of foreign technology companies, strengthen local business cooperation and work with industry stakeholders.
The government has announced attractive grants and incentives to entice investors and talented people. The Singapore government believes that investing in technology will help overcome the ongoing recession.
The government is ready to co-operate in investments in ride-sharing, e-commerce, financial technology, cyber security and artificial intelligence (AI) sectors, according to a statement from the Singapore Office of Digital Industry.
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Due to its low tax rates, political stability, effective legal framework and infrastructure, Singapore is a very attractive place for technology companies. However, controversial laws recently enacted by the government to curb fake news have discouraged companies such as Facebook and Google from investing.
Moreover, despite large investments in the country, large technology companies have not been formed. Ride share company Grab is currently the only technology company in Singapore worth more than 1 billion (Unicorn). There are four such companies in neighboring Indonesia.
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