SINGAPORE - The global economy may be looking gloomy but that has not stopped Singapore from attracting investments to the country.
United States-based petroleum products firm Afton Chemical Corporation opened a US$100 million (S$137 million) chemical manufacturing plant on Jurong Island on Tuesday evening (May 17).
Construction of the plant took two years and is central to the US firm's plans for expansion in the Asia Pacific, said Mr Rob Shama, president at Afton Chemical.
"The opening of the plant represents a new phase of Afton Chemical's ongoing expansion into Asia Pacific... (it) is central to the company's plans to ensure that its specialist additive products are 'Made in Asia for Asia'," he said.
Afton already manages a number of other facilities across the region, including technology centres in Suzhou, China and in Tsukuba, Japan.
The new facility on Jurong Island will produce key components used in Afton's engine oil additives to meet rising regional and global demand.
"Afton Chemical Corporation's decision on Singapore as its principal additive manufacturing site in Asia attests to Singapore's attractiveness as a location for companies looking to capture growth opportunities in this region," said Ms Cindy Koh, director, energy and chemicals, Singapore Economic Development Board.
The opening ceremony, held at the ArtScience Museum at Marina Bay Sands this evening, was attended by Minister for Trade and Industry (Industry) S. Iswaran.
"We will continue to facilitate open innovation and partnerships between the industry and our public sector institutions to create greater value for the industry and Singapore," said Mr Iswaran, who was appointed co-chairman of the Committee on the Future Economy (CFE) on Monday.
"(This) is one of the focus areas under CFE... (to) strengthen and sustain Singapore's competitiveness... over the next decade and beyond," he said.