The 1990s was a technologically intensive phase. Companies looked to moving up the value chain, and intensified their use of technology to achieve this.

At the same time, service industries were identified as a second pillar and engine for growth for the Singapore economy.

Manufacturing remained important however, and the EDB strengthened its focus on key industries, namely chemicals, electronics and engineering. Leveraging its strengths in these industries, Singapore also began to develop a biomedical science industry that included the pharmaceutical, biotechnology and medical technology sectors.

This helped Singapore's economic structure become diversified and balanced. Today Singapore hosts a wide range of businesses, particularly in higher value-adding activities. Singapore welcomes talent from around the world to augment its own local skill pool.

Today, some 7,000 multinational companies operate in Singapore, with more than half managing regional operations from here.