Offshoring lures cost-conscious industrialists, but Singapore remains attractive: market watchers

INDUSTRIALISTS and manufacturers in Singapore shutting down or relocating their business functions is not a new trend, and this will continue as the economy matures, market experts told The Business Times.

Singapore’s high operating costs have made the country less competitive in low-cost manufacturing segments where cost reduction is a top priority, said Brenda Ong, head of logistics and industrial at Cushman & Wakefield (C&W).

In recent times, various companies have optimised their manufacturing footprint and moved to lower-cost markets.