ECONOMIC DEVELOPMENT IN SINGAPORE : THE CHANGING ROLE OF JTC

Abstract

While Singapore's rapid industrialization and its incorporation into the NIDL can be explained in part by the rather unique and historically-specific circumstances both within and without the country in the 1960s, it was the role played by the government that was the crucial determining factor. Through various forms of intervention, the government had committed itself to attracting international investments. By creating the necessary comparative advantages, the state had enhanced the position of Singapore in the NIDL The government through numerous statutory boards, had with it an apparatus whereby it could play an active part in the creation and realisation of comparative advantages. As such, JTC was formed in 1968 with the specific task of providing industrial land and property for the growing number of foreign investors. Its role since then, has been greatly extended. It is now the most important developer and manager of industrial land in Singapore, operates a growing port, manages several leisure facilities and has even exported some of its accumulated expertise overseas through several joint ventures. Today, the Corporation faces major challenges and opportunities ahead. These issues have acted on the agency in numerous ways and the Corporation has in some ways responsed to them. This study discusses the role of JTC and its relationship with the goverment; its evolution, the recent developments that have pressured the Corporation to act and its responses. JTCs primary function too has being called into question and as such, a survey was conducted to ascertain if JTC still had a role to play in providing industrial property to investors. The findings of the survey did indicate that JTC was still needed by the majority of firms, to provide them with their property needs.