SINGAPORE - A new aerospace industry transformation map (ITM) that could create 1,000 new jobs in the sector by 2020 has been launched.
Developed by a multi-agency team together with industry partners, unions and trade associations, the ITM sets out strategies to build an aerospace industry catered for the future.
The ITM is expected to generate a total of S$4 billion in value-added to the industry.
On Wednesday (Jan 17), Minister for Trade and Industry (Industry) S. Iswaran launched the aerospace ITM, as Seletar Aerospace Park celebrates its 10th anniversary. The aerospace park will have a series of student outreach initiatives to groom future talent, and new phases of development.
The ITM has identified three key areas: pursuing operational excellence, driving innovation in emerging technologies, and equipping Singaporeans with relevant skills.
One way the ITM will improve productivity is through helping Singapore Aerospace Manufacturing - that designs and develops customised factory automation and material handling equipment - to invest in advanced automation equipment, as well as software and engineering capabilities, that will upgrade production lines for next-generation aircraft components.
The Government also aims to deepen ties with industry associations, including the Association of Aerospace Industries Singapore and Singapore Institute of Aerospace Engineers.
"The Aerospace ITM, like all other ITMs, is focused on the needs and challenges of the industry, especially the SMEs (small and medium-sized enterprises) who comprise a major part of our economy," Mr Iswaran said on Wednesday.
The aerospace ITM is the 17th of the 23 road maps that the Government has unveiled. By March this year, the Government plans to launch the remaining road maps.
In a statement on Wednesday, the Economic Development Board (EDB) said the aerospace industry is a key sector of growth for the economy, with an average annual growth of 7 per cent in value-add over the past 20 years.
The EDB added that the Republic has continued to maintain its status as Asia-Pacific's leading maintenance, repair and overhaul (MRO) hub, contributing to 10 per cent of the global aerospace industry's output for MRO.