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State capitalism and regionalisation

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Chapter Summary

Like most developing countries, the Singapore government has taken an active role in establishing state-owned enterprises known as government-linked companies (GLCs). However, unlike most developing countries, the Singapore government has tried to transform these domestic firms into multinational companies(MNCs). Singapore's strategy of state capitalism has been quite successful and GLCs have evolved into important national institutions that are run on a commercial basis with a focus on bottomline performances. From International Enterprises Singapore (IE Singapore)'s perspective, non-resident Indians (NRIs) in Singapore have maintained strong economic links especially among the trading families with the private sector in India. Singapore's regionalization programme is driven by the private sector but the government supports the programme through two main approaches: by broad-based mechanisms and by specific measures. MNCs that recognise the Singapore brand for transparency, consistency and reliability will be drawn to the ITPB in India if they are interested in the Indian market.

Keywords: government-linked companies (GLCs); International Enterprises Singapore (IE Singapore); multinational companies (MNCs); non-resident Indians (NRIs); state capitalism

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