According to the Economic Development Board (EDB) chairman Dr. Beh Swan Gin, Singapore will focus on the semiconductor value chain of activities and secure its fair share of investments.
Singapore attracted a record $22.5 billion in fixed asset investment commitments in 2022 in addition to design-related chip jobs that are growing steadily.
Dr. Beh added, "We are a small country so, in a way, the share of the pie that we need to ensure to continue to develop our economy is relatively small."
According to the EDB, Singapore is expected to continue attracting mature nodes and wafer fabs. While the city-state may not repeat its 2022 performance in terms of investments, the country's focus on the semiconductor value chain of activities is expected to help secure a fair share of investments and maintain its position as a significant player in the global semiconductor industry.
The semiconductor industry has become a crucial part of the global economy, with an increasing number of countries and unions seeking to secure their share of investments in the sector. In addition to Singapore, many other countries are also trying to gain traction in the semiconductor manufacturing industry.
It is not the only one, South Asian countries like Vietnam and India are also actively seeking to gain a foothold in the semiconductor industry. Vietnam has seen significant investment in its semiconductor industry while India has also announced plans to increase its semiconductor manufacturing capabilities. The India Semiconductor Mission has been created as an independent business division within Digital India Corporation to drive India's strategies for developing semiconductors and display manufacturing ecosystems.