Singapore: why the electronics industry is so important for the economy

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The Trade and Industry Minister for Singapore made a speech stating the importance of the electronics industry as a contributor for Singapore’s past and future growth of the economy. Using Micron, a technology company as an example, for how the industry is one of the largest contributor to business expenditure for research and development.
Lim Hng Kiang, the Trade and Industry Minister for Singapore made a speech at the ceremony of integrated circuits stating the government’s intentions to keep the electronics sector as a key pillar of Singapore’s economy. The industry is said to be the largest contributor to business expenditure for research and development, and has the second highest labour productivity in manufacturing industries.

The data storage industry is rapidly transforming in two key areas, with the increasing use of social media and the massive growth of importance to online presence, particularly for industrial applications such as robotics and urban mobility.

Micron, a Singapore-based technology company is looking to expand their facility at an investment cost of SGD $5.5 billion, which is expected to add 500 skilled jobs, contributing more than S$1 billion of value to Singapore’s economy per year. The investment will mean that Micron’s largest and most advanced wafer fabrication location in the world. Mr Lim said the investment highlighted Micron’s confidence and long-term commitment to the Singapore’s economy.

The Trade and Finance Minister also discussed the government’s intention to develop and grow the electronics industry by supporting companies such as Micron to invest in new technologies, which in turn will improve labour productivity and manufacturing quality.