Marina Bay in Singapore. (Source: Xinhua/VNA)

Hanoi (VNA) – Singapore has allocated 19 billion SDG (roughly 13.7 billion USD) for economic reform projects during the 2016-2020 period, said Singaporean Trade and Industry Minister Chan Chun Sing.

Speaking at the Singaporean Economic Policy Forum on October 25, the minister said the Singaporean Government has focused the budget on scientific-technological development as it is a key driver of business development and has been critical for economies to unlock new, scalable and sustainable means of growth.

Authorities want to create a mechanism to attract new investors to Singapore, he added.

The official stressed that international trade rules create an open, transparent and predictable environment.

Regarding e-commerce, Chan Chun Sing said the Association of Southeast Asian Nations (ASEAN)’s digital economy is expected to exceed 200 billion USD by 2024, with e-commerce alone accounting for 88 billion USD.

To support the development of e-commerce, Singapore is leading efforts at WTO, alongside Japan and Australia, to develop rules that will promote openness, trust and transparency in e-commerce, he noted.-VNA