New Initiative to Strengthen Manufacturing Sector and Job Opportunities by 2030
SINGAPORE: The government is introducing a new initiative to boost local participation in the manufacturing sector as part of its ambitious Manufacturing 2030 plan. Announced on March 4 by Trade and Industry Minister Gan Kim Yong, the initiative aims to increase the sector’s value by 50% over the next decade, fostering a vibrant core of homegrown manufacturers.
The manufacturing sector saw significant growth in 2021, expanding by 13.2%, and attracting S$8.5 billion in fixed asset investments, creating over 6,000 jobs. To build on this momentum, Singapore plans to offer tailored support to innovative manufacturers, enabling them to enhance capabilities and expand globally.
Mr Gan emphasized the importance of nurturing a skilled local workforce, ensuring that Singaporeans have access to fulfilling careers in the sector. As part of this effort, the M2030 Careers Initiative will target polytechnic and Institute of Technical Education (ITE) graduates with industry-relevant skills, helping them secure good job prospects. The initiative includes developing a comprehensive employer handbook, designed to assist manufacturers in creating structured career progression pathways for their staff.
In partnership with industry stakeholders, the Singapore Precision Engineering and Technology Association will pilot these practices with at least 20 companies. Additionally, high-quality internship opportunities for ITE students will be available, with a target of securing 200 roles by year-end. An Accelerated Pathways for Technicians and Assistant Engineers Grant will also be introduced to support companies hiring ITE graduates for crucial technician and assistant engineer positions.
The manufacturing goals are part of Singapore’s broader economic vision for 2030, which includes growing trade, services, and enterprises. The country aims to boost its export value from S$805 billion in 2020 to at least S$1 trillion by 2030, while doubling its offshore trade value. A key focus will be attracting global traders to establish operations in Singapore, further embedding the country into global supply chains.
The vision also seeks to grow a strong local trading community capable of competing on the global stage. Through tailored support, including talent development, innovation, and financing, Singapore aims to create meaningful job opportunities, particularly in high-skill sectors like commodities trading and carbon credit markets.
Overall, the Singapore Economy 2030 strategy focuses on fostering a competitive, innovative, and sustainable economy, with an emphasis on creating quality jobs for Singaporeans across all sectors.
