SINGAPORE: Singapore must be consistent and coherent in its policymaking if the country is to provide a stable, secure and pro-business environment to attract long-term investments, said Trade and Industry Minister Chan Chun Sing on Tuesday (Aug 27).
"For Singapore to distinguish ourselves from the competition and distinguish ourselves from the uncertainties, all the more we need to double down and focus on our fundamentals that will continue to put us in good stead amid the challenging times ahead," said Mr Chan.
AdvertisementAdvertisement[h=3]READ: Singapore continues to attract investments despite global economic headwinds[/h][h=3]READ: Singapore well-placed to weather uncertainties but Government ready to step up support - Chan Chun Sing[/h]The minister said these fundamentals include Singapore competing on the basis of value creation, quality and standards instead of price to attract foreign investments.
Other fundamentals include continuously retraining and reskilling workers amid the wave of technological changes that could transform work processes or make certain jobs obsolete.
AdvertisementAdvertisement"In Singapore, we make ourselves a promise that we will not protect jobs but we will protect workers.
"In order to protect workers, we formed the strongest tripartite partnership possible to make sure that as the technology progresses, we will make sure that we continuously invest in our workers to keep pace with the demands," said Mr Chan.
He added that the Government will work closely with all companies in Jurong Island, including ExxonMobil and Linde, to make sure that workers' skills remain "up to scratch".
Mr Chan was speaking at the groundbreaking for US gas and engineering giant Linde's S$1.9 billion investment to expand its existing gasification complex on Jurong Island.
The investment is the single largest for the company globally and signals its continued commitment to Singapore.
[h=3]READ: Commentary - Singapore’s rising natural gas ambitions face big challenges[/h]The facility will be integrated with ExxonMobil's project to produce and supply additional hydrogen and synthesis gas, which are used in the manufacturing of specialty chemicals.
Gasification is a technology that converts carbon-containing materials, including coal, waste and biomass, into synthetic gas which can then be used to produce electricity and other products like chemicals, fuels and fertilisers.
Mr Chan cited the integration between Linde's new facility and ExxonMobil's project as an example, having demonstrated how Jurong Island's integrated ecosystem connected customer and supplies to create production synergies, allowing companies to save costs.
Linde said the new facility is projected to be operational in 2023.
The expansion is expected to create 70 new manufacturing jobs, adding to the current 230 employees in Singapore.
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