A small island city-state located in the heart of Southeast Asia, Singapore has
an area of about 685.4 sq km - slightly larger than 3.5 times the size of Washington
DC. However, its small physical size belies its great economic strength and resilience.
Despite the inherent limitations of a small domestic economy and lack of natural
resources, Singapore has established itself as one of the world's top trading nations,
and is consistently voted as one of the world's best business locations.
strategic location and political stability have made it an attractive oasis for
many foreign corporations seeking to target Asian markets. Recent world-recognised
accolades bestowed include the second most competitive small economy in the World
Competitiveness Yearbook 2003 and the fourth most competitive economy in the Global
Competitiveness Report 2002-2003.
But it's not just all work and no play in Singapore.
Increasingly, Singapore is being seen as the Number 1 Asian city to work in. In
2003, Perc credited the island state with the most comfortable environment and highest
quality of life for expatriates in Asia. Singapore was also ranked by Mercer in
2002 to have a comparable, if not better quality of life than cities such as London,
New York, Boston and Osaka.
Made in Singapore
Over the decades, Singapore's manufacturing sector has grown considerably
and now contributes a hefty 27% to its GDP in 2005. This phenomenal success
is largely due to Singapore's cost-competitiveness, efficiency,
technological expertise and innovative spirit. Today, the Made in Singapore
trademark has earned itself the reputation of producing reliable, superior
and cost effective products.
Despite being the sector responsible for Singapore's economic growth over
decades with a 27% contribution, the industry is still growing and aims to
double its output by 2018. With this promising outlook, the sector will
continue to place its focus on innovation and R&D.
Singapore has garnered excellent international accolades when it comes to
our manufacturing base. Our competitiveness comes from our total
cost-capability and a focus towards a knowledge and research-based economy.
Increasingly, world class research institutes and institutes of higher
education have found their base in Singapore. We will continue to harness
the potential of our manufacturing base with our CORE competencies and
reinforce our leadership position in the manufacturing sector.
Our Goal for Manufacturing
Singapore's SECRET recipe for success in Manufacturing
- To double manufacturing output to S$300 billion
- To double manufacturing value-added to S$80 billion
- To raise skill profile of manufacturing from 32% to 50%
To ensure our world-class manufacturing hub remains vibrant and competitive,
we have embarked on a set of key initiatives to boost our competitive edge,
Our robust ecosystem provides the perfect environment for companies to
conduct their complete manufacturing activities conveniently from one
location, thereby ensuring optimised and cost-effective global deliveries.
- Supply Chain Management - widen our lead
- Ecosystem - strengthen enterprise ecosystem
- Culture - deepen manufacturing culture and skillsets
- Reach - expand Singapore's reach as a manufacturing hub
- Emerging Areas - grow emerging areas
- Technology - intensify technology and innovation development
At the same time, our stable political and economic climate enhances our
reliability and efficiency. Our wide network of trade agreements also
propels our reach to the rest of the world. Singapore is also continually
exploring emerging and potential areas in manufacturing that can contribute
to our growth. With these factors in mind, our manufacturing sector looks
set for further growth.