Of course its not every nook and cranny. But the influence is far reaching. DBS Group, the biggest publicly listed company by value for example - originally a state owned bank. Who is its biggest share holder? Temasek. You will find influence far reaching through policies and ownership. The reason everyone thinks its a paradigm of free market capitalism, is that the PAP has very successfully encouraged the Singapore economy through subtle but very much suiperfically free mkt polices - via low taxes and low barriers to capital and various other free trade policies, when in the past other economies were practicing protectionism. It is welfare capitalism that has been very successful.
I did say "discretely via more subtle political checks and balances".
The laissez-faire attitude to business in this popular narrative from the PAP's very early and very successful strategy of making Singapore a free market trade zone to attract foreign trade, finance and electronics manufacturing, and eventually increasingly tourism that started back in the 1960's and independence. It has been very active in attracting foreign investment via very generous tax and other incentives and policies and importantly "clean' government - unlike China subsequently, where doing business without paying local officials is difficult for anyone who has actually worked on the ground there.
China was quick to follow Singapore's example with free enterprise zones in the 1980's; Shanghai Free Trade Zone; Guangdong Free Trade Zone; Fujian Free Trade Zone; Chongqing Special Economic Zone; Sichuan Free Trade Zone; Shaanxi Special Economic Zone; Henan Free Trade Zone; Zhejiang Free Trade Zone. Don't confuse low taxes and barriers to trade and capital with free market economies - it was very much encouraged and incentivized by the Government.
Again, it is (very successful) welfare capitalism and Singaporeans are a very happy people in a very successful economy. The PAP has been in power since 1959 continuously. 80% of Singaporeans live in (very good) public housing. Singapore has achieved universal health system run a public statutory insurance system, MediShield Life, covering bills arising from hospital care and certain outpatient treatments. Again, encouraging business (of which Osteopore should become part of with this tacit endorsement) in that larger publicly governed backdrop.
Singapore is a very clever mix of the best facets of socialism, whilst enjoying the benefits of encouraging free mkt capitalism in many areas - but the Singapore government very quietly and subtly oversees all through a variety of agencies - you know that if you are not "unfamiliar" with it.
Temasek and the GIC are the main vehicles goverment capital investment. That part Temasek owned Innoventure is looking at a joint venture with Osteopore and the A*star (Agency for Science and Technoolgy) is a big endorsement for Osteopore - too subtle for most Aussie investors who perhaps don't grasp the, often subtle0 involvement of the Singaporean government in most aspects of its economy.
"The Agency for Science, Technology and Research (A*STAR) is Singapore's lead public sector agency that spearheads economic oriented research to advance scientific discovery and develop innovative technology. Through open innovation, we collaborate with our partners in both the public and private sectors to benefit society."
""Everything we do needs to impact Singapore, Singaporeans and Science.” A*STAR Chief Executive Officer Frederick Chew, these three S’s represent the agency’s mission since its earliest days. Indeed, A*STAR is perhaps one of the most prominent manifestations of the Republic’s long-term commitment to research and development (R&D), with its evolution into a scientific powerhouse mirroring Singapore’s ongoing transition into an innovation-driven economy."
Not my words. Theirs'.
"As of 2019, there are over 100 biotech companies in Singapore, and more than half have a significant partnership with A*STAR, such as a joint laboratory. In addition, more than a third of them are A*STAR spinoffs. We hope that over the next five years, Singapore’s biotech ecosystem becomes the Southeast Asian version of the US’ Bay Area or Boston."
The Aussie mkt, ergo investors, never grasped the significance of the A*Star deal last year.
(20min delay)
