News

Manufacturing

Staff Reporter

, Singapore

Published:

3 years ago

542 views

SG rolls out new growth strategies for 5 manufacturing sectors

This will pave the way for SG to grow manufacturing value-added by 50% from 2020-2030.

The government has launched the refreshed Industry Transformation Maps (ITMs) for five sectors from the Advanced Manufacturing and Trade cluster namely, Electronics, Precision Engineering, Energy & Chemicals, Aerospace and Logistics.

These five sectors contributed to 80% of Singapore's annual manufacturing output of $372b in 2021.

Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, said the strategies outlined in the latest ITMs will pave the way towards Singapore’s overall goal to grow manufacturing value-added (VA) by 50% from 2020 to 2030.

The five ITMs, launched at the Industrial Transformation Asia-Pacific 2022 (ITAP) trade event, will uplift companies in Singapore through support for research and development, deep tech innovation, extensive digitalisation and environmental
sustainability.

It will likewise foster partnerships between local small and medium enterprises (SMEs), larger international firms and Institutes of Higher Learning (IHLs) to help SMEs adopt new technologies and build capabilities to capture global business opportunities.

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