In a Channel News Asia segment, Dr Bernard Lee highlighted that Singapore should focus on developing capabilities targeted at more significant processes of the value-chain to remain competitive as a global financial hub. He added that Singapore has, to a certain extent, already launched similar strategies successfully.
As an example he cited Singapore’s role in the Oil industry. Although the city-nation does not control any Oil-producing resources, it possesses expertise focused on building rigs and refineries, which contributes as a critical part of the value chain. This type of high value-added activity allows activities based in Singapore to capture important segments of the Oil production value chain without actual production resources.
Channel News Asia – Aug 31 2012