Firms which specialize in foreign precision engineering are currently making more investments within the island city-state of Singapore. This new surge in investments is related to government incentives which were initiated in order to re-tool the economy and make up for a lack of skilled labor. Another reason for stronger investment is good semiconductor demand.
At present, Singapore runs programs which total billions. They are utilized in order to boost automation, research and productivity. These incentives are definitely having a great impact from a business perspective. For example, two companies which create microchips that are exported all over the world are now investing in Singapore, due in large part to the incentives. One company is American (Micron Technology) and the other is German (Infineon Technologies).
The new rush to invest in electronics has boosted output growth in the tech niche by a whopping fifty-seven percent, based on stats for a four-month period in 2016. According to financial experts, the new investment in tech is actually preventing a recession within Singapore.
One Micron VP, who oversees global manufacturing, believes that Singapore provides the right environment for business success and finds that Singapore compares favorably with many European nations, as well as Taiwan and Japan. This VP, Wayne Allan, credit’s Singapore’s visionary government with the positive business climate.
Singapore does have a progressive government which is doing a lot for its people, in business, health care and many other key areas. Bringing in foreign investment in the tech sector, which keeps Singapore from plunging into a recession, definitely underscores the vision of Singapore’s leaders! They clearly thought ahead and their initiatives are really paying off.
Micron Will Invest Four Billion
Micron will invest four billion dollars in order to produce flash-style memory chips with the island city-state. Output is going up at Micron and Singapore is part of the reason why. Linear Tech Corp, which manufactures analog integrated circuits, is opening a 3rd chip testing facility in Singapore and it will make ninety percent of its global testing gear within Singapore.
Singapore is becoming an important stop in the supply chain for semiconductors. Lots of businesses are benefiting, including shipping companies which are now sending more tech-related shipments to Singapore than they did just last year. Applied Materials is an example of a company which is doing very well thanks to the new tech manufacturing going on in Singapore. At present, Taiwan and South Korea are bigger fish in the memory chip sector. However, Singapore’s share of the pie is getting bigger.
Singapore is a Great Place to Do Business
Automation incentives are lighting up the tech sector in Singapore and bringing jobs and money into the island city-state. As well, other government initiatives, such as grants and funding for fintech startups, are definitely creating an atmosphere which is conducive to business success and innovation. Also, Singapore has a very low crime rate, so it’s a safe place for foreigners to do business.
Basically, Singapore is really going places and its business environment is respected worldwide.
About the Author
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like FinTech Startups in Singapore and Top 10 must know facts about Mobile App Security and all topics related to Business, Tech and Company Registration in Singapore.