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Singapore prioritises economic reform

Singapore has allocated 19 billion SDG (roughly 13.7 billion USD) for economic reform projects during the 2016-2020 period, said Singaporean Trade and Industry Minister Chan Chun Sing.
Singapore prioritises economic reform ảnh 1Marina Bay in Singapore. (Source: Xinhua/VNA)

Hanoi (VNA) – Singapore has allocated 19 billionSDG (roughly 13.7 billion USD) for economic reform projects during the2016-2020 period, said Singaporean Trade and Industry Minister Chan Chun Sing.

Speaking at the Singaporean Economic Policy Forum on October25, the minister said the Singaporean Government has focused the budget onscientific-technological development as it is a key driver of business developmentand has been critical for economies to unlock new, scalable and sustainablemeans of growth.

Authorities want to create a mechanism to attract newinvestors to Singapore,he added.

The official stressed that international trade rules createan open, transparent and predictable environment.

Regarding e-commerce, Chan Chun Sing said the Association ofSoutheast Asian Nations (ASEAN)’s digital economy is expected to exceed 200billion USD by 2024, with e-commerce alone accounting for 88 billion USD.

To support the development of e-commerce, Singapore is leading efforts at WTO, alongside Japan and Australia, to develop rules thatwill promote openness, trust and transparency in e-commerce, he noted.-VNA
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