More investment involving small-batch production is coming to Singapore in the wake of escalating trade tensions between the United States and China, said Trade and Industry Minister Chan Chun Sing. Mr Chan told Parliament that such investment - known as "high-mix, low-volume" with plants producing small numbers of varied items - is the kind of manufacturing that can relocate to Singapore. He noted that these kinds of processes gravitate to countries like Singapore that have a strong intellectual property regime, agile regulatory frameworks and robust distribution networks.
Singapore is top maritime centre for 6th straight year
For the sixth year running, Singapore has clinched the top spot among the world's maritime centres in the Xinhua-Baltic International Shipping Centre Development Index. The Republic beat 42 other cities such as Hong Kong, which ranked second, as well as London, which was third. Rounding out the top five maritime centres in the rankings were Shanghai (fourth) and Dubai (fifth). The index is an independent ranking of the performance of the world's largest cities offering port and shipping business services. It is a collaboration between Chinese state news agency Xinhua and international freight benchmark provider Baltic Exchange, a wholly owned subsidiary of the Singapore Exchange. Rankings were based on factors such as port throughput and facilities, the depth and breadth of professional maritime support services, as well as the general business environment.
Pharma giant GSK opens $130m manufacturing facility in Singapore
Building collaboration between companies and the Government and engaging workers are vital steps in ensuring Singapore stays a global biomedical hub, Trade and Industry Minister Chan Chun Sing said. Mr Chan told a gathering to mark the opening of a new manufacturing facility: "Today, Singapore is one of the global biomedical hubs where high-quality medical products are produced. And today, even though we are at the forefront of this industry, we never forget our fundamentals that have brought us here." These include developing trusted partnerships with industry players, protecting intellectual property and training workers. But he noted that the nature of medicine has changed and demand now is for precision drugs, which calls for products that are custom-made for individuals.
Mapletree Industrial Trust (MIT) plans to redevelop a flatted-factory cluster at Kallang Way into a high-tech industrial precinct at a total project cost of about S$263 million, in its largest redevelopment project to date. The proposed redevelopment of the Kolam Ayer 2 Cluster includes a build-to-suit (BTS) facility for a medical device company headquartered in Germany, customised to the firm's specifications and plans, the manager of the mainboard-listed real estate industrial trust (Reit) said. The German firm will be the anchor tenant and has committed to lease the BTS facility for an initial term of 15 years, with annual rental escalations and an option to renew for two more fiveyear terms.
Dyson's Singapore electric dream is all about personal cars
Home appliance maker Dyson's bid for the electric vehicle market involves a bet on personal cars, chief executive James "Jim" Rowan has said. Calling that market "the biggest segment, certainly" in the electric landscape, he added that it will likely see the fastest adoption on consumer-driven uptake and industry trends such as sustainable transport. He said that Dyson's headcount here is set to grow, with a focus on software engineering and digital marketing. Also, Dyson will raise production at its Jurong motor plant, and take up more space at Science Park, where it now has a technology hub.
A new initiative to turbo-charge the growth of promising local enterprises to become international names was launched, as part of the government's efforts to grow more companies that can compete on the world stage. Known as Scale-up SG, the 2½ years invitation-only programme - first announced in Budget 2019 - aims to groom high-growth companies with a proven track record and the aspiration to scale rapidly. This is a marked move by the government towards more targeted support for companies ready for their next phase of expansion, even as broad-based measures remain in place for fledgling firms to get off the ground. Minister for Trade and Industry Chan Chun Sing said that Scale-up SG aims to strengthen companies at the "core" of Singapore's business landscape, which he describes as those in the middle tier. Participating companies stand to gain from peer learning, the development of their leadership team and succession planning, as well as access to networks of Enterprise Singapore and partners.
Way forward is to grow external wing to beat constraints
In the next lap of Singapore's economic development, local companies will see the world as their hinterland, instead of being constrained by geographical size or location, said Minister for Trade and Industry (MTI) Chan Chun Sing in Parliament. Having this perspective would be one way for Singapore to break the "conventional paradigm" of the gross domestic product (GDP) equation, which comprises only the value of goods and services produced within its borders, he added. To grow Singapore's economy henceforth, the city-state will also need to focus on gross national product (GNP), he said. GNP refers to the value of goods and services produced by Singapore residents around the world. For that to happen, Singapore must have a sizeable base of companies that operate beyond Singapore, but which still contribute back to the local economy, said Mr Chan.
Singapore, Armenia sign pacts to strengthen economic, bilateral ties
Singapore and Armenia sealed four memoranda of understanding (MOUs) and one agreement building on their friendly relations and common interests. In a statement issued last night, the Ministry of Foreign Affairs said the pacts will help strengthen economic ties and enhance bilateral ties. The exchange of documents was witnessed by Prime Minister Lee Hsien Loong and Armenian Prime Minister Nikol Pashinyan, who is on his first official visit to Singapore. An agreement for the avoidance of double taxation was inked, which will boost cross-border trade and investment between the Republic and Armenia.