Singapore Is Becoming The Leading Industrial Hub In The World

Experts are suggesting that Singapore will soon become world’s largest manufacturing sector and the world will be surprised at the rise to global prominence of this city. Asia has taken up a vital role in the manufacturing sector because in the development of technology and globalization. Asian and ASEAN countries has also proved to be a good competitor to other companies of different countries based on price and not on value. Though Singapore is known as financial services and tax incentives but still it has a bright future in the global manufacturing sector. 

Singapore has always understood the needs of the nation well. Singapore government has established Housing and Development Board in 1960 to lift the population out of poverty and into their own homes. The government has taken up a project to grow its manufacturing sector over the next 10 years. The government has taken up robust plans to be completive not only in terms of cost but also based on the intellectual property that the country can generate.  

The government is also making provisions for attracting top-tier companies, creating higher-paying manufacturing jobs. The govt is also training the local population so they can collaborate in this process. Singapore has already been noted for the world’s third-largest exporter of high-tech goods. This city has also been known for producing four of the world’s top 10 drugs. It is also the fourth-largest producer of refined oil. This is why industry giants like Micron, Shell and Merck have chosen Singapore for its manufacturing base and also as its strategic hub for R&D, headquarters and supply chain management.

Singapore has also focused on using highly skilled local workforce instead of repetitive-task-based human workforce like China and many parts of Southeast Asia.