SINGAPORE ECONOMIC DEVELOPMENT BOARD | ANNUAL REPORT 2006/07
SINGAPORE ECONOMIC
DEVELOPMENT BOARD
WORLDWIDE
OFFICES
Guangzhou
London
Paris
Beijing
Frankfurt
Shanghai
Osaka
Milan
Tokyo
Stockholm
Singapore has always been a forward thinking nation with the ability
to anticipate change and adapt rapidly. The country is admired for its
approach to economic growth and its rise as a regional business center
over the past four decades.
The road ahead requires Singapore to go beyond just economic
growth and change the way the nation thinks, works and lives and re-visit
the very purpose of this growth, which is to create a secure future, of
hope and opportunity for all Singaporeans.
Trust. Knowledge. Connected. Life. This is Singapore’s formula for
the future; building upon the core strengths of the nation to take it to the
next level of growth.
SINGAPORE ECONOMIC DEVELOPMENT BOARD
ANNUAL REPORT 2006/07
Trust expresses the Singapore character of integrity, quality and
delivering on its promises. In a world of uncertainty and volatility, trust is
a valued asset.
Knowledge highlights Singapore’s standing in the advanced
intellectual economy. This is a knowledge and talent hub where people in
different fields create, grow and exchange ideas; where Asian companies
EDB in 3D
From the Chairman
page 4
internationalise while western ones make their entry into Asia.
Connected denotes going beyond the physical linkages or market
connectivity to reach out to the network and emotional attachment of
family, friends and fans of Singapore, who speak for Singapore, helping
investors and talent decide in favor of the nation.
COURAGE TO DREAM
Year in Review
page 12
Boston
New York
Washington DC
Chicago
Dallas
Jakarta
Life stands for Singapore as one of the great places in the world to
live, learn, work and play. The country is a microcosm of Asia where
people from around the globe feel welcomed and accepted.
SIMPLY EXPRESSED
Mumbai
Singapore
San Francisco
www.sedb.com
DREAM DESIGN DELIVER
Los Angeles
BOLD IN DESIGN
Industry Sectors
page 18
COMMITTED TO DELIVER
People
page 48
Trust is why people come to Singapore.
Knowledge is why they work in Singapore.
Connected is why people team with Singapore.
And Life is why they live in Singapore.
“World•Singapore” is the name for this new formula. The bold red
dot connecting World and Singapore is a reminder to its people that
Singapore may be a tiny nation, but with high aspirations which it
continuously strives to achieve.
“We are driven by our
aspirations to scout
unknown terrains and
carve the collective
future of Singapore.
DREAMING big, pushing
horizons to realize our
full potential, we are
constantly challenging
ourselves to define
the new.”
Jonathan Lim
Senior Officer in Planning
“We fuse our ideas with the
well-honed experience to
DESIGN solutions that add
value to our stakeholders.
Inspiration and knowledge
come together to create the
opportunity path that we
traverse with our partners to
reach our goals in tandem.”
Glory Wee
Assistant Head in
Resource Development
“The true value of this organization
is understood when the dreams
reach fruition. DELIVERING on
commitments to ensure the
nation’s economic future is
a responsibility that each of
us shoulder with passion and
determination to succeed”
Tan Kong Hwee
Assistant Head in
Infocommunications
and Media
“It is more important than
ever that the EDB must dare
to dream big and make
dreams happen. ‘LSD – Lead,
Speed and Differentiate’ is
our potent formula.”
EDB IN
3D
How to dream big, design an action plan and
deliver results of success. Chairman Lim
Siong Guan takes a multi-dimensional look.
“The EDB has to be
agile and nimble,
unencumbered by the
past, undeterred by
the present, undaunted
by the future.”
MAKING IT HAPPEN
Connected and Life”. “Trust” will be why people come to us, because
I look back at 2006 with much satisfaction. EDB contributed significantly
we live quality, productivity and integrity, and deliver on our promises.
to Singapore’s economic growth of 7.9 per cent; manufacturing as a share
“Knowledge” will be why people work with us because of our skills,
of GDP reached 28 per cent, up from 27 per cent in 2005 and 2004;
our willingness to learn, and our being a knowledge hub and a talent
S$8.8 billion in new manufacturing investments were committed; and
magnet. “Connected” will be why people team with us because beyond
services companies committed S$2.8 billion annually in new business
our physical air, sea and land connectivity, we offer buzz, networks and
spending, up from S$8.5 billion and S$2.5 billion respectively in 2005.
relationships, and an expanding web of family, friends and fans. “Life”
When fully implemented, the 450 projects are expected to add 26,800
will be why people stay with us because we are a good place to live
new jobs, and generate total value add (VA) of S$13.4 billion per year to
and raise a family, and we offer opportunity for people to realise their
Singapore’s GDP – a new high.
potential and to succeed.
“Our challenge, as
always, is to see what
is not yet there and
to do what others
cannot imagine.”
The World•Singapore formula underpins our initiatives, enabling us
to differentiate on the four cornerstones attributes of “Trust, Knowledge,
DELIVER
Connected and Life”. These fundamentals attract the world’s leading
Key to EDB’s success are our people. We welcome all who are capable,
companies to our country, who invest in building state-of-the-art
enthusiastic, alert, full of energy and initiative. We will help them meet
capabilities here utilizing the latest technologies and talent that thrive in
their promise, just as they help EDB meet its promise. The EDB has to be
this Asian microsm.
agile and nimble, unencumbered by the past, undeterred by the present,
undaunted by the future. We are proud of our people who are committed,
DREAM
dedicated, dynamic, practitioners of our values of Care, Integrity, Team,
The prospects for the future are bright. The EDB has created a host of bold
Imagination, Courage, Excellence and Nation (CITICEN).
and wide-ranging initiatives that will position Singapore as the premier hub
for value-creating investments. Some of these include the development
EDB IN 3D
of the new three million square metres (300 hectare) Seletar Aerospace
The task of the EDB is to grow the Singapore economy by establishing
Park, which reflects Singapore’s commitment to our aerospace industry.
