It also wants to create 2,100 new PMET jobs.
Singapore is eyeing to add $22.2b worth of manufacturing value to its electronic industry by 2020.
Singapore Economic Development Board (EDB) laid out an Electronics Industry Transformation Map (ITM) to highlight plans for the sector in the next few years.
According to a speech by S Iswaran, the Electronics ITM sets out a two-pronged strategy to grow the industry.
“Firstly, Singapore will diversify into new growth opportunities in the electronics sector. Secondly, we will transform the current base of electronics manufacturing and attract new investments in high-value components,” he said.
The government is also aiming to create 2,100 new Professional, Managerial, Executive & Technical (PMET) jobs.
Last year, electronics manufacturing comprised 4.4% of Singapore’s GDP. Manufacturing output hit $90b, and employment reached 70,000.
It said it aims to transform the industry by attracting high value-added manufacturing activities, boost productivity via automation, and support companies to make manufacturing innovation.
EDB also wants to diversify the industry through expanding to urban mobility and healthcare markets, harnessing growth opportunities, and positioning Singapore as an innovation hub.
It plans to partner with Trade Associations and Chambers (TACS) like the Singapore Semiconductor Industry Association (SSIA) to support the industry.
Finally, it also aims to secure jobs for Singaporeans through a Skills Framework and equip them with new skills for new jobs needed in the changing sector.
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