Cluster development: a case of Singapore’s petrochemical industry

Abstract

This paper rejuvenates the existing discussion on the importance of cluster approach to industry development strategies. There is growing evidence that the shape of economic policy and practice is changing significantly around the world. Governments continually search for new tools and policy formulas to improve economic performance and create economic prosperity for all citizens. In this context a more proactive and strategic role for government in support of the cluster-based economic development model has emerged. This paper uses Singapore’s petrochemical industry as an example to study the cluster approach to industry development. In doing so, there is much optimism to the importance of state and its institutions to play a significant role on industry development. Show more