S'pore to double manufacturing output<\/p>\n
Associated Press, Singapore<\/p>\n
Singapore says it hopes to double manufacturing output in 15
\nyears even as regional competition heats up from lower-cost
\nrivals such as fast-growing China and India.<\/p>\n
Manufacturing plays a significant part in Singapore's economy,
\naccounting for about a quarter of gross domestic product -
\nequivalent last year to about S$40 billion (US$23.5 billion; euro
\n19 billion).<\/p>\n
\"The Economic Development Board is quite confident that in 15
\nyears we can double our manufacturing output,\" Prime Minister Lee
\nHsien Loong said late Sunday in his first major policy speech
\nsince he was sworn in as leader Aug. 12.<\/p>\n
Suan Teck Kin, an economist at Overseas-Chinese Banking Corp.,
\nsaid Monday Singapore would be able to meet the target as long as
\nthe pace of overall growth keeps up.<\/p>\n
\"I think it's realistic because, I think, going forward the
\nmain driver is going to be the pharmaceuticals and the biomed,\"
\nhe said, referring to the government's efforts to cultivate a
\nfledgling biomedical industry.<\/p>\n
Manufacturing, which is dominated by high-tech products,
\naccounts for one job in five in Singapore.<\/p>\n
Lee said by concentrating on attracting so-called higher-end
\nwork - which uses larger amounts of capital relative to labor -
\nthe manufacturing sector could continue to grow.<\/p>\n
Some observers, however, have suggested that Singapore is
\nalready struggling to retain its manufacturing base as
\nmultinationals opt to set up operations in lower-cost countries,
\nespecially China.<\/p>\n
In reply officials have said Singapore should aim to balance
\nits admittedly higher costs with the country's greater
\nefficiency, stability and superior infrastructure.<\/p>\n
Singapore's administration has also argued that it is
\nimportant to keep a manufacturing capability to support the tiny
\ncountry's defense needs.<\/p>\n
In his three-hour address, Lee painted a positive picture of
\nthe economic outlook, saying although continued restructuring
\nwould mean some job losses, newer positions would be created.<\/p>\n
After several revisions, the government expects growth of 8
\npercent to 9 percent this year, the best showing in four years.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/spore-to-double-manufacturing-output-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}