Singapore as a competitive international hub for business, enterprise and
The environment technologies industry is gaining new ground. Clean Energy
talent. We account for more than 40 per cent of Singapore’s GDP, and bring
presents a promising sector for Singapore. We also introduced the multi-
in good jobs for Singaporeans. Our challenge, as always, is to see what is
million dollar precision engineering manpower initiative which will provide
not yet there and to do what others cannot imagine.
sponsorships to develop and upgrade capabilities for the future. In the bio-
The EDB works in 3D – We Dream, We Design, We Deliver – economic
medical sciences, chemicals, electronics and engineering – the main clusters
results, business opportunities and good jobs, and thereby contribute to
in the manufacturing space – major investments have been committed which
the security and economic and social well-being of all Singaporeans. This
promise sustained contributions to our national GDP for years to come.
Report is a testimony of what we have been able to do in 2006 and an
indicator of what new visions and new achievements are to come. And all
DESIGN
these are possible because of the people in EDB, for whom Excellence,
For Singapore to succeed, the EDB must continually create economic
Dynamism and Building are their daily commitment to be In Time For The
value for all our stakeholders – our investment and R&D partners;
Future. I salute them and I salute you, all who are partners in prospering
Singaporeans and all who have come from near and far for jobs which
with Singapore.
contribute to Singapore’s growth as a secure and comfortable place to
live, work and play; and the youth of Singapore for whom the future must
be one of hope, challenge and opportunity. To do so, it is more important
than ever that the EDB must dare to dream big and make things happen.
“LSD – Lead, Speed and Differentiate” is our potent formula. To lead,
we must be forward looking, spot possibilities, create opportunities,
listen to what our customers and non-customers are saying, and have the
courage to change, to try the new and be different. Speed means to have
6
the sense of urgency, to seize the day, to respond quickly and effectively.
Lim Siong Guan
And we differentiate ourselves by taking on the World•Singapore formula,
Chairman
thrusting onwards upon the four attributes of “Trust, Knowledge,
Singapore Economic Development Board
7
Manufacturing VA
and FAI Investment
Commitments
Industry
2005 VA
2006 VA
2005 FAI
2006 FAI
(S$b)
(S$b)
(S$b)
(S$b)
2.6
2.0
0.9
0.9
Electronics
2.1
3.0
4.3
4.3
Chemicals
0.7
0.6
2.0
2.6
Precision Engineering
0.4
0.5
0.4
0.4
Transport Engineering
0.4
0.6
0.6
0.5
General Manufacturing
0.2
0.3
0.3
0.1
Biomedical
General
Manufacturing
S$0.1b, 1.2%
Manufacturing
Precision
Engineering
S$0.4b, 4.5%
Transport
Engineering
S$0.5b, 5.7%
2006 Manufacturing
FAI Investment
Commitments
by Industry
Total: S$8.8 Billion
Biomedical
Manufacturing
S$0.9b
10.2%
Industries
Total
6.4
7.0
8.5
Chemicals
S$2.6b
29.5%
8.8
Electronics
S$4.3b, 48.9%
EDB-promoted
Services VA
and TBS Investment
Commitments
Industry
2005 VA
2006 VA
2005 TBS
2006 TBS
(S$b)
(S$b)
(S$b)
(S$b)
Infocomms & Media
1.8
1.2
0.7
0.7
HQ &
1.6
3.4
1.0
1.2
0.5
1.4
0.3
0.4
Healthcare Services
S$0.02b, 0.7% Education
S$0.08b, 2.9%
Logistics
S$0.4b, 14.3%
2006 Services
TBS Investment
Commitments
by Industry
Total: S$2.8 Billion
Professional Services
Engineering &
Environmental Services
Logistics
0.3
0.4
0.4
0.4
Education
0.1
0.09
0.1
0.08
Healthcare Services
0.06
0.04
0.03
0.02
Total
8
4.4
6.5
2.5
2.8
Engineering &
Environmental
Services
S$0.4b
14.3%
HQ &
Professional
Services
S$1.2b, 42.8%
Infocomms &
Media
S$0.7b, 25%
9
Manufacturing
FAI Commitments
(1997-2006)
S$billion
10
9.2
9.2
30
9
8.5
7.8
8
8.3
8
Total Expected VA per
year to be Generated by
Investments Secured
(1997-2006)
S$billion
8.5
8.8
Manufacturing
EDB-Promoted Services
25
7.5
20
6
2.4
8.5
4.4
6.4
6.4
7
2.5
4.1
5
2002
2001
2000
1999
1998
0
1997
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
0
4
6.4
2006
2
2.1
6.4
2005
10
1.8
5.9
2004
2.2
6.3
4
3
7.5
2003
15
1.9
8.2
Services TBS
Commitments
(1997-2006)
S$billion
3.0
2.8
30
27.8
26.1
2.5
2.5
1.9
1.9
1.6
22.1
16.9
1.6
15
1.0
10
0.5
5
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
0
26.8
21.8
20.9
20.9
20
1.5
0
10
1.9
1.8
26.0
24.4
25
2.3
2.1
2.0
Total Expected
Employment Creation
by Investments Secured
(1997-2006)
’000s
11
COURAGE
TO DREAM
Beyond our size, blazing new paths for the future.
12
13
A YEAR
OF FIRSTS
HIGH FIXED
ASSET INVESTMENT
(FAI) PROJECTS
The past year saw many firsts for Singapore in the investments secured.
