Singapore’s Minister of State for Trade and Industry, Alvin Tan, emphasized the importance of leveraging the current upcycle in the global semiconductor industry to bolster Singapore’s semiconductor sector.
He highlighted Singapore’s critical role in the global chip supply chain, its attractiveness for semiconductor investments, and the country’s efforts to sustain its competitive edge amid global competition.
Chip upswing
The government aims to expand the manufacturing sector significantly by 2030, supported by initiatives to foster partnerships, enhance research and development, and promote international collaboration.
Last month, Reuters said Singapore is excelling in global chipmaking with recent investments by NXP Semiconductors, Vanguard International Semiconductor, GlobalFoundries, and Micron Technology in a $7.8 billion factory.
Singapore’s expertise in low-end chip production, supported by skilled labor, advanced infrastructure, and government backing, contributes significantly to its economy, totaling 7% of GDP.