Elevating Singapore’s advanced manufacturing cluster 

THE manufacturing sector is a key pillar of Singapore’s economy, contributing some 19 per cent of the country’s gross domestic product in 2023.

Against the backdrop of growing global demand for manufacturing, in 2021, the Singapore government launched the Manufacturing 2030 initiative to enhance the value-add of the sector by 50 per cent between 2020 and 2030. It also envisioned Singapore becoming a global business innovation and talent hub for the advanced manufacturing cluster, consisting of electronics, precision engineering, energy and chemicals, aerospace and logistics.

In Budget 2024, the Singapore government doubled down on its efforts to realise this vision cluster, addressing four key areas of investment and innovation promotion, energy transition, financing for growth, and workforce transformation, underpinned by tax and fiscal measures.