A number of projects secured last year were well over
They comprised quality projects from a wide range of industries and
S$1 billion in FAI each.
geographies. They include:
•
Shell Eastern Petroleum Cracker and MEG Plant
•
Soitec’s first 300mm Silicon-on-Insulator (SOI) fab in Asia
•
Intel and Micron Flash Memory Fabrication Plant
Intel-Micron’s first and largest 300mm NAND flash memory fab joint
•
Siltronic Samsung Wafer Pte Ltd – 300mm Hyperpure Silicon Wafer Plant
venture in Asia
•
Seagate Technology Disk Media Plant
•
•
Vestas’ first major wind energy R&D centre outside Denmark
•
Siemens and GE Water’s first global water R&D labs in Asia
•
Middle East’s FTV Proclad’s first manufacturing investment in
Asia Pacific
•
Genentech first commercial scale biologics manufacturing
plant in Asia
•
NYU’s Tisch School Of The Arts first campus outside the US
•
EMC’s first and largest South Asia development laboratory outside
the US
These firsts are significant as each represents potential new sources of
growth. EDB will leverage these pioneering projects to seed future growth
in the following ways:
•
Expand existing clusters, e.g. flash memory products in the
semiconductor cluster
•
Extend existing clusters into adjacent areas, e.g. extend aerospace
AMONGST
THE WORLD’S
LARGEST
MANUFACTURING
PLANTS
maintenance, repair and overhaul (MRO) to manufacturing and
•
14
engineering; and pharmaceuticals into biologics
•
Natural Fuel’s Biodiesel Plant
Explore new growth areas, in new sectors (e.g. clean and renewable
•
Singapore Copper Technologies’ Integrated Copper Refinery
energy) and new geographies (e.g. Middle East, Korea)
•
Seagate Technology’s Disk Media Plant
15
COMPLEX
MANUFACTURING
ACTIVITIES
SIGNIFICANT
R&D PROJECTS
Many of the projects involved complex manufacturing activities.
Centres with more than 100 researchers, scientists
Examples include cutting-edge wafer fabrication technologies,
and engineers each include:
biologics production, world-scale chemical processes, deep sea
•
GE Global Water R&D Centre
structures and system, and high purity metal refining.
•
China’s Tsinghua Tongfang R&D Centre
•
Vestas Wind Energy R&D Centre
•
Satyam Global Business Intelligence
They demand a high level of technological know-how, special
skill-sets, supply chain efficiency and intellectual property
and Mobile Application Innovation Hub
protection. Complex manufacturing provides well-paying jobs.
•
EMC’s data storage lab
It is an area where Singapore has a strong advantage. EDB
•
Eli Lilly’s Centre for Drug Discovery
will continue to pursue these activities vigourously to sustain
Singapore’s manufacturing sector.
16
17
BOLD
IN DESIGN
Pro-business, innovative solutions for success.
18
19
“From conceptualisation to design to manufacturing,
Singapore offers infrastructure where semiconductor
players can access a breadth of capabilities across
the value chain. NXP has embarked to develop
wireless USB technology in Singapore.”
Hang Xue Min, Senior Officer, Electronics, from the Economic Development Board
with Dr Antonio Alvarez-Tinoco, Senior Director & General Manager of NXP (left)
SEMICONDUCTOR
LOOKING
FAB-ULOUS
The semiconductor industry that began in the 1960s has grown to
become one of the largest and most important industries in Singapore.
The country is host to 14 operating silicon wafer fabrication plants,
20 assembly and test operations, and around 40 integrated circuit
design centers. Two new wafer fabrication plants – Qimonda and
Intel-Micron Flash – are slated to begin operations after 2008.
Singapore commands 10 per cent global market share for semiconductor
foundry wafer output. In addition, four of the world’s top five assembly
and test subcontractor companies, and four of the world’s top 10 fabless
integrated circuit (IC) design companies use Singapore as a base for
manufacturing and IC design respectively.
HIGHLIGHTS
Infineon Technologies, a global semiconductor supplier for communications,
automobile, security and industry applications, has the biggest R&D and
Integrated Circuit (IC) design teams in Singapore. The German company
will be investing about S$400 million and increasing the number of R&D
engineers in Singapore by another 150. Infineon Technologies currently
employs some 400 R&D engineers; of these over 200 are involved in
IC design.
The Intel Corporation and Micron Technology S$4.5 billion joint venture
is Singapore’s first NAND flash memory manufacturing plant. It will
employ about 1,500 here and production will start in late 2008, with
a planned capacity of 60,000 wafers per month.
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21
DATA STORAGE
DRIVING
INFORMATION
TECHNOLOGY
For more than 20 years, Singapore has been a major hub for hard
disk drive (HDD) activities. Starting with the assembly of HDD, we
have expanded to higher value-added knowledge-intensive activities
such as enterprise HDD assembly, media manufacturing and R&D, as
well as network storage systems. Home to some of the largest HDD
media manufacturers in the world, Singapore accounts for 25 per
cent of worldwide magnetic media shipment. Singapore is the leading
manufacturer of enterprise HDDs, accounting for close to 80 per cent
of global enterprise HDD shipments.
HIGHLIGHTS
Showa Denko has invested S$770 million in its fourth and largest
global hard disk media plant. The new plant will help Showa Denko
increase its total hard disk media production capacity by more than 50
per cent, from its current 15 million disks a month to 24 million disks
a month by 2008.
EMC announced on 7 June 2007 their plans to invest S$250 million
over 5 years in Singapore to set up a 100-RSE South Asia Development
Lab comprising E-Lab, Disk Drive Qualification and Proof-of-Concept
activities. This is the first time EMC has set up an E-Lab outside of
North America.
“Seagate Technology’s new $1.3 billion HD
media plant and its existing two plants will
make Seagate in Singapore the world’s
single-largest producer of recording media.”
Huang Zhong Wen, Senior Officer, Electronics, from the
Economic Development Board with Tan Bock Teck, Manufacturing
Director of Seagate (right)
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23
PRECISION ENGINEERING
BACKBONE OF
SINGAPORE’S
INDUSTRY
The precision engineering (PE) industry forms the backbone of many
industrial activities. In Singapore, the broad capability and sophistication
of our precision engineering industry supports international companies to
undertake complex manufacturing activities. It is a core enabler for many
traditional and new industries, consistently-ranked among the best in the
world for operational excellence.
Singapore commands global leadership positions in precision engineering
products such as refrigerator compressors (10 per cent of global output),
wire/ball bonders (70 per cent) and quartz analogue watch movements
(25 per cent). Two of the world’s top three ophthalmic lens manufacturers
have established bases in Singapore, with advanced photochromatic coating
capabilities. 25 per cent of the world’s smart card contacts are developed
and manufactured in Singapore.
