Opportunities for Swedish companies in Singapore’s manufacturing landscape
what
- Singapore is home to one of Asia’s most competitive manufacturing sectors and Southeast Asia’s most advanced manufacturing sector. The city-state has managed to establish itself as a manufacturing powerhouse with particular strengths in advanced segments such as aviation, electronics, biotechnology, and precision engineering. Total production output reached 295 billion USD in 2023.
- Advanced manufacturing in Singapore is particularly bolstered by its strong infrastructure, skilled workforce, and favourable business environment. Growing the manufacturing sector is also high on the government's agenda, with plans to boost the manufacturing sector’s value add by 50% by 2030. This growth in value add will be supported by subsidies and grants targeting advanced manufacturing solutions, both for manufacturing companies in Singapore and for companies interested in setting up advanced manufacturing sites in the nation.
- Singapore’s proximity to other manufacturing hubs in Southeast Asia and its position as a trendsetter have resulted in many companies opting to establish advanced manufacturing sites in the country, while shifting non-high value production facilities to countries such as Malaysia and Indonesia. Singapore is also home to a number of regional distributors and solution providers that source and re-distribute manufacturing equipment and solutions to other markets in the region, evidenced by close to 64 billion USD of industrial equipment being imported in 2023.
- For Swedish companies with tools and equipment used in manufacturing, Singapore can act as both a testbed market in Asia and a launchpad into opportunities across the broader Asia region.
- For Swedish companies that wish to set up advanced manufacturing sites, Singapore is one of the region’s most capable manufacturing hubs and offers a robust set of incentives designed to entice companies to set up production. The close proximity to major markets in Asia, state-of-the-art infrastructure, access to specialised staff, and strong R&D activity make it a very compelling market for advanced manufacturing.
how
- Identify distributors and system integrators that are based in Singapore but work with a regional mindset.
- Conduct an assessment of available subsidies and grants for your industry.
call to action
- Stay tuned for our upcoming webinar covering Singapore’s smart manufacturing market
- For more information: zygmunt@business-sweden.se