Singapore's Manufacturing Industry Expands for Second Time in June
Purchasing Managers' Index turns positive in May and June. Singapore Trade and Industry Minister says Singapore remains committed to grow its manufacturing industry.
Singapore (PRWEB) July 9, 2009 -- Singapore's manufacturing industry has expanded for the second time in June. The Purchasing Managers' Index, a leading indicator of manufacturing activity, turned positive in May for the first time in nine months, standing at 51.2. The trend continued in June, with a reading of 51.1. (A reading above 50 indicates the manufacturing economy is expanding).
Singapore's Manufacturing Industry Expands for Second Time in June
Singapore has indicated that it remains committed to the manufacturing industry. Trade and Industry Minister Lim Hng Kiang said that Singapore remains committed to growing its manufacturing industry, and that it is still one of the key contributors to the country's economic performance.
There are signs of growth in key pillars of the manufacturing industry in Singapore.
In the electronics sector, the electronics index saw a further expansion at 55 - an increase of 2.1 points over the previous month. The readings indicated higher levels in new orders from the domestic and overseas markets. The Singapore Economic Development Board (EDB) has also signaled its support for the semiconductor industry by pumping S$1.6 million into post-graduate scholarships. The programme aims to train 150 integrated circuit (IC) design experts over the next five years and will fund master and higher-level studies at the National University of Singapore (NUS) and Nanyang Technological University (NTU).
In the aerospace sector, aerospace engine manufacturer Rolls Royce relocated its supply chain to Singapore, signaling its belief in the aerospace sector in Singapore. Singapore is Asia's for aerospace maintenance, repair and overhaul, boasting a strong aerospace supporting industry, recognized by original equipment makers (OEMs) for its technical capabilities, quality and quick turnaround time.
Singapore has also identified the clean energy sector as a key growth area, with emphasis on solar energy. The Singapore government announced an investment of S$350 million in the sector to intensifying research and development and capability development.
The biomedical manufacturing sector expanded 120.4 per cent year on year in May, thanks to a 138.6 per cent leap in pharmaceutical output. Plants switched to producing higher-value patented drug compounds after US approvals came through in April, and the rise was also boosted by a low base in May last year.
In addition, Shell's brand-new US$3 billion petrochemical cracker complex is targeted to start up in Singapore in end 2009 and is expected to have synergies with its Pulau Bukom refinery, which produces 500,000 barrels per day making it Shell's largest refinery worldwide.
At the recently concluded Singapore International Water Week (SIWW), local firms bagged the lion's share of $2.2 billion worth of deals, ranging from building entire desalination plants, or equipment such as pumping systems and pipe networks, to sharing expertise in areas such as membrane-based water treatment technologies. Local firms Hyflux and Dayen Environment signed deals worth close to S$1.2 billion and S$10 million respectively.
With all these developments, there are opportunities for global talent in Singapore, especially in new growth industries such as clean technology, water technology and biomedical sciences. Log on to the Contact Singapore job portal at contactsingapore.sg/jobs where talent can search for jobs in Singapore and post their resumes online. This job portal is managed by Contact Singapore, in collaboration with economic promotion agencies and key employers in Singapore.
About Contact Singapore:
Contact Singapore is an alliance of the Singapore Economic Development Board and Ministry of Manpower. It aims to attract global talent to work, invest and live in Singapore.
With offices in Asia Pacific, Europe and North America, Contact Singapore is the one-stop centre for those who wish to pursue a rewarding career in Singapore, as well as business leaders and entrepreneurs who are keen to invest in or initiate new business activities here. Contact Singapore actively links Singapore-based employers with global talent and provides updates on career opportunities and industry developments in Singapore. We work with private sector partners to facilitate the interests of potential individual investors in Singapore.
For more information on working, investing and living in Singapore, please visit www.contactsingapore.sg