HIGHLIGHTS
KLA-Tencor, one of the world’s largest wafer fabrication equipment
manufacturers, opened its first and largest Asian factory in Singapore last
year. This factory produces semiconductor wafer inspection machines,
which is an essential component in ensuring wafers that are produced
meets the stringent international standards.
UMS recently launched its new S$30 million manufacturing plant,
which will manufacture complex parts and components to support
Singapore’s booming transport industry. The project is a role model for
the rest of the PE industry as we expand our PE capabilities to support
a large spectrum of industries from electronics, to transport, to
medical devices.
Another recent addition to Singapore’s PE industry is FormFactor, who
broke ground for their S$300 million plant – its first mass production
facility outside the US. The plant will be producing wafer probe cards with
microsprings smaller than the width of human hair.
Heptagon, a pioneer and world leader in wafer scale micro-optics,
established its first 1900 square metres volume manufacturing facility and
regional headquarters in Singapore. Its manufacturing process leverages
wafer fabrication technologies to increase the output of production by
20 times compared to conventional lens manufacturing using injection
“Precision Engineering is the key enabler to
fulfilling many manufacturing dreams. Because
of our PE capabilities, we have managed to bring
in projects that deal with components that are
smaller than the width of human hair!”
Gabriel Aw, Assistant Head, Precision Engineering, from the
Economic Development Board with C.S Lim, Manufacturing Manager
of KLA-Tencor (right)
24
moulding technologies.
25
AEROSPACE
THE NEXT
FRONTIER
Singapore is recognised today as a global aerospace hub. With a quarter
of the market share in Asia, we are a leader in aerospace maintenance,
repair and overhaul (MRO), having a full range of ‘nose-to-tail’ capabilities.
Besides MRO, Singapore also hosts aerospace design, manufacturing and
R&D activities. Companies look to Singapore for our strong engineering
capabilities, a comprehensive IP regime, a productive workforce and a
vibrant research environment.
Since 2006, Singapore’s aerospace industry grew strongly at 19.7 per cent
to reach an output of S$6.3billion. Singapore is all set to chart the next
chapter with the development of the 3 million square metres Seletar
Aerospace Park (SAP), which surrounds the existing Seletar Airport. SAP
will be a plug-and-play industrial development that integrates aerospace
design, manufacturing, MRO, supply chain, business and general aviation
activities, and a campus for the training of pilots, aerospace professionals
and technical personnel.
HIGHLIGHTS
Both Goodrich and Nordam broke ground for new nacelle and thrust
reverser MRO facilities. Goodrich will grow from its current 70,100
square metres to 161,500 square metres, whilst Nordam will triple its
current 18,300 square metres to 56,400 square metres. These new
facilities will support continued capability growth in the repair market.
Alteon, a Boeing subsidiary, set up a new 7,000 square metres state-ofthe-art regional simulator training facility, the company’s largest facility
in Asia. This new facility has the capability to train more than 6,000
pilots and flight attendant students per year.
“This year we celebrated SAESL’s 500th overhauled
engine – a milestone accomplished more than a
year ahead of schedule. It is a clear testimony of
Singapore’s skilled and productive workforce and
excellent infrastructure.”
Germaine Song, Senior Officer, Resource Development, from the
Economic Development Board with John Horsburg, CEO of SAESL (right)
26
27
MARINE AND OFFSHORE
ENGINEERED
IN SINGAPORE,
OPERATING
WORLDWIDE
Singapore commands world leadership positions with 70 per cent world
market share in jack-up rig production and Floating, Production, Storage
and Offloading (FPSO) vessel conversion. The marine and offshore
industry grew 40 per cent in 2006 to reach an output of S$10 billion.
Singapore sets itself apart as it offers an integrated hub offering
world-class shipyards, complex marine systems, components design and
manufacturing, R&D activities, and comprehensive marine-related services.
HIGHLIGHTS
Keppel FELS upgraded its existing facility to be able to manufacture
oil rigs that could be deployed in deeper waters and withstand
harsher environments. Keppel’s operations include rig building, FPSO
conversion, ship repair and ship building.
Sembcorp Marine has embarked on capacity expansion projects
to enhance its rig building capabilities. Advanced technology was
infused with best practices to increase their competitive advantage.
Today, the order books of Singapore’s two biggest yards, Keppel and
Sembcorp Marine amount to more than S$20 billion.
“Singapore is the world leader in rig
production with over 70% market
share. These multi-million dollar rigs
are designed, engineered and made in
Singapore, before being delivered to
other parts of the world.”
Jasmine Lim, Senior Officer, Transport Engineering, from the
Economic Development Board (middle) with Ang Ting Yang,
Manager (Corporate Development) (left) and James Chia,
Marketing Executive (right) of Keppel Offshore & Marine Ltd
28
29
“Caption”
XXXXX
XXXXXXXXX
WATER
THE
ESSENCE
OF LIFE
Far from our water rationing days in the 1960s, Singapore now aims to
supply technology and products to 3 per cent of the global water market
over the next decade. We have invested in research and technology to
develop water management capabilities for the past four decades, and
continue to do so today. Our strategic location in the heart of Asia has
attracted major global water players to use Singapore as a test-bedding
and piloting base for new water technologies, and a launch pad to
expand into the region. Today, we have a thriving water industry ecosystem with over 50 local and international water companies.
The Stockholm Industry Water Award – the water industry’s equivalent
of the Nobel Prize – has been awarded to Singapore for its success in
wringing maximum value from every drop of water. The World Health
Organisation (WHO), acknowledging Singapore’s expertise in water
management, has inked an agreement with us – to jointly promote the
safe management of drinking water globally. As part of its plans to
become a wellspring of water solutions, Singapore will host the inaugural
Singapore International Water Week in June 2008 where the highlight is
the Lee Kuan Yew Water Prize, an international water prize to recognise
outstanding contribution toward solving global water problems.
HIGHLIGHTS
GE Water & Process Technologies, a unit of General Electric
Company, will invest S$130 million to establish GE Water & Process
Technologies Global R&D Centre in Singapore. This facility will be
staffed with more than 100 researchers.
