One key factor in Singapore’s strategy to create more jobs and keeping the labour market tight is to attract global heavyweights, even where the Republic currently does not have all the capabilities required.
Chan Chun Sing, Minister for Trade and Industry cited Thermo Fisher Scientific and Hyundai Motor Group as examples in how global companies catalyse local industries and benefit the supporting ecosystem of small and medium enterprises. Thermo Fisher will set up a S$130 million biomedical facility to support the development and manufacture of therapies and vaccines by housing two new sterile filling lines while Hyundai will invest S$400 million in a new innovation centre to enhance automotive manufacturing processes and develop smart vehicles. It is expected that the electronics industry will create over 1,100 new jobs over the next three to five years, offering a bright spot amid the economic gloom. Reports generated also highlighted that the electronics industry managed to increase the total employment by 1,000 locally, partly due to a surge in demand of digital goods and services over “circuit-breaker” period. At the same time, MOM’s report indicates that there were more than 2,800 job and training opportunities offered by over 130 electronics companies since April, but only 220 individuals have been placed. Mr Chan urge the jobseekers to not be afraid of entering particular industries, just because they do not yet have the skillsets. He added that when economic agencies go around the world attracting investments, they look at which investments will best create jobs for not just this generation, but also the next generation of Singaporeans.
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Date: 19 October 2020 Source: The Business Times