Manufacturing is the key: MTI

Mr Lee Yi Shyan attributed our strong economic rebound to manufacturing, with the sector surging 29.7% in 2010.

In a speech at the Inauguration ceremony of Singapore Oxygen Air Liquide at Jurong Island on 3 June 2011, the Minister of State for Trade & Industry and Manpower said, “One key reason for the strong rebound of our economy after the recent financial crisis was because of manufacturing. Our GDP grew 14.5% in 2010, led by a 29.7% surge in the manufacturing sector. Manufacturing is thus a good counter-weight to our services sector, whose reach is usually limited to the immediate region.”

He added, “The growth momentum has continued healthily at 8.3% into the first quarter of this year. Manufacturing sector again outpaced other sectors by growing higher in 1Q at 13.1%.”

MTI in turn has revised the annual growth rate from 4-6% to 5-7%. The Ministry’s commitment, as expressed by Mr Lee Yi Shyan, is to render manufacturing even more competitive and synergistic as part of a knowledge-based economy.