The edge in the global advanced manufacturing race

SINGAPORE’S leaders have time and again emphasised the importance for the country to become more productive and competitive, noting that there is little that the nation can do to influence rising costs. That rings true not least for Singapore manufacturers, who, in the wake of the pandemic, are now ramping up capabilities in advanced manufacturing to secure the next stage of growth.

Singapore was ranked the world’s second most innovative economy in the 2021 Bloomberg Innovation Index, which scores economies on factors such as manufacturing capability, research and development spending, and concentration of high-tech public companies. Manufacturing is a catalyst to increase productivity, transform industries and revitalise workforces. In Singapore, the government has its sights set on a visionary and ambitious plan to grow the nation’s manufacturing sector by 50 per cent by 2030.

Considering that manufacturing drives over one-fifth of Singapore’s gross domestic product (GDP), the multiplier effect this will bring to the economy over the next few years will be significant. But the growth trajectory is not without its challenges.