Innovation for Performance, Planet, and People Key to Industry Growth Amid Global Challenges
At the opening of Industrial Transformation Asia-Pacific (ITAP) 2023, Deputy Prime Minister Heng Swee Keat highlighted the critical need for cross-border collaboration and innovation within the global manufacturing sector. The event, hosted at the Singapore Expo, attracted over 300 exhibitors and 18,000 attendees, facilitating over 1,200 business matchings, a 40% increase from pre-pandemic levels.
Heng emphasized three types of innovation that are vital for the future of manufacturing: innovation for performance, climate action, and people. First, innovation for performance involves working closely with partners to build resilient value chains that can adapt to disruptions, rising costs, and geopolitical tensions. He mentioned a new collaboration between Singapore’s A*Star and local institutes to develop a smart, distributed value chain programme to help manufacturers capitalize on business opportunities and adapt more effectively.
The second priority is tackling climate change, as the manufacturing sector is responsible for a significant portion of global carbon emissions. Heng pointed out that while Singapore’s carbon footprint is small, innovations in the country, such as A*Star’s efforts in creating a circular economy for electric vehicle batteries, can pave the way for broader global impact. The agency is working on improving the labor-intensive process of disassembling EV batteries using Industry 4.0 technologies, partnering with McKinsey & Company to enhance safety and efficiency.
Finally, Heng stressed the importance of attracting and retaining talent to drive the transformation to Industry 4.0. The sector must provide clear career pathways and development opportunities to nurture the best young talent, ensuring they understand the impact of their work. This year, around 900 engineering internships have been secured under the Global Ready Talent Programme, offering training for students from various educational backgrounds.
