Consumer giant P&G unveiled its new $250 million research and development (R&D) centre in Singapore on Friday, giving a boost to the country's efforts to build its consumer businesses sector.
Deputy Prime Minister Tharman Shanmugaratnam noted that the centre was now the biggest private sector tenant in Biopolis. It is also one of Singapore's largest R&D centres.
"We aspire for Singapore to be a hub for top consumer companies like P&G to grow their global brands," Mr Tharman said at the unveiling of the centre.
He added that Singapore was investing in the consumer businesses industry because it provides opportunities for local businesses to grow by collaborating with global companies.
The industry is also good for grooming talent and can create jobs that are global or regional in nature, he added.
Companies have found value placing strategic R&D investments in Singapore, because of the strength of its public-private partnerships, Mr Tharman said.
The number of research scientists and engineers in Singapore reached 30,000 in 2012, doubling over the 10 years before that. Of these, 70 per cent are locals.
The Economic Development Board has also added close to 1,400 new R&D jobs in the consumer businesses industry alone in that period.