Singapore's increasingly stretched resources have made the agency in charge of bringing investments into Singapore more selective about the types of industries that it wants to attract here.
The Economic Development Board (EDB) now has to be "more discerning" about the types of companies and industries that it brings in, said managing director Yeoh Keat Chuan.
EDB remains focused on developing higher-value-added niche sectors, but it will also keep in mind the bigger picture of sustainable long-term growth, he told The Straits Times.
"We consider factors such as whether the industries will complement existing ones and whether they will strengthen the Singapore economy as a whole," he said.
EDB has identified new growth areas such as biologics, the consumer business sector, data analytics and the development of space satellites.
Biologics refers to making drugs, including vaccines, from proteins produced by cell cultures.
Already, Singapore has seen some success on this front.
Swiss pharmaceutical giant Novartis will begin operations at its US$500 million (S$620.6 million) biologics production site in Tuas in 2016.
In all, Singapore will be home to eight biologics manufacturing facilities, representing approximately $2.4 billion in total investments and employing more than 1,700 people.