New aerospace Industry Transformation Map launched
A new aerospace Industry Transformation Map (ITM) that could create 1,000 new jobs 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.
A total of $4 billion is expected to value-add to manufacturing in the industry.
Yesterday, Minister for Trade and Industry (Industry) S. Iswaran launched the aerospace ITM as Seletar Aerospace Park celebrated its 10th anniversary. The 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 it will improve productivity is through helping Singapore Aerospace Manufacturing - which designs and develops customised factory automation and material handling equipment - invest in advanced automation equipment and 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.
The aerospace ITM is the 17th map and the latest to be introduced by the Government. By March, the Government plans to launch 23 ITMs, which will cover 80 per cent of the economy.