1. Good afternoon to all our distinguished guests who have joined us here today. It is my pleasure to welcome you to the Electronics Industry Day 2022.
Rapid growth of global and local semiconductor industry
2. Driven by the rise of 5G, AI, cloud computing, and other Internet of Things (IoT) solutions, we are witnessing the continued strong growth of the semiconductor industry. In fact, by the early 2030s, the global market for semiconductor is expected to reach US$1 trillion, more than double the market last year.
3. In Singapore, semiconductor manufacturing contributes 82% of our electronics manufacturing output and 7% of our GDP. Semiconductor continue to be the fastest growing segment of the electronics industry, with output projected to increase 30% year-on-year in 2021. We are proud that Singapore now accounts for close to 5% of global wafer fabrication capacity, and that the industry is poised for further growth, with around 2000 more jobs expected to be created in the next 3 to 5 years.
Supporting Manufacturing 2030: Expanding global chip manufacturing capacity and creating job opportunities
4. And with this strong demand for semiconductor expected to continue in the next few years, semiconductor companies along the entire value chain are accelerating expansions. As part of Singapore’s Manufacturing 2030 vision to become a global business, innovation and talent hub for advanced manufacturing, we aim to anchor more frontier investments to support our local manufacturing system.
5. Last year, Singapore attracted investments from leading global semiconductor companies such as GlobalFoundries and Siltronic. These companies contribute greatly to Singapore’s semiconductor ecosystem and create good jobs for locals. We are committed to work with key industry partners and schools to raise awareness of the manufacturing sector through various talent programmes, and to attract more locals to join the exciting manufacturing sector.
Building ahead of demand
6. Over the years, Singapore has been building our capabilities and capacity in the electronics and semiconductor industry to strengthen the role we play in the global supply chain. JTC has developed four Wafer Fab Parks, or WFPs, with specific requirements that can meet the needs of the industry. In addition, JTC’s new semiconSpace, a purpose-built development in Tampines Wafer Fab Park, will cater to the needs of smaller firms, and is on track to be completed this year. For example, it will feature vibration-sensitive flooring with specifications to meet stringent requirements for semiconductor operations. This is in addition to a series of physical enhancements, including building new lifestyle amenities, that our WFPs will roll out to create a more attractive and vibrant environment for companies and talent alike.
Growing and developing the workforce
7. As we grow our semiconductor industry, the talent crunch will continue to pose a challenge and also opportunities. I am really delighted to hear that Singapore Semiconductor Industry Association, or SSIA, is committed to nurturing a steady talent stream to meet the growing demand in this sector. For example, SSIA works with ITE students through the Work Study Diploma programme. With a 70% work, 30% study model, companies can quickly address their manpower shortages, while our students benefit from receiving practical training to kickstart their career in the industry.
8. SSIA has also introduced initiatives to cultivate talent to assume leadership roles across the industry. In fact, since 2017, the Singapore Semiconductor Leadership Accelerator Programme has contributed to the development and growth of senior industry leaders. The most recent edition saw the largest ever participation of 30 leaders, and we look forward to welcoming more participants over the next five editions of this programme. SSIA has also recently debuted the SSIA Leadership In Engineering Programme 2021, which targets the next generation of young and upcoming leaders who have been identified within their companies.
Conclusion
9. So let me conclude by reiterating that Singapore remains committed to growing our electronics and semiconductor industry, working hand in hand with our partners and stakeholders including SSIA.
10. I would like to wish all participants a really fruitful conference ahead, and I look forward to the exciting new partnerships, opportunities, and products that will be born from the Electronics Industry Day 2022. Thank you, and have a happy new year.
