Collaborative automation: Boosting industries and workforce

THE Covid-19 pandemic is one of the biggest challenges Singapore businesses have faced in a very long time. We must see through the dark, however, and look to the opportunities this moment presents. I am confident that the future remains bright for businesses that adapt to this changing climate and that seek innovations in manufacturing technology to elevate their competitiveness.

Many countries around the world are reexamining their reliance on foreign manufacturing and exploring more domestic production opportunities. This is particularly true in Singapore.

As recently as the 1990s the Republic's manufacturing was on par with such countries as Taiwan and South Korea, with the sector accounting for roughly 30 per cent of gross domestic product (GDP) and at one point employing one in four workers. While still a "significant engine" of the economy, today manufacturing only contributes around 20 per cent to GDP and employs just more than one in 10 of the workforce.