US’ Black & Veatch established its international headquarters in
Singapore to manage its Asia-Pacific operations. Black & Veatch also
launched a Global Advanced Water Design Centre here in February
2007, providing engineering design services to support its water
projects globally. Singapore is their sole strategic centre, aside from
their Kansas City headquarters. Its facility here will also incorporate
a global Centre of Excellence for Desalination.
“Arising from Singapore’s lack of water resources,
we have designed our water management system
to ensure our self-sustainability in water supply.
We are now ready to export our expertise in water
treatment and management to the world.”
Soh Yee Siang, Senior Officer, New Business, from the Economic Development Board
with Fong Chun Hoe, Chief Technology Officer of Hyflux (left)
30
31
“Jurong Island has positioned Singapore as a
global chemicals hub, and epitomises the spirit of
enterprise and determination. With its plug and
play infrastructure and critical mass of companies,
JI will move into high-value advanced polymers
and specialty products.”
Ow Kai Onn, Low Wan Jing, and Cyrus Siu (from left to right), Senior Officers,
Energy, Chemicals & Engineering Services, from the Economic Development Board
CHEMICAL
POISED
FOR THE
NEXT LAP
Imagine seven small islands combined to form a big one and imagine
also all of the world’s top oil companies on this island, Jurong Island
– the nerve centre of Singapore’s petrochemicals industry. On the island,
over 90 companies are engaged in a range of integrated chemical
activities with investments of more than S$27 billion. Today, Singapore
ranks amongst the top three global centres for oil refining, and oil trading
and price discovery. Singapore is one of the world’s top 10 petrochemical
hubs, and top three bulk liquid ports. Together the new Shell and
ExxonMobil crackers, when operational, will double Singapore’s ethylene
capacity. This will allow Singapore to have a critical mass of higher
olefins and enable new chemical products downstream.
HIGHLIGHTS
Two world-scale crackers currently under construction by ExxonMobil
Asia Pacific Pte Ltd and Shell will increase Singapore’s ethylene output
by 1.8 million tonnes per annum (ethylene capacity output will double
from 2.1 million tpa to close to 4 million tpa), catalysing downstream
petrochemical investments. The state-of-the-art crackers will be each
company’s single largest investment in Singapore.
Mitsui Chemicals has grown its business in Singapore from manufacturing
to R&D in the last 30 years. Today, Singapore is its strategic manufacturing
site. Mitsui has also opened its first R&D centre outside Japan here,
focusing on catalysis and asymmetric synthesis. In July 2007, it established
a new plant for Tafmer.
32
33
BIOMEDICAL SCIENCES
THE BIOPOLIS
OF ASIA
Singapore has established itself as a globally competitive and trusted
source for pharmaceutical, medical devices and biotechnology
manufacturing, R&D and commercial operations. Ten of the world’s
leading biopharmaceutical companies serve global markets from
Singapore with 25 manufacturing plants. Some of these plants are
manufacturing many breakthrough drugs, such as Zetia (cholesterollowering), Fluticasone (antihistamine), Avastin (cancer) and Lucentis
(macular degeneration). What’s more, Singapore has attracted major
biologics investments totalling close to S$1.5 billion. Singapore is also
home to 14 of the world’s leading medical devices companies with
18 manufacturing plants. 30 per cent of the world’s hearing aids are
manufactured in Singapore.
The biomedical sciences (BMS) services sector in the island nation is
more than just about manufacturing. Singapore has built up a strong
infrastructure in leading biomedical research such as stem-cell research,
oncology, tropical diseases, neurodegenerative diseases and other areas.
There are close to 2,000 researchers from all over the world at the Biopolis.
HIGHLIGHTS
Genentech Inc, one of the world’s leading biotechnology companies,
has decided to establish a S$210 million commercial scale
microbial-based biologics manufacturing facility in Singapore –
a first for Singapore’s fast growing biopharmaceuticals sector.
GlaxoSmithKline (GSK) has six manufacturing plants in Singapore
which produce 12 key active compounds. GSK is also building a
biologics plant for the primary production of paediatric vaccines.
GSK expanded its research presence in neurodegenerative diseases in
Singapore to include a S$20 million medicinal chemistry laboratory.
“The Biopolis is a purpose-built, plug-and-play R&D campus
designed to promote the synergy of scientific ideas,
facilitate cross-disciplinary collaborative research and
make it easy for companies to establish operations here.”
Natalie Chan, Senior Officer, Biomedical Sciences, from the Economic Development Board
(in skirt) with Biopolis researchers Celine Nkenfou (Cameroon), Patricia Sequeira (Brazil)
and Kevin Pethe (France) (from left to right)
34
35
CONSUMER & HEALTHCARE
ASIA’S
PREMIER
LIFESTYLE
LAB FOR
GLOBAL
BRANDS
Singapore is a strategic base for many of the world’s leading consumer
companies. In addition to regional and global business functions,
including brand and intellectual property management, many companies
also undertake new and innovative product development as well as
high-value key ingredients manufacturing. Singapore is building upon
its cosmopolitan setting with its world-class living standards to build
a consumer industry where companies can develop, test-bed and offer
sophisticated consumer and lifestyle solutions to the region.
Similarly, health and wellness companies tap on Singapore’s reputation
for quality service and foundation in good science. In addition, the
suite of general and specialised medical services offered in Singapore
positions us as a leading medical hub in Asia. With more people
travelling overseas for medical treatment, Singapore is also one of the
top medical travel destinations in the region. The combination of clinical
excellence and state-of-the-art healthcare infrastructure attracted over
400,000 people to Singapore for medical treatment.
HIGHLIGHTS
Kraft Foods, the second largest food and beverage company in the
world, has its Asia Pacific HQ in Singapore, overseeing numerous
countries including Australia, China, Malaysia, Indonesia, Thailand,
Vietnam, Hong Kong, Taiwan, India, Japan, Korea and New Zealand.
Tate & Lyle’s SPLENDA® Sucralose production facility in Singapore
compliments its only other in the US to meet global demand for the zero
calorie sweetener which is 600 times sweeter than sugar.
Singapore-based Parkway Holdings Limited is one of the largest
network of hospitals and healthcare services in the region with
operations covering 14 hospitals and a total of 2,800 beds in
Singapore, Malaysia, India and Brunei.
