IP protection and supply chain resilience are key to Singapore's attractiveness: Chan Chun Sing

SINGAPORE'S ability to protect intellectual property and assure multinational companies of supply chain resilience are key factors that draw companies to locate here, said Minister for Trade and Industry Chan Chun Sing during his visit to 3M Singapore on Monday.

Singapore-based manufacturers and distribution centres were able to continue exporting essential products and medical supplies to the global market despite the pandemic because the country was able to remain open and connected, Mr Chan said.

Multinational corporation 3M, which produces a range of products from adhesives to electronic components to healthcare equipment, was able to ensure a consistent supply of N95 respirators to healthcare workers locally and in the region.

"When the pandemic hit, many of the supply chains were disrupted. We immediately swung into action with 3M," said Mr Chan. "We started looking for alternative suppliers to diversify our reliance on any particular local or regional source."

"This allows us to reduce the risk of any particular supply chain disruptions; but at the same time because the quantity of production has gone up significantly in some of the 3M production lines, they will also need to source for greater quantity of raw materials and intermediate products," he added.

Singapore was the second busiest container port in 2020, and served as a key hub for airfreight, said Mr Chan, adding that extensive free trade agreements supported the ease of movement of goods.

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The robust intellectual property regime here has attracted key investment projects, particularly those dealing with high-value and knowledge-intensive products, he added. He also noted that recently-announced key strategies for intellectual property will further support companies' innovation and growth, and Singapore's position as a global innovation hub.

Mr Chan added that 3M has created thousands of jobs for Singaporeans, and nurtured and upskilled its workers. Singapore is able to produce high quality products because of its skilled workforce, he said.

In addition, it has policy consistency and coherence for the long term, which is important because many companies' investments take time to achieve a rate of return.

"These are the key factors that help us in our competitiveness, rather than just competing with prices," Mr Chan noted.