SINGAPORE: Singapore’s electronics industry posted a record performance in 2010 as the country attained historic highs in both manufacturing output and value-added, according to the Singapore Economic Development Board (EDB) Review 2010.
The report said electronics manufacturing output grew 26.9% in 2010 to reach S$89.9bil, far surpassing the global industry growth of 9.3%.
The electronics industry was also the largest contributor to Singapore’s 2010 gross domestic product (GDP) from the manufacturing sector, with its share of GDP increasing to 7% from 5.7% in 2009.
During the year, the electronics industry attracted commitments of S$5.8bil in fixed asset investments (FAI) and S$1.9bil in total business spending (TBS).
This accounted for 45% and 22% of overall FAI and TBS commitments in 2010.
In a statement yesterday, assistant managing director of EDB Yeoh Keat Chuan said in 2010, a stellar stream of investments was seen in the electronics industry.
“When fully realised, these investments will result in 2,600 new high value-added jobs.
“Our efforts to transform the electronics sector in Singapore have positioned us well to ride on the industry’s strong global growth,” he said.
The strong pipeline of investment commitments in 2010 were fuelled by increased demand in the smartphones, tablets and computing segments.
Yeoh said with Asia increasingly becoming the focal point, a growing number of electronics companies were also moving their supply chain to Asia.
He said the sector’s strong performance was also enabled through the transformation of Singapore’s electronics industry to manufacture higher value-added products and invest in research and development. – Bernama