Economists said two sectors which Singapore should focus on as it gears up for a global economic recovery are Islamic Finance and the green sector.
They said the country should also look to regions like the Middle East and Africa for new opportunities.
They were responding to queries from Channel NewsAsia following President S R Nathan's call for the country to review some of its strategies for economic growth.
Economists said that areas where Singapore could have an advantage include the Islamic finance sector and environmentally friendly solutions in manufacturing and the planning of eco-cities.
They also feel the services industry is one which takes advantage of the country's key resources and also allow for its natural limitations.
Cheung Tai Hui, regional head of research, Southeast Asia, Standard Chartered Bank, said: "I think a sensible strategy will be to continue to look at the service sector, which actually takes advantage of Singapore's human resources, as well as its limitations on land space."
Another strategy that has been identified by the Singapore Business Federation (SBF) is focusing more on helping companies break into new markets. It believes that the country should look to new markets such as China, India, the Middle East and Africa.
It feels the Singapore brand name is well regarded in many overseas markets and this is a strength that companies should exploit.
The SBF has established several business platforms, such as the Middle East Business Group, that helps members explore business opportunities in that region.
In order for Singapore to fully maximise its opportunities, the Singapore International Chamber of Commerce believes that an important underlying factor is the investment in education and upgrading of the workforce.
Experts also said that continued investment in education and upgrading of the workforce will be key to success in the fast-changing global economy.
Song Seng-Wun, regional economist, CIMB-GK Research, said: "There are new industries that are always popping up that can forever be taken advantage of if the Singapore government is nimble enough. At the end of the day, it is to be as close to the frontier of technology changes as possible in order for Singaporeans to ride on that change that may develop quite quickly."
Market watchers also said that another key area to focus on is the creation of new jobs as hiring is likely to lag behind a wider economic recovery. - CNA/vm
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