Minister Alvin Tan highlights the Republic’s crucial role in the global semiconductor supply chain and the importance of continued investment.
Singapore must leverage the current chip upcycle to boost its semiconductor industry, said Minister of State for Trade and Industry Alvin Tan on July 23. While the industry faced a downturn in 2023 due to weak consumer demand, it is expected to grow this year with rising demand for consumer electronics like smartphones and PCs.
Singapore is already well-positioned in the global semiconductor supply chain, accounting for 5% of wafer fabrication capacity and 20% of semiconductor equipment output. However, Tan emphasized that global competition for investments is intensifying, urging Singapore to maintain its competitive edge to secure a share of the growing industry.
To ensure growth, the government aims to increase the manufacturing sector by 50% by 2030 through its Manufacturing 2030 plan. Additionally, initiatives such as the Partnerships for Capability Transformation scheme support small and medium-sized enterprises (SMEs) by fostering collaborations with large multinationals, helping them scale globally.
