However, SMF noted that to fully benefit from the broader regional ecosystem, local manufacturers – especially small and medium-sized enterprises (SMEs) – must continue upgrading their capabilities.
The federation said SMEs are moving into areas traditionally handled in the US and Europe, such as precision engineering, which can provide a cheaper and closer option for international partners seeking to expand in Southeast Asia.
“Our ability to be agile and our readiness to adopt new technology have always been our key differentiation,” noted Mr Mark.
He added that this allows multinational companies to shorten their development cycles and bring solutions to market faster.
Interest is not limited to established multinationals but also includes newer firms looking to use Singapore as a springboard into the region, said Mr Mark.
To remain attractive, he said local manufacturers must continue transforming their workforce, including through job redesign and upskilling initiatives.
“We are also working with agencies to look at a job redesign framework that can help companies to uplift existing workers and upskill them for more complex jobs moving forward,” he added.
“SMEs are looking for a simplification of grant processes. So, there's a strong call to review and streamline some of the grant processes (to) make it easier and less complex, to give (SMEs) more impact to the marketplace.”
Against a backdrop of global economic uncertainty and ongoing supply chain shifts, SMF said Singapore remains well positioned, particularly if firms take a proactive and regional approach.
Mr Mark said companies are increasingly exploring new technologies, including advanced robotics and AI – but scaling such technologies from pilot projects remains a challenge.
“We do see … enhanced interest coming from Europe,” he added.
“They can expand their business here as a base with ease … and further expand into Southeast Asia, for example, where they can feel safe with their intellectual property and also (have) a trusted partner.”
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The federation said SMEs are moving into areas traditionally handled in the US and Europe, such as precision engineering, which can provide a cheaper and closer option for international partners seeking to expand in Southeast Asia.
“Our ability to be agile and our readiness to adopt new technology have always been our key differentiation,” noted Mr Mark.
He added that this allows multinational companies to shorten their development cycles and bring solutions to market faster.
Interest is not limited to established multinationals but also includes newer firms looking to use Singapore as a springboard into the region, said Mr Mark.
To remain attractive, he said local manufacturers must continue transforming their workforce, including through job redesign and upskilling initiatives.
“We are also working with agencies to look at a job redesign framework that can help companies to uplift existing workers and upskill them for more complex jobs moving forward,” he added.
“SMEs are looking for a simplification of grant processes. So, there's a strong call to review and streamline some of the grant processes (to) make it easier and less complex, to give (SMEs) more impact to the marketplace.”
Against a backdrop of global economic uncertainty and ongoing supply chain shifts, SMF said Singapore remains well positioned, particularly if firms take a proactive and regional approach.
Mr Mark said companies are increasingly exploring new technologies, including advanced robotics and AI – but scaling such technologies from pilot projects remains a challenge.
“We do see … enhanced interest coming from Europe,” he added.
“They can expand their business here as a base with ease … and further expand into Southeast Asia, for example, where they can feel safe with their intellectual property and also (have) a trusted partner.”
Continue reading...