{"id":2123,"date":"2023-08-28T14:55:31","date_gmt":"2023-08-28T14:55:31","guid":{"rendered":"https:\/\/teammetal.com\/?p=2123"},"modified":"2024-04-09T08:37:07","modified_gmt":"2024-04-09T08:37:07","slug":"the-current-state-of-manufacturing-in-singapore","status":"publish","type":"post","link":"https:\/\/teammetal.com\/the-current-state-of-manufacturing-in-singapore\/","title":{"rendered":"The current state of manufacturing in Singapore"},"content":{"rendered":"\n
Though being one of the smallest countries in Southeast Asia, Singapore has the most advanced economy in\u202fthe region and one of the most stable in the world. The country is a dependable partner for enterprises from all over the world thanks to its political stability, sound monetary and fiscal policies, strong legal system, low levels of corruption, and transparent public institutions, which together support the low-risk economy of the nation. Consistently ranked as one of the world’s best places to do business, Singapore attracts\u202fcompanies\u202fand professionals from over the world eager to work in such a thriving economy.<\/p>\n\n\n\n
Manufacturing plays a substantial role in Singapore’s economy, contributing around 20% to 25% of its GDP<\/a> and enjoying strong support from the government. The sector employs approximately 12% of the country’s workforce and offers median wages that are 10% higher than the overall economy’s median. Notable industry clusters in Singapore’s manufacturing landscape encompass electronics, petrochemicals, biomedical sciences, aerospace, marine and offshore, as well as logistics and transport engineering.<\/p>\n\n\n\n Precision engineering<\/a> is one of the crucial branches of the manufacturing industry in Singapore. With more than 2,700 precision engineering firms<\/a>, it plays a crucial role in supplying essential products and expertise required for manufacturing complex components<\/a> and equipment in high-tech industries like semiconductors, medical technology, marine, offshore, and aerospace. Beyond semiconductors, Singapore plays a significant role in the worldwide supply chain for a variety of next-generation components, including those for microelectromechanical systems (MEMS), nanotechnology products, 3D printing systems, automation, and robots. 20% of the world’s output of semiconductor equipment, which includes computer chips, is produced in Singapore.<\/p>\n\n\n\n