Technology, globalization, and the emergence of Asia have all had a significant impact on the manufacturing sector in recent decades. Singapore has embraced Industry 4.0 in response to these global trends, and is expanding its industrial base up the value chain to cement its position as the world’s top manufacturing hub.
Singapore’s manufacturing industry accounts for roughly 21% of the country’s overall GDP, or $106 billion and is very important to the workforce, employing over 450,000 people, or around 12% of the country’s total workforce. It has been chosen as a strategic manufacturing location by leading companies and is also the world’s fourth largest exporter of high-tech goods, producing five of the top ten pharmaceuticals and the fifth largest producer of refined oil. Top Engineering, Procurement, and Building businesses with expertise in facility engineering and large-scale construction, as well as research institutes that can collaborate directly with enterprises to produce cutting-edge solutions with global impact, are all part of the ecosystem.
The manufacturing sector in Singapore is constantly evolving and has long been known for its ability to innovate in order to keep ahead of the competition. From robotics and additive manufacturing to predictive analytics and artificial intelligence, this entrepreneurial attitude has fueled an ecosystem that is generating some of the most intriguing developments in manufacturing today. It has also enticed multinational manufacturing companies to collaborate with Singapore in the testing, experimenting, and trialing of cutting-edge technology.
The Singapore Manufacturing Federation
The Singapore Manufacturing Federation (SMF) is the country’s largest national organization, representing manufacturing-related businesses. It was founded in 1932, shortly after the inaugural Singapore Manufacturers Exhibition. The SMF’s mission and vision is to diversify the island’s economic basis, foster its budding sectors, and advocate for the collective interests of its manufacturing businesses.
Singapore’s Industry 4.0
Industry 4.0 refers to the advancement of computers and automation (the third industrial revolution) with smart autonomous systems powered by data and machine learning (the fourth industrial revolution). The World Economic Forum’s Readiness for the Future of Production Report ranked Singapore second globally in 2018. It has the capacity to transition to Industry 4.0 due to its base of world-leading technology businesses and solutions providers. The government has pledged to invest $2.3 billion in R&D in the manufacturing and engineering sectors, assisting enterprises in their transition to Industry 4.0. It also launched the Smart Industry Readiness Index, the world’s first self-diagnostic tool for assessing a company’s readiness for Industry 4.0.
What Buebox Offers?
Providing organizations in the manufacturing industry with creative, practical knowledge and experience to assist them improve their entire company performance.
Wholesale
With over 50,000 businesses contributing to over 320,000 jobs, wholesale trade is an important part of Singapore’s economy. It is one of Singapore’s largest and most diverse industries, with plenty of room for advancement for those with skill and specialization in this industry.
F&B and Retail
In today’s fast-paced world, food and beverage (F&B) and retail businesses are under immense pressure to respond quickly to market, technological, and regulatory changes. New company concepts are sometimes required to stay informed and ahead of the competition, even if they are disruptive.
Travel, Tourism & Hospitality
Singapore wants to boost its tourism strategy by focusing on increasing tourist expenditure. Singapore’s tourism industry is a major employer and contributor to the local economy, bringing in more than 19.1 million international visitors in 2019, more than three times the country’s entire population.