The South East Asian country Singapore is trying to attract more market- leading manufacturing firms to anchor their operations in the country, as it is working on its new goal to improve its manufacturing sector by 50 percent over the next 10 years.
Setting up top companies in the country will enable Singapore to be well established in the global value chain, said Chan Chun Sing the trade and Industry minister.
This development will help the Ecosystem of local business and also provide workers with better jobs said Chan Chun Sing after visiting Illumina’s manufacturing facility in woodlands.
The company Illumina has a strong workforce with a 1,300 members it produces a staggering 95 % of the global demand for microarray bead chips and 85% of global core sequencing consumables used in diagnosing the disease.
It also works closely with local enterprises according to the minister Mr. Chan, illustrates how leading global firms can “catalyze a generation of supporting industries that can help to grow manufacturing sector.”
This would pave the way for a qualitative transformation than quantitative target of the sector with more emphasis on producing higher value products and innovation, which will also include hiring more local workers.
Mr. Chan Chun Sing told reporters via a Zoom press conference:
“This is what we mean by having the sort of companies in Singapore that will make us harder to be displaced from the global production and supply chain,”
“We are not here in the mass market, whereby we are competing on price. They are competing on the quality of their ideas, the quality of their research, the quality of their production.”
To get the country as an advanced manufacturing hub, Singapore will be adopting many strategies; one among them is to Invest in infrastructure with the Jurong Innovation District as a “one-stop” advanced manufacturing campus
