Supply chain resilience, IP regime help draw MNCs to S'pore
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Mr Mark Ratzlaff (left), director of plant operations at 3M Asia's transportation and electronics business group, showing Trade and Industry Minister Chan Chun Sing the respirators manufactured at 3M's facility in Tuas.
PHOTO: 3M SINGAPORE
With companies rethinking their supply chain footprint given the disruptions from the Covid-19 pandemic, Singapore can capture opportunities to play a key role in more global supply networks and draw global investors.
Its openness, facilitation of the movement of goods on the strength of extensive trade agreements and its robust intellectual property (IP) regime can attract major multinational corporations (MNCs) to invest in Singapore, said Trade and Industry Minister Chan Chun Sing yesterday.
Speaking after a visit to 3M Singapore, Mr Chan said supply chain resilience and IP protection have become much more important in MNCs' decisions to invest abroad.
The resilience of supply chains relies on a country's policies and openness for the flow of goods, as well as its connectivity with the rest of the world, Mr Chan explained.
Singapore has remained open and connected throughout the pandemic, allowing manufacturers and distribution centres to export goods to global markets, he said.
Companies based in Singapore helped to fulfil global demand for essential goods such as pharmaceuticals and medical equipment when production capacities worldwide were disrupted at the start of the pandemic last year, he added.
Singapore, with its stable operating environment, robust regulatory and IP regime as well as respect for the rule of law, can also differentiate itself from other countries on its trust premium, he said.
"Increasingly for many of the MNCs, the ability to secure their IP has become much more important than ever before," said Mr Chan.
He noted that Singapore's IP regime has helped to attract key investment projects, especially those dealing with high-value and knowledge-intensive products, as companies like 3M are assured that their proprietary products are protected.
The Singapore IP Strategy 2030, which was announced yesterday, will be central to Singapore's efforts to support companies to build innovative capabilities, move up the value chain and capture new growth opportunities, Mr Chan added.
Mr Kevin McGuigan, managing director of 3M South-east Asia and country leader for Singapore, said the company has invested in advanced manufacturing operations to expand the production of respirators at its Tuas plant to ensure a consistent supply of respirators in Singapore and the region.
He added that its continued expansion of operations and investment in production capabilities here underscores its long-term commitment to world-class manufacturing in Singapore.
Mr Chan said by assuring MNCs of supply chain resilience and IP protection, Singapore has been able to attract global leaders that create good quality jobs.
"If we continue to do this well, we are confident that Singapore will continue to attract new generations of investment to create new generations of better quality jobs for Singaporeans," he said.