“Singapore’s strengths in intellectual
property protection and scientific
capabilities, enables it to act as a
strategic base for specialty food and
ingredient companies like Nestle to
develop and manufacture innovation-driven
products, and build brands for the region.”
Patty Woo, Senior Officer, Consumer, from the
Economic Development Board with Cheryl Ng, Group Manager,
Product Design of Nestlé R&D Center (Pte) Ltd (right)
36
37
“Singapore has decided to develop and harness
clean energy technologies, and in the process,
create a compelling value proposition for
clean energy companies to use Singapore
as a springboard to serve Asia and beyond.”
Loi Xiao Tian, Senior Officer, New Business, from
the Economic Development Board with Kenneth Goh,
Manager of Solar Energy Power Pte Ltd (left)
ENERGY
SUSTAINING
THE FUTURE
Singapore has carved out a successful business in oil. Today, Singapore is
the undisputed oil pricing centre in Asia. Oil is an industry that is deeply
entrenched in Singapore’s economy. Oil is not a standalone industry.
Refining has been the catalyst for the chemicals industry, providing
advantaged feedstock for our petrochemicals industry.
More than oil and gas, Singapore has positioned itself to be a key player in
developing sustainable and clean energy solutions for the world, riding on
global demand for energy security, and a desire for environmental sustainability.
Singapore is on track to becoming a global clean energy hub. Efforts
have been made to attract investments in areas such as solar, fuel cells
and wind. These include the establishment of a world-class R&D centre
for wind energy by Danish wind energy company Vestas, the opening of
German solar company SolarWorld’s regional headquarters, the investment
of S$150 million by Rolls-Royce to conduct fuel cell R&D with local
agencies, and the set up of Singapore’s first solar cell manufacturing plant
by a German – Singapore joint venture company, Solar Energy Power.
HIGHLIGHTS
With the latest decision by Renewable Energy Corporation ASA (REC)
to establish the world’s largest integrated solar manufacturing complex
in Singapore, with a potential investment value of over S$6 billion, the
city-state is taking a big step forward in clean energy technology. REC
plans to incorporate wafer, cell and module production facilities and
has the potential to reach 1.5 Gigawatts in production capacity, roughly
three-quarters of the total global output in 2006.
Global renewable energy group, Natural Fuel, has started construction of
one of the world’s largest biodiesel plant in Singapore. The plant would
be able to produce up to 1.8 million metric tonnes of biodiesel and
180,000 metric tonnes of glycerin a year. The project also represents
one of the largest single manufacturing investments from Australia.
The world’s largest wind energy company from Denmark, Vestas
decided in 2006 to set up its global wind technology R&D centre in
Singapore, which will employ 150 research engineers. This facility
will collaborate with various R&D organizations in Singapore, and
introduce new technologies that will improve wind turbines.
38
39
INTERNATIONAL HEADQUARTERS
CONVERGING
IN SINGAPORE
TO SERVE THE
ASIA PACIFIC
Singapore is a choice HQ location in Asia for American, European and
Japanese companies. In recent years, Asian companies have also started
to look at Singapore as a launchpad for engaging the world. It is in
Singapore that they can interact, transact, form exciting partnerships
and enter the global market. Some 26,000 international companies
call Singapore home. More than 60% of the 7,000 foreign MNCs have
regional activities in Singapore. We provide access to world markets, good
infrastructure, talented workforce, excellent business linkages, businessfriendly tax system, a global network of free trade agreements and an
overall high quality of life.
HIGHLIGHTS
Fast food giant, Burger King Corporation established its Asia Pacific
business hub and Center of Excellence in Singapore. In addition
to developing key talent, and conducting product innovation and
training, the company has earmarked Singapore as a “test kitchen”
responsible for introducing new menu items regionally. The company
is able to customise their menus for its restaurants across the AsiaPacific region from Singapore.
Confectionary giant Cadbury Schweppes has set up its regional HQ
operations in Singapore. It has also located its Asia Pacific Regional
Science & Technology (S&T) Centre to develop confectionary products
to cater to the unique tastes and palates of the Asia Pacific market.
“Regional management, supply chain management, brand
management, IT, HR, legal and finance – these are some
of the HQ activities Cadbury Schweppes has here to serve
the Asia-Pacific region, in addition to manufacturing and
its recently opened Science & Technology Center.”
Fanny Huang, Senior Officer, Consumer, from the Economic Development Board with
Bharat Puri, Regional Commercial Strategy Director of Cadbury Schweppes Asia Pacific (right)
40
41
LOGISTICS
ASIA’S
INTEGRATED
LOGISTICS
GATEWAY
Singapore is home to top global logistics players whose logistics
expertise effectively manage complex cross-border supply, assembly
and distribution flows while providing integrated and optimised trade
solutions that enhance business efficiencies. One out of every 10
containers moved around the world is handled by Singapore ports.
Speed is also the key to moving goods seamlessly. Singapore Ports are
not only the busiest but also the most efficient in the world. One plane
departs or arrives every two minutes at Changi Airport facilitating air
cargo connectivity.
HIGHLIGHTS
Cellphone giant Motorola has a S$90 million setup in Singapore that
serves as the nerve centre for all its manufacturing and distribution
operations around the world. This is in addition to the company’s
centre of competency for global purchasing, procurement, sourcing
and logistics already here.
In a joint venture in 2006, Diageo, which distributes premium alcohol
such as Guinness and Johnnie Walker, opened a S$13 million regional
logistics hub in Singapore, with the IDS Group, a leading integrateddistribution and logistics services provider in Asia.
“Singapore is gearing the industry up to be more
solutions-focused by encouraging industry players
to build expert capabilities here. DHL is an
example of a top-of-the-class logistics provider
whom we have partnered to make Singapore an
integrated logistics gateway to Asia.”
