5 Fastest Growing Sectors in Singapore 2022
After its independence in 1965, Singapore started its economy with the manufacturing sector, inviting companies to set up factories in the country to create a high number of employment opportunities. They then invited oil refineries to set up bases in Singapore. These efforts managed to improve its GDP and started a modern, free economy in the country.
Fast forward to today, Singapore is moving its economy into the future. These 5 sectors below are the government’s top focus:
This is the sector that kept running in Singapore while the whole world was in lockdown during the peak of Covid-19. In fact, in January 2021, Singapore announced plans to increase its manufacturing sector by 50% over the next 10 years, with a greater proportion of advanced manufacturing. The Singapore government ensures that manufacturing is kept at 20% of the country’s GDP and acts as a facilitator for sub-sectors, such as semiconductors, medical technology, marine, offshore and aerospace, that require high-tech equipment and skilled manpower. Currently, 12% of the workforce in Singapore is in this sector and plans to employ more locals are in the works by upskilling older workers and attracting the younger generation with internships and more exciting career prospects.
The ongoing pandemic uncovers some loopholes in Singapore’s incredible healthcare system – lack of beds, medical workforce, and efficiency in handling a spike in medical cases. The pandemic has seen growth in healthcare improvements such as the availability of online doctor consultations where medications are delivered within the next few hours an increase in jobs in healthcare and better compensation for healthcare workers.
Biomedical & Biotechnology
The recent pandemic has shown how in times of emergencies, vaccines and medications need to be produced at such a short lead time and reach people fast. Biotech companies benefit from Singapore’s pro-business environment, infrastructure, talent and innovation ecosystem to develop and produce new products that better meet Asia’s healthcare needs. These are the reasons why companies like Pfizer and Moderna set up their bases in Singapore during the pandemic. Singapore presents the perfect opportunity for these companies to serve the Southeast Asian market.
The aviation industry in Singapore contributes to about 5% of the GDP and about 200,000 jobs. The Singapore airport also supports other economic sectors such as tourism, manufacturing and logistics. During the pandemic, Singapore’s aviation industry took a huge hit as the whole world went on lockdown. SIA laid off pilots, cabin crews, and ground staff. However, as the world is reopening, the aviation industry is now bustling with activity..
Tourism & Hospitality
Singapore’s tourism industry was hit hard during the pandemic and shut down for two years. Huge layoffs happened in this sector, most notable being the world-famous Singapore Airlines where cabin crews and pilots were laid-off. The government tried to maintain some business in this sector so as to not let it die off entirely by encouraging locals and residents of Singapore to enjoy the tourist attractions available in the country. To ensure that people remain employed, $100 vouchers were distributