The dynamics of international economic competition have far-reaching policy implications for both developing and developed countries. Established industrial and trade policy regimes in most countries are under tremendous strain, and this applies even to the dynamic Newly Industrialising Economies (NIEs). The outward-oriented development strategies of the Asian NIEs, which once seemed unbeatable, have run up against protectionist barriers in the developed countries, and increasingly, against competitive pressures from other up and coming developing countries. Governments in these NIEs have had to re-examine accustomed policies and strategies, and search for alternative strategies and programs, in order to re-position their economies for the future. This paper is weighted towards the experiences of one of the Asian NIEs - Singapore - and its search for new and innovative strategies to meet the challenges in the international economic environment. This paper sets out Singapore's strategic response to these fundamental changes in the international economic arena, and offers some insights on the strategic thrusts which the government has "engineered" to gear up the city-state for an enhanced role in the global economy. A brief historical backdrop serves to introduce these developments.