Singapore is a great place to do business and a lot of engineering firms from other countries are beginning to step up investment in the island city-state. They are attracted to Singapore because it has a good level of demand for semi-conductors, as well as the right incentives, which come from Singapore's government. These incentives are designed to spark economic growth.
At present, Singapore has a shortage of labor which is skilled and the nation's leaders are trying to fix things. So, far, they are doing well.
The island city-state of Singapore has created programs valued at billions and these new initiatives are designed to boost research, automation and productivity. The incentives are making it easier for chip makers from other countries to get involved with Singapore's business world. For example, Infineon Technologies and Micron Technology are both investing in the island city-state.
The new surge of investment assisted the tech sector with boosting growth by fifty-seven percent from fall to winter of last year and helped Singapore to avoid being dragged down, into a recession.
Wayne Allan, who is in charge of worldwide manufacturing at Micron (an American company) feels that Singapore has just the right features and business climate. In his view, it doesn't get any better in terms of an overall business climate for growth, profits and expansion.
Micron is benefiting from the grants that the Singapore government has set up. It's currently sinking four billion dollars into creating a greater number of flash memory chips within Singapore. Overall output from Micron grew by a full third during the latter half of 2016.
Another company, Linear Technology Corporation, which produces circuits of the analog integrated type, is planning to open a new chip-testing location within Singapore. This new facility will manufacture ninety percent of global testing equipment within the country.
The semiconductor supply chain in Singapore is very streamlined and companies which do business in this niche are very happy with what the nation provides. For example, Applied Materials, which produces equipment for chip testing, is producing record numbers of product within Singapore.
This information comes from its regional director, Russell Tham. However, experts are still unsure about the boom's origins. It may be related to a "super-cycle" within the sector for global memory chips. At present, South Korea and Taiwan are bigger players than Singapore, but this could change.
Singapore is a Tech Hub
Singapore's government does so much to support tech companies, whether they are foreign firms or local start-ups. The government recognizes the value and potential of tech and has created a host of initiatives which make it easier for tech firms to gain traction in the island city-state. As well, Singapore has good real estate values, an extremely low crime rate and many other positive features.
Due to Brexit, more offshore investment is anticipated in the future. Singapore is becoming one of the most appealing places to do business in Southeast Asia. It also ranks highly in terms of retaining talent and attracting new talent.
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