<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>S'pore still committed to key manufacturing sector
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE remains committed to grow its manufacturing industry, still one of the key contributors to the country's economic performance, said Trade and Industry Minister Lim Hng Kiang yesterday.
Mr Lim told the Singapore Manufacturers Federation Appreciation Night that Singapore's vibrant enterprise ecosystem, made up of multinationals and small and medium-sized enterprises, gives it a significant advantage as a manufacturing hub.
'The industry is a robust engine of growth and will continue to feature prominently in our economic landscape,' he said at the Sheraton Towers event.
Mr Lim's pledge comes as a boost to the sector amid a slump in activity and layoffs by manufacturing firms.
Falling external demand has hit manufacturing hard, leading employment in the sector to plunge by 22,100 in the first quarter.
While the recession has hurt the sector, there are some signs of a turnaround. The Purchasing Managers' Index - a leading indicator of manufacturing activity - turned positive last month for the first time in nine months.
Mr Lim said that manufacturing investments create jobs across the entire value chain and also lead to spin-offs in other industries and diversify the economic base.
Mr Renny Yeo, president of the Singapore Manufacturers' Federation, told the gathering that the association will be working with the Government to commission a manufacturing sector review study to draft the country's manufacturing road map for the next five years.
'The competitive analysis study will not only help the relevant government agencies to formulate appropriate policies to grow the manufacturing sector, it will also set directions to assist the manufacturers in preparing for the next wave of growth,' he said.
Mr Yeo added that local manufacturers need to realise the need to innovate and create new products to retain their market competitiveness should there be a day when multinationals relocate to a country that offers lower cost of production.
This is how you can squeeze Sporns' balls!
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE remains committed to grow its manufacturing industry, still one of the key contributors to the country's economic performance, said Trade and Industry Minister Lim Hng Kiang yesterday.
Mr Lim told the Singapore Manufacturers Federation Appreciation Night that Singapore's vibrant enterprise ecosystem, made up of multinationals and small and medium-sized enterprises, gives it a significant advantage as a manufacturing hub.
'The industry is a robust engine of growth and will continue to feature prominently in our economic landscape,' he said at the Sheraton Towers event.
Mr Lim's pledge comes as a boost to the sector amid a slump in activity and layoffs by manufacturing firms.
Falling external demand has hit manufacturing hard, leading employment in the sector to plunge by 22,100 in the first quarter.
While the recession has hurt the sector, there are some signs of a turnaround. The Purchasing Managers' Index - a leading indicator of manufacturing activity - turned positive last month for the first time in nine months.
Mr Lim said that manufacturing investments create jobs across the entire value chain and also lead to spin-offs in other industries and diversify the economic base.
Mr Renny Yeo, president of the Singapore Manufacturers' Federation, told the gathering that the association will be working with the Government to commission a manufacturing sector review study to draft the country's manufacturing road map for the next five years.
'The competitive analysis study will not only help the relevant government agencies to formulate appropriate policies to grow the manufacturing sector, it will also set directions to assist the manufacturers in preparing for the next wave of growth,' he said.
Mr Yeo added that local manufacturers need to realise the need to innovate and create new products to retain their market competitiveness should there be a day when multinationals relocate to a country that offers lower cost of production.
This is how you can squeeze Sporns' balls!
