The PE COI panel in discussion.
Over the years, the PE industry in Singapore has become even more significant, forming the backdrop of the manufacturing industry – a key pillar of the country’s economy. With rapid developments and breakthrough in technologies in this area, the speakers were in consensus that Singapore needs to keep abreast of the latest trends in order not to lose out in the global perspective.
Especially with the imminent formation of the ASEAN Economic Community (AEC) later this year, Dr Ted Tan, Deputy Chief Executive of Standards, Productivity and Innovation for Growth (SPRING) Singapore, said in the opening address of the day that other countries and Singapore should capitalise on ASEAN’s growth potential especially for expansion of current Small and Medium Enterprises (SMEs) and drawing more manufacturing opportunities, leverage on operational excellence of our local companies, and continue the journey of productivity and innovation.
Studies have shown that Singapore has grown and secured niche manufacturing sectors such as in complex equipment, medical technologies, aerospace, and even oil & gas; these are the future of Singapore’s manufacturing industry, said Tan Hui Khim, Director of Future of Manufacturing at Economic Development Board (EDB).
A crowd watches a robot demonstration.
Other sectors highlighted by Mr Tan that are growing and should be taken to the forefront also include additive manufacturing and robotics. Though they are not particularly new areas, both are becoming of more interest to both existing local R&D facilities and companies such as the Advanced Remanufacturing and Technology Center (ARTC) under A* Star and the PE COI at SIMTech, as well as overseas companies such as Stratasys, ABB or Universal Robots who have recently set up offices in Singapore.
However, it is not sufficient to expand in terms of R&D only to bring about further growth of our manufacturing – and in particular PE – industry. Sharing his experience in growing Armstrong Industrial Corporate Limited to a multi-million dollar company, Steven Koh, current Deputy Chairman of Singapore Precision Engineering and Technology Associated, said an equally important component to further grow the industry is ability to manage the available manpower.
Adding on, Mr Tan mentioned that a movement already in place to upgrade skills of current and potential employees of the industry is SkillsFuture, which includes opportunities for Singaporeans of all ages to develop experience and skills required for the industry.
Other ways Mr Koh suggested that could further the PE industry’s growth, and not just of Singapore, was the need for global partnerships between local companies and those overseas. With these, it could aid in the “three-prong structure of overall growth” he said, that comprise cash, profit and productivity growth.
To conclude the second day’s events at MTA2015, much has been shared by the local as well as regional experts in the various sectors of the industry, and much more is yet to be learnt and taught of the latest developments in technologies and trends. The MTA2015 provides a valuable opportunity for information-gathering, knowledge-sharing and networking for individuals of the manufacturing industry in all areas of the world.
