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BLOG: How Singapore’s Manufacturing Trends 2024 Impacts APAC

Singapore’s Manufacturing 2030 initiative is not just a visionary concept but a tangible force propelling the country’s industrial landscape into a new era. 


Minister for Trade and Industry Gan Kim Yong recently shared that the initiative, launched last year, has been making substantial progress, with the sector growing by an impressive 13%. This growth is not just a number; it translates into a surge in job creation, with over $8.5 billion in fixed asset investments expected to generate more than 6,000 jobs locally. 


In this blog post, we explore the burgeoning manufacturing sector in Singapore, the key players contributing to its success, and the exciting job opportunities it presents for both current and prospective employees.


Singapore’s Attractiveness: A Magnet for Multinationals:


The success of Singapore’s Manufacturing 2030 initiative is underscored by the enthusiastic response from multinational corporations (MNCs). A notable example is Dyson, a British technology company, which has committed to invest $1.5 billion in its Singapore operations over the next four years. Founder and Chairman James Dyson praised Singapore’s inventiveness and ambition, citing it as the ideal location for high-tech, research-intensive businesses. Other major players, such as Pratt and Whitney, GE Aviation, ST Engineering, and Rolls-Royce, are also recognizing Singapore’s allure, resulting in significant hiring initiatives in the aerospace sector.


Recovery from Pandemic and Growth in Semiconductor Manufacturing:


The manufacturing sector in Singapore is not only rebounding from the challenges posed by the COVID-19 pandemic but is also capitalizing on emerging opportunities. Pratt and Whitney’s plans to hire 250 additional staff locally signal a return to pre-pandemic employment levels, reflecting the recovery in domestic and international flights. Semiconductor manufacturing, a crucial industry impacted by global chip shortages, is experiencing a renaissance. ASM’s expansion in Singapore, with a state-of-the-art facility, is not just about boosting manufacturing capabilities but also creating new jobs and business opportunities in the semiconductor sector.


Job Market Trends and Opportunities:


As the manufacturing sector in Singapore thrives, the job market becomes increasingly competitive. According to a 2022 talent and bonus report by Randstad, the semiconductor market is experiencing a demand for skilled workers, particularly in roles such as electrical engineering, electric design, quality assurance (QA), and quality control (QC). 


Despite the positive outlook, the industry faces challenges in hiring due to a shortage of science, technology, engineering, and mathematics (STEM) graduates. Employers are responding by offering attractive salaries and bonuses to entice talent and retain their workforce.

Singapore’s manufacturing sector is not just a story of growth; it’s a narrative of resilience, innovation, and opportunity. The Manufacturing 2030 initiative has set the stage for a dynamic industrial landscape, attracting global players and creating a wealth of job opportunities for skilled professionals. 


As the sector evolves, jobseekers and existing employees are encouraged to equip themselves with the necessary technical skills while recognizing the increasing importance of soft skills. The emphasis on upskilling and reskilling, as highlighted in Prime Minister Lee Hsien Loong’s 2023 National Day Rally speech, positions Singapore’s workforce to navigate the disruptions brought about by technology, ensuring a robust and adaptable talent pipeline for the manufacturing industry.


The information provided in our blog articles is intended for general informational purposes only. It is not a substitute for professional advice and should not be relied upon as such. 


While we strive to provide accurate and up-to-date information, the ever-evolving nature of certain topics may result in content becoming outdated or inaccurate over time. Therefore, we recommend consulting with qualified professionals or experts in the respective fields for specific advice or guidance. Any actions taken based on the information contained in our blog articles are solely at the reader’s discretion and risk. We do not assume any responsibility or liability for any loss, damage, or adverse consequences incurred as a result of such actions.

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