SINGAPORE (Aug 12): One of the things my friend Manu Bhaskaran and I have been grappling with for a long time, even when I was working for the government, is how to have a new industrial policy that better supports the development of indigenous companies. The rate of technology disruption, [advances in] artificial intelligence and disintermediation of supply chains is only going to escalate from here on. The shrinkage of the global supply chain in manufacturing, for instance, means that foreign direct investment (FDI), which Singapore has relied on as a staple for growth, may no longer be such a good strategy for the future.

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