Singapore will keep wooing semiconductor investments: Gan Kim Yong

Singapore

SINGAPORE is committed to keeping "best-in-class" semiconductor investments in the Republic, and will continue to build up the manufacturing sector. Trade and Industry Minister Gan Kim Yong gave the assurance on Monday that "Singapore stands ready to partner and support you in your next bound of growth", as he noted "the exciting opportunities presented by this fast-growing sector".

In pointing to recent multi-billion-dollar wafer fabrication investments by firms such as GlobalFoundries and Silitronic, Mr Gan said such moves only beget more investments.

"Over time, it will deepen the ecosystem even further, and make it more difficult for our competitors to replicate what we have here," he told the Semicon Southeast Asia trade show, organised by industry association Semi Southeast Asia.

Singapore is "starting from a position of strength" with fab facilities for major semiconductor players, he said. Such companies also carry out key product and manufacturing research and development (R&D) activities here, while public R&D funding reflects "our commitment to supporting companies in the development of new capabilities and technologies".

Citing how Singapore "went out of our way" to ensure industry continuity during the Covid-19 pandemic, Mr Gan added: "We were cognisant of Singapore's integral role in global semiconductor supply chains, and we knew that disrupting these supply chains could cause irreparable damage to investors' confidence.

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"The new investments we secured this year are therefore the dividends that we are reaping from our efforts last year to preserve the integrity of semiconductor operations and supply chains."

Mr Gan noted that semiconductors surged globally over the past year, on applications such as electric cars and medical technology, as well as the development of 5G wireless networks that are expected to make Singapore "a leading digital economy".

"Singapore will therefore continue to work hard to attract and retain frontier investments from best-in-class companies, and anchor their most advanced factories here," he said.