Lee Wei Sheng, Senior Officer, Logistics, from the Economic Development Board
with Andrew Kasavan, Quality Control Centre Analyst of DHL Express (Singapore)
Pte Ltd (right)
42
43
EDUCATION
GLOBAL
SCHOOLHOUSE
Singapore has developed a vibrant community of tertiary and specialty
institutes, private commercial schools, corporate universities, preparatory
and boarding schools, e-learning and education businesses. With the
diverse range of institutions, Singapore has attracted faculty, researchers,
curriculum specialists, professionals and students from all over the
world. Singapore’s reputation as a talent hub has been enhanced by
the presence of the following institutions: INSEAD, the University of
Chicago, UNLV, Tisch School, MIT, Delhi Public School and others.
HIGHLIGHTS
Tisch School of the Arts (Tisch) (US) from the New York University
has established its first-ever branch campus in Singapore. The Tisch
School of the Arts Asia campus will offer an intensive three-year
Masters in Fine Arts in film production. This is the first time NYU is
offering a degree independently outside New York, and it is envisaged
that the campus will enrol some 250 students in Singapore at steady
state. The courses will be taught by Tisch’s highly regarded New York
faculty in residence on the Singapore campus.
We currently have over 80,000 international students from 120
countries, and they come from a number of geographies, including
further afield locations as South Africa, Saudi Arabia, and Ireland
etc. The top six geographies are Malaysia, Vietnam, Indonesia, China,
India and South Korea.
“We envisage Global Schoolhouse to
fuel Singapore’s talent attraction and
development, adding flavour to Singapore
as a melting pot. New York University
Tisch School of the Arts shared our vision
and now reaches out to the rich culture
and burgeoning talent pool in Asia
through Singapore as a gateway.”
Chia Jing En and Geraldine Goh, Senior Officers, Education,
from the Economic Development Board with students (seated)
44
45
“For Singapore to succeed, we need
individuals with a unique blend of
creativity, technical know-how and a flair
for business, honed through experience.
That’s why we’ve been partnering industry
and institutions to create apprenticeship
opportunities for Singapore talent.”
Ling Lin, Senior Officer, Infocommunications & Media, from the
Economic Development Board with Grace Toh, Assistant Manager
of School of Interactive & Digital Media at Nanyang Polytechnic (left).
INFOCOMMUNICATIONS AND MEDIA
SINGAPORE,
A DIGITAL
CAPITAL
The ICM sector is one where technology and trends change very rapidly.
The digitisation of content, the advances in technology that enable
the seamless delivery of content across multiple platforms and the
connectivity brought about by the Internet is driving the design and
development of new products, new services and new business models
and solutions. This has precipitated opportunities for Singapore to make
its mark in the Interactive and Digital Media space.
Singapore, with its excellent cyber-highways and respect for intellectual
property, is poised to be a leading Digital Capital. In fact, companies
like Lucasfilm, Koei, Electronic Arts, Yahoo!, Google, and PayPal are
in Singapore to develop content, solutions or technologies for the
global market.
HIGHLIGHTS
Catering to the global markets, the world’s leading interactive 3D
software provider, EON Reality Inc. set up its Asia Pacific headquarters
in Singapore and also has the EONExperience Lab, a R&D centre with
a modern, three-dimensional and holographic display environment.
Sybase, Inc., the largest global enterprise software and services
company focused on managing and mobilising information, chose to set
up its Wireless Development Center in Singapore – its first outside North
America. Designed as a research and development hub for Sybase’s
industry leading solutions, the Center will develop new technologies in
the areas of RFID, embedded software, and mobile middleware.
Opportunities for overseas attachment training are available at leading
international companies for talented Singaporeans. For instance,
EDB collaborated with Double Negative – London-based visual effects
house which has worked on films like Batman Begins and Harry Potter
and the Order of the Phoenix – to send Singaporeans for 18 to
24-month overseas attachment.
46
47
COMMITTED
TO DELIVER
This is our promise.
48
49
MEMBERS OF
THE BOARD
From left to right
1 Lim Siong Guan
Chairman
Economic Development Board
3
David J Ross
Regional Vice President
South Pacific, Federal Express
5
Jonathan Asherson
Regional Director
South East Asia
Rolls-Royce Singapore
7
Shunsuke Ohtsu
Chief Executive for Asia,
Hitachi Ltd and Chairman,
Hitachi Asia Ltd
9
2
4
Deborah Henretta
Group President
Asia, Procter & Gamble
6
Dr Patrick A J Gyselinck
Vice President
Global Supply Chain,
Asia Region
Schering – Plough Ltd
8
Goh Chye Boon
Deputy Secretary (Industry)
Ministry of Trade and Industry
10 Dr Ulrich Ackermann
President and
Chief Executive Officer
Schott Asia
Ko Kheng Hwa
Managing Director
Economic Development Board
50
Mdm Halimah Yacob
Assistant Secretary-General
National Trades Union
Congress (NTUC)
11 Bernard Toh Bee Yong
Executive Chairman
Unisteel Technology Ltd
12 Professor Gregory Paul Whittred
University of New South Wales
Fellow of Institute of
Chartered Accounts and
Certified Practising
Accountant, Australia
51
INTERNATIONAL
ADVISORY
COUNCIL
Minister Teo Chee Hean
Chairman
International Advisory Council and
Minister for Defence
Koh Boon Hwee
Deputy Chairman
International Advisory Council
and Chairman DBS Group and
DBS Bank
George Buckley
Chairman, President and
Chief Executive Officer
3M Corporate Headquarters
John Allan
Chief Executive
DHL Logistics
Timothy Draper
Managing Director
Draper Fisher Jurvetson
Ferdinando Beccalli-Falco
President and
Chief Executive Officer
GE International
Dr Wolfgang Ziebart
President and
Chief Executive Officer
Infineon Technologies AG
Dr James Canton
Chairman and
Chief Executive Officer
Institute for Global Futures
Robert A. McDonald
Vice Chairman
Global Operations
Procter & Gamble Corporation
Sir John Rose
Chief Executive
Rolls-Royce
Dr Rob Routs
Executive Director Downstream
(Oil Products and Chemicals)
Royal Dutch Shell
Gerard Kleisterlee
President and
Chief Executive Officer
Royal Philips Electronics
Hiromasa Yonekura
President
Sumitomo Chemical Co Ltd
Ratan Tata
Chairman
Tata Group
Tomson Li Dongsheng
Chairman and
Chief Executive Officer
TCL Corporation
Taizo Nishimuro
Advisor to the Board
Toshiba Corporation
Isaac Stein
Founder and President
Waverley Associates
52
53
SENIOR
MANAGEMENT
Ko Kheng Hwa
Managing Director
Gong Wee Lik
Deputy Managing Director
Global Operations,
Corporate Development
Aw Kah Peng
Assistant Managing Director
Industry Development
Dr Beh Swan Gin
Assistant Managing Director
Planning & Policy
Manohar Khiatani
Assistant Managing Director
Industry Development
Kenneth Tan
Assistant Managing Director
New Business Group
Tan Chek Ming
Assistant Managing Director
Americas & Europe
Tan Choon Shian
Assistant Managing Director
Asia Pacific
Anna Chan
Executive Director
Human Resources
Finance
Julian Ho
Executive Director
Energy, Chemicals and
Engineering Services
Lim Swee Nian
Executive Director
Electronics
Linda Sein
Executive Director
Infocomms & Media
Alvin Tan
Executive Director
Resource Development
Thong Pao-Yi
Executive Director
Communications
Yeoh Keat Chuan
Executive Director
Biomedical Sciences
54
55
GLOBAL
OPERATIONS
“EDB has a truly global reach.
