Throughout the 70s, Electronics was a fast growing sector
contributing 15% of mafufacturing output. Engineering
companies worldwide now saw Singapore as an attractive
location for higher-value products and services. Singapore
Aircraft Industries was formed: Sundstrand and General
Motors set up manufacturing plants in Singapore. |
The
foundations for Singapore's Biomedical Services industry
were built in the early 70s with SmithKline Beecham and
Baxter setting up manufacturing here. GloxoWellcome's first
chemical bulk actives plant followed. In 1979, the Singapore
Refinery Company opened a refinery on Pulau Merlimau. |
Singapore
was increasingly linked to the rest of the world via cable,
satellite and international direct dialling (IDD). Its
importance as a freight and cargo location was enhanced,
with airfreight up 851% between 1965 and 1975. |
80s:
Capital-intensive |
The 80s
saw an upsurge of capital-intensive industries, new wafer
fab plants with the first by ST Microelectronics, formerly
SGS-Thomson, were established. Today, Singapore has 14
highly sophisticated wafer fabs. The Engineering industries
diversified: industrial machinery, machine tools and
automation equipment, as well as aerospace overhaul sectors
grew. In 1981, the first Asian Aerospace exhibition was
held. |
Petrochemical Corporation of Singapore, a joint venture
between a Sumitomo Chemical-led consortium and Shell, was
set up in 1984; it was S.E. Asia's first petrochemical
complex. The Institute of Molecular and Cell Biology,
another Singapore first, was established in 1987. Our
logistics infrastructure continued to grow and Changi
International Airport was designated as a free-trade zone. |
In 1985,
EDB's co-investment programme took on another dimension with
a S$100 million budget to launch the Venture Capital
industry. This programme is the foundation of today's
vibrant VC industry beginning with the first few VC funds
with local and foreign VC fund management seeded by EDB's
original VC programme. |
EDB's
work took on a new dimension in 1986 following the Report of
the Economic Committee. Manufacturing and Services were
identified as twin engines of economic growth; development
of local enterprises also became a priority. That year, a
new HQ programme encouraged MNCs to base their HQ functions
here; Cerebos Pacific Ltd was the first company to receive
HQ status. An innovative programme, the Local Industry
Upgrading Programme (LIUP), was launched to upgrade our
local supporting industries. |
EDB
expanded its overseas networks across the US with centres in
Atlanta and Dallas in 1986-87 when hubs of industry started
moving there. New centres also sprang up in Stuttgart,
Sydney and Nagoya. |
90s:
Technology-intensive |
Our
industry strategy evolved. Cluster development strengthened
our industries. Singapore also developed an external
dimension to create economic space in win-win partnerships.
Under our regionalisation programme, industrial parks were
developed in Indonesia and Vietnam, as well as further
afield in Suzhou and Wuxi, China and Bangalore, India. |
The data
storage industry, which was started in the early 80s and
comprises disk drives and disk media, became a key area of
focus. Since 1995, Singapore has secured almost 35% of
worldwide disk drive market share. This industry generated
significant spin-offs and played an important role in
supporting local industries. |
Key
engineering projects included Honeywell's Singapore
Laboratories as an Asia-Pacific focal point for R&D and
product engineering. This decade was characterised by
pursuit of proprietary technology and knowledge to enhance
Singapore's global competitiveness as an international hub
for engineering products and services. |
In 1995,
the amalgamation of seven islands was started to create
Jurong Island as an integrated chemical hub. DuPont was the
first to invest while reclamation was in progress. Today,
Jurong Island has more than 60 companies, S$21 billion fixed
investments, S$10 billion output and 6,000 workers. |
The
beginnings of a world-class education hub started with
collaborations by local universities with world-renowned
universities such as the Massachusetts Institute of
Technology (MIT) and John Hopkins. Seven others, including
Insead and Chicago Business School have since opened their
Asian campuses or established a presence here. |
An
airport logistics park as well as a chemical logistics hub
were developed. Together with major logistics players
hubbing here, Singapore strengthened its logistics and
supply chain capabilities. |
EDB's
Venture Capital Industry Programme continued to focus on
direct investments in high-growth technology sectors. Today,
EDB Investments has invested in over 160 companies and 40 VC
Funds worldwide. Singapore became a leading Asian VC hub,
with S$11.5 billion under management. The vibrant VC
industry, together with the Technopreneurship 21 programme
has stimulated the formation of many startups in Singapore
today. |
EDB
launched an aggressive plan to develop the Biomedical
industry. By 2010, Singapore aims to be home to 15
world-class biomedical companies, and the region's centre
for clinical trials and drug development. With the Tuas
Pharma Park and biotechnology manufacturing coming on
stream, the present output is expected to double to S$12
billion by 2005. |
Source:
Economic Development Board |
19 Sep 2001 |