Policy and planning tourism - Essay Example

Download file to see previous pages... Here, we will examine the manner in which the Ministry of Trade and Information Singapore formulates certain economic strategy and the manner in which they are in compliance with the basic economic management philosophy of free market economy and outward oriented economic policies. Accordingly, this paper will also delve into the manner the tourism policies have been formulated so that they comply with the economic strategies to attain robust economic growth in the nation. Contents Abstract 2 Introduction 4 Formulating Economic Policies for Singapore 4 Current Economic Management Philosophy 6 Tourism policy instruments 7 Conclusion 11 Reference 12 Introduction The Ministry of Trade and Industry Singapore helps in directing policy formulation with reference to developing industry and trade in Singapore. Its mission is to enhance economic growth and help in creating more job opportunities so as to attain enhanced living standards (MTI, 2013). Formulating Economic Policies for Singapore The Ministry of Trade and Industry Singapore formulates certain strategies which drives economic growth. The Economic Strategies Committee of MTI Singapore, came up with several strategies to boost economic growth in the year 2010. ...
This may be possible only if productivity increases. For this, the economic policy focussed on productivity – based growth. They realised the need to deepen expertise and skills so as to strengthen each sector and drive economic growth. The strategies formulated needed to focus Singaporeans to spend more time on business activities and tasks. High rate of competency and knowhow is required for conducting high skilled tasks and provide excellent service to customers and enable organizations to innovate, change and align strategy and structures with changing market situations (Economic Strategies Committee Report, 2010). A significant goal of strategizing and implementing government policy is by promoting industrialization. Industrialization is a tool which developing nations like Singapore use to attain augmented economic growth and thereby attain the privilege enjoyed by developed countries (Goh, 2005). Accordingly, the economic strategy has been formulated which supports and promotes innovation and drives growth. The policy formulation were made keeping in mind to aid the international community by striving to decrease carbon emissions. A corporate social responsibility perspective was also considered while formulating the economic strategies in Singapore. Corporate social responsibility is a global topic and may be used in diverse manners in diverse nations. Also the nation has less of corruption and nepotism which further helps in driving growth. The incorporation of corporate social responsibility in various business enterprises has been a critical factor while considering strategy formulation for economic policies in Singapore. The trade practices including imports and exports and foreign direct investment in ...Download file to see next pagesRead More