First batch of global firms to set up base at Punggol Digital District
The drivers of Singapore's next phase of growth are falling in place, with the first batch of global companies confirming plans to set up base at Punggol Digital District.
As it gears up for the digital economy to power its growth, the Republic is positioning the upcoming digital district as the location of choice for technology companies.
Speaking at an event at the Punggol Digital District site office, which was also streamed virtually, Minister for Trade and Industry Gan Kim Yong said that the first four companies to set up shop in the new hub are expected to create about 2,000 new tech jobs, ranging from data analysts to fraud hunters and blockchain developers.
"The digital economy can potentially fuel the next lap of economic growth," he said, citing a report by Google, Temasek and Bain & Company that said the digital market in South-east Asia is expected to triple by 2025 to reach US$300 billion (S$408 billion).
"Singapore must position ourselves optimally to make the most of these developments. To get there, we need to be prepared to disrupt the traditional way of doing things. With the support of Government and businesses, we can make the necessary transition," the minister added.
Yesterday, Mr Gan announced that the first four companies that will start the buzz at Punggol Digital District will be Delta Electronics Int'l (Singapore), which specialises in smart living solutions; robotics design company Boston Dynamics; cyber security services provider Group IB; and Wanxiang, which offers blockchain solutions.
"Each of these companies brings different expertise to the mix," said Mr Gan.
The masterplan for the 50ha Punggol Digital District was announced in 2018. The district will progressively open from 2024. When it is fully developed, it should generate some 28,000 digital economy jobs.
The district will also serve as a living lab for companies, students and the public to test digital and smart living solutions.
For example, Group-IB - a partner of Interpol and Europol - will work with Singapore Institute of Technology to design and engineer a virtual testing environment suitable for early-stage companies and start-ups to test the vulnerability of their solutions to cyber attacks.