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Mon, Oct 19, 2020 – 1:20 PM
ATTRACTING the global heavyweights remains a key element of Singapore’s strategy to create more jobs and keep the labor market tight, even where the Republic currently does not have all the required skills, the Minister of Commerce and Industry said on Monday. , Chan Chun Sing.
In recent weeks, Thermo Fisher Scientific and Hyundai Motor Group have unveiled major investment plans in Singapore. Thermo Fisher will establish a S $ 130 million biomedical facility to house two new sterile filling lines, to support the development and manufacture of therapies and vaccines. Hyundai will invest S $ 400 million in a new innovation center to improve car manufacturing processes and develop smart vehicles.
Citing these examples, Mr. Chan reaffirmed the role of global “queen bee” companies in catalyzing local industries and benefiting the supporting ecosystem of small and medium-sized businesses. This is in addition to Singapore’s efforts to encourage startups and help companies expand abroad, as part of a multi-pronged strategy, he said.
Chan was briefing reporters on the sidelines of a joint visit to semiconductor giant GlobalFoundries Singapore with Human Resources Minister Josephine Teo. He noted that the electronics industry offers a bright spot amid the economic gloom.
As of September this year, the industry had already registered S $ 5.7 billion of investment in fixed assets and S $ 376 million of total business expenses, and is expected to create around 1,100 jobs in the next three to five years, according to the Ministry of Commerce and Commerce. Industry.
The 10th Weekly Labor Situation Report from the Ministry of Manpower (MOM) was released on the same day and similarly highlighted the electronics industry as a single bright spot for manufacturing jobs. In the second quarter of 2020, amid the largest contraction on record, the electronics industry managed to increase total employment by 1,000 locally. This was partly due to a surge in demand for digital goods and services amid “circuit breaker” travel restrictions, safe distancing measures and remote work arrangements.
At the same time, the MOM report indicates friction in hiring Singaporeans for the available positions. According to the report, more than 130 electronics companies have offered more than 2,800 jobs and training opportunities since April. Salaries range from S $ 1,800 (for technicians) to S $ 8,500 (for executives and managers). However, of the 2,800 opportunities identified, only about 220 people have been placed.
Ms Teo described the low utilization rate as a “great shame”. Companies were doing their best to reach workers, but job seekers may not know the industry is hiring, he said. They can also be deterred by the mistaken impression that technical training is always required, he added, pointing to less technical roles such as in sales and business development.
“If companies cannot fill these positions, or they cannot grow as fast as they want, or they will have to find some way to fill the positions, which will be a loss for Singaporeans,” Ms Teo said.
In the briefing, Chan noted that Singapore had progressively developed its capabilities in the semiconductor industry, which now contributes around 7 percent of GDP, down from less than 1 percent in its early years. Over the decades, the industry has created many good job opportunities, he said, with some workers starting out in basic job roles and then taking on more complex positions in engineering, R&D and design.
Chan went on to emphasize that any current lack of capabilities should not be an impediment to attracting new investment. “Never be afraid to go into particular industries simply because we don’t have the skills yet,” he said. “When economic agencies travel the world to attract investment, we ask ourselves which investments will create better jobs for this generation and the next generation of Singaporeans.
“If these good long-term investments, whether in semiconductors, biopharmaceuticals, or an emerging industry like electric vehicles, are not here today, the next generation of good jobs will inevitably be lost to our competitors. And our next generation will end up having to work elsewhere rather than in Singapore, “he added.
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