Industrial Transformation Asia-Pacific 2025 Opening Ceremony - SMS Jeffrey Siow

A very good morning,

Mr Chua Wee Phong, Group Chief Executive Officer, Constellar,

Mr Arno Reich, Senior Vice President, Deutsche Messe AG,

Mr Thomas Motak, Chargé d`Affaires of the Embassy of the Federal Republic of Germany to Singapore,

Ladies and Gentlemen,

Very happy to be able to see you this morning.

Introduction

1.   I am delighted to join you for the eighth edition of the Industrial Transformation Asia-Pacific manufacturing expo, or ITAP for short. 

a.   ITAP, as the speakers have already said, was first launched in 2018 as an Asian edition of the Hannover Messe, one of the world’s largest industrial trade fairs. 

b.   Since then, ITAP has grown into a highly regarded platform in its own right, connecting global manufacturers and suppliers with Asia-Pacific markets. 

c.   This year, we are expecting over 16,000 trade visitors, and exhibitions by close to 300 global brands. 

2.   This strong turnout shows the continued relevance of ITAP, and the importance of the Asia Pacific. 

Advanced Manufacturing

3.   Advanced manufacturing is increasingly important for developed economies like Singapore. 

a.   The emergence of artificial intelligence is supercharging manufacturing processes and equipment.

b.   As the former US Trade Representative Michael Froman recently pointed out, nearly half of all new Chinese manufacturing equipment sold last year incorporated machine vision, predictive maintenance, or autonomous-control functions. And I am sure it is the same for other parts of the world. 

c.   Many key manufacturing sectors in Singapore – including semiconductors, healthcare, specialty chemicals and aerospace – are feeling the pressure to transform. 

4.   This is why Singapore launched an Economic Strategy Review just a few months ago – to prepare our industries and companies for a future that is fast changing and may well be fundamentally different. 

5.   I co-lead a Committee on Global Competitiveness, which is looking at how Singapore can be competitive on the technological frontier, and to capture new growth opportunities that emerge.

6.   To achieve this, we need three things.

7.   First, we need a network of expertise.

a.   The World Economic Forum has a “lighthouse” concept, where they identify facilities that are exceptionally productive and sustainable, enabled by digital transformation. 

b.   This forms a global network of companies that share knowledge and insights to accelerate their transformation journeys. 

c.   We are very proud to have six such “lighthouses” in Singapore, with GlobalFoundries’ Singapore plant being the latest one. 

d.   GlobalFoundries established strategic partnerships with solution providers and academia to transform predictive maintenance and quality control in their facility. 

i.   This raised labour productivity by 40 percent and reduced new product prototyping time by 30 percent. 

e.   More manufacturing facilities like GlobalFoundries here in Singapore and the region will help us expand our influence as a hub for advanced manufacturing, and create solutions that will benefit companies across the value chain.  

8.   Second, we need a network of facilities.

a.   We need to create vibrant innovation ecosystems where technology providers, research institutes, training providers, and factories of the future can collaborate seamlessly across the innovation value chain. 

b.   An example is our Jurong Innovation District, which we launched in 2019, one year after ITAP, as an advanced manufacturing hub. 

c.   I am happy to share today that we have now completed Bulim Square, which is the latest addition to the Jurong Innovation District. Bulim Square will add over 110,000 square meters, or around 15 football fields, of factory space to our advanced manufacturing ecosystem.

d.   By co-locating research and development, prototyping, and production capabilities within one integrated environment, we can nurture innovation end-to-end, moving ideas more quickly from concept to market. 

9.   Third, we need a network of talent.

a.   A future ready workforce is essential for us to capture new growth opportunities. 

b.   In a riskier economic landscape, Singapore must welcome global talent even more than before.

c.   Talent bring new ideas, deep expertise, and diverse perspectives which we do not have for the new industries that we want to participate in. 

d.   Such talent create multiplier effects - through the transfer of knowledge and ultimately, the creation of new and better jobs for Singaporeans. 

e.   At the same time of course, we need to complement foreign talent with a strong local workforce. So we must help Singaporeans pick up new skills, so that they too can take on the new roles that we will create and operate along the new technologies with confidence. 

f.   That is why we are improving our school curricula and strengthening our SkillsFuture movement. 

g.   In Singapore, we will invest in every single Singaporean – all 3.6 million of us – to master new skills, to stay competitive in an evolving economy, and to fulfil everyone’s potential

h.   This is part of the Economic Strategy Review’s work too. 

Conclusion 

10.   To conclude, the future of advanced manufacturing will be skill intensive and not labour intensive. 

11.   We need the network of expertise, the network of facilities and a network of talent. This new economy will be more volatile, with greater churn and a faster pace of change. More people will be in job transitions. 

12.   But if we are able to position Singapore to embrace the growth opportunities that emerge, we will be able to better attract new industries, bring higher value add to our economy, and attract new jobs for a new generation of Singaporeans. 

13.   Many of you here are already actively working on new ideas and solutions that will shape the future. 

14.   Some of these are showcased here at ITAP. I look forward to seeing them, and to hear your insights and your ideas for our common future. 

15.   Thank you very much.