We are present in every major
economic region from Asia to
Europe to the United States.
Because we are plugged in to
the local scene to understand
the working culture, we are
able to respond quickly to the
needs of our clients and new
developments on the ground.
Our clients value this ability.”
“While the world has
become smaller, response
time has become even
shorter. Needs from
companies are changing
all the time. In the EDB,
we will always endeavour
to move faster and create
better solutions to meet
the needs of our clients.”
Loh Boon Chye
Centre Director, EDB Japan
(2004-2007)
Liang Ting Wee
Regional Director, EDB Europe
“It doesn’t matter which
part of the world you’re in,
our people are, literally,
on the ground, constantly
analysing, responding,
advising. It’s probably true to
say that EDB never sleeps!”
Kelvin Wong
Regional Director, EDB North America
“Singapore has long
enjoyed close commercial,
cultural and economic
ties with China. Over time,
we have become an
important platform for both
Chinese and global players
to mould crucial
international partnerships.”
56
“India is a massive market. Its diversity is
amazing, but we’ve been able to establish
good ties with the business community there.
Our network of contacts is extensive, and as
India continues to grow, we’ll be there.”
Lim Kok Kiang
Richard Tan
International Director, Asia Pacific
Regional Director, EDB India
57
CORPORATE
CITIZENSHIP
Smile Club
EDBians participated in the
JP Morgan run in 2006.
We raised S$50,000
for charity.
No man is an island
unto himself – it’s
important to give back.
EDB understands this.
This explains why we
are, as an organisation,
so committed to
the community. Our
comprehensive social
corporate responsibility
programmes are an
important part of EDB’s
psyche and world view.
The EDB takes its corporate social
responsibility very seriously. We
recognize how interconnected
we all are, and how important it
is to nurture and strengthen the
relationships and ties between us
and the community.
JP Morgan Run
58
EDBians visiting residents
at the St Joseph’s Home
and Hospice.
Corporate social responsibility is firmly ingrained
in the EDB culture. As part of the community, it is
important to nurture and strengthen the relationships
and ties between us and the community.
59
If you have a
dream, EDB is
designed to
deliver the right
results for you.
Wherever you
are, we’ll be
there for you.
Daniel Yong, Assistant Head, Business Environment from the
Economic Development Board, with a client (back facing).
60
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COPYRIGHT © 2007 Singapore Economic Development Board.
All Rights
SINGAPORE ECONOMIC DEVELOPMENT BOARD | ANNUAL REPORT 2006/07
SINGAPORE ECONOMIC
DEVELOPMENT BOARD
WORLDWIDE
OFFICES
Guangzhou
London
Paris
Beijing
Frankfurt
Shanghai
Osaka
Milan
Tokyo
Stockholm
Singapore has always been a forward thinking nation with the ability
to anticipate change and adapt rapidly. The country is admired for its
approach to economic growth and its rise as a regional business center
over the past four decades.
The road ahead requires Singapore to go beyond just economic
growth and change the way the nation thinks, works and lives and re-visit
the very purpose of this growth, which is to create a secure future, of
hope and opportunity for all Singaporeans.
Trust. Knowledge. Connected. Life. This is Singapore’s formula for
the future; building upon the core strengths of the nation to take it to the
next level of growth.
SINGAPORE ECONOMIC DEVELOPMENT BOARD
ANNUAL REPORT 2006/07
Trust expresses the Singapore character of integrity, quality and
delivering on its promises. In a world of uncertainty and volatility, trust is
a valued asset.
Knowledge highlights Singapore’s standing in the advanced
intellectual economy. This is a knowledge and talent hub where people in
different fields create, grow and exchange ideas; where Asian companies
EDB in 3D
From the Chairman
page 4
internationalise while western ones make their entry into Asia.
Connected denotes going beyond the physical linkages or market
connectivity to reach out to the network and emotional attachment of
family, friends and fans of Singapore, who speak for Singapore, helping
investors and talent decide in favor of the nation.
COURAGE TO DREAM
Year in Review
page 12
Boston
New York
Washington DC
Chicago
Dallas
Jakarta
Life stands for Singapore as one of the great places in the world to
live, learn, work and play. The country is a microcosm of Asia where
people from around the globe feel welcomed and accepted.
SIMPLY EXPRESSED
Mumbai
Singapore
San Francisco
www.sedb.com
DREAM DESIGN DELIVER
Los Angeles
BOLD IN DESIGN
Industry Sectors
page 18
COMMITTED TO DELIVER
People
page 48
Trust is why people come to Singapore.
Knowledge is why they work in Singapore.
Connected is why people team with Singapore.
And Life is why they live in Singapore.
“World•Singapore” is the name for this new formula. The bold red
dot connecting World and Singapore is a reminder to its people that
Singapore may be a tiny nation, but with high aspirations which it
continuously strives to achieve.