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Growth Opportunities In Singapore’s Precision Engineering Sector

Growth Opportunities In Singapore’s Precision Engineering Sector

Growth Opportunities In Singapore’s Precision Engineering Sector

Despite the ongoing pandemic, Singapore’s Precision Engineering (PE) Sector has offered close to 1,500 job opportunities from more than 270 companies since April this year, according to the Ministry of Manpower (MOM).

The PE industry is an integral part of the global manufacturing economy. It supplies critical products and expertise to manufacture complex components and equipment used in industries such as semi-conductors, medical technology, marine, offshore and aerospace. In Singapore, the PE industry employs more than a fifth of the 473,000 workers in the manufacturing sector and contributed approximately $38 billion in total output in 2019.

Furthermore, the industry continues to see pockets of growth—the PE cluster grew 11.4 percent in the period January to July 2020 compared to the same period last year. Companies which performed better includes the Medical Technology and Semiconductor sectors which saw an increase in demand of COVID-19 related products like ventilators; companies that supply machinery and systems as well as precision modules and components that make up tech appliances to facilitate remote working; companies that provide digital solutions.

The government will also be enhancing its Scale-up SG scheme with funding raised from 70 to 80 percent until September 2021. The scheme which was launched in July 2019 has helped 42 businesses develop and execute growth plans and aims to help another 50 companies in the next two years.

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