S’pore aerospace industry 2012 output hits S$8.7B
SINGAPORE (Bernama) - The Singapore aerospace industry achieved a total output of S$8.7 billion in 2012, more than double the output a decade ago, says Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development, Lee Yi Shyan.
“The Singapore aerospace industry contributes significantly to our local economy. Since 1990, the industry has grown at a Compounded Annual Growth Rate (CAGR) of over 10 per cent.
“Singapore is now a sophisticated Maintenance, Repair and Overhaul (MRO) Hub in Asia. The sector accounts for close to 20,000 well paying jobs,” he said in his address at the opening of AeroSpace eXchange 2013 here yesterday.
ASX 2013 is as an integrated one-stop exhibition and conference to facilitate business development and market penetration activities for the niche aerospace industry, and aviation industry as a whole.
It is organised by the Association of Aerospace Industries (Singapore) or AAIS, a non-profit organisation dedicated to promoting competitiveness within Singapore’s aerospace industries.
“Our vision is for Singapore to be an aerospace hub with a comprehensive range of capabilities. To help us achieve this, we are developing the Seletar Aerospace Park to meet the growing and diverse needs of the aerospace industry,” he said.
Lee said leading international aerospace companies such as Rolls-Royce, Jet Aviation, Eurocopter, Fokker Services Asia, Hawker Pacific Asia and Execujet have found a home in the SAP.
He noted many of the republic’s home-grown SMEs such as Wah Son Engineering, Tri-Wing Aviation Resources and Air Transport Training College are establishing themselves there too.
According to the 2010 Singapore Aerospace Manpower Landscape Study, Lee said, the industry will require more than 6,300 new direct employees by 2015.
The National University of Singapore, Nanyang Technological University and Singapore Institute of Technology as well as polytechnics offer specialised courses in aerospace and will supply a pipeline of engineers and associate engineers for the industry, he said.
A new 10.6 ha ITE Campus, slated to open by year-end, will house a Boeing 737 aircraft to offer aerospace students practical and hands-on training on aircraft maintenance.
Lee noted the aerospace industry has always been amongst the most productive industrial sectors in Singapore, adding a S$2 billion National Productivity Fund has been set aside by the government to help industries make the switch to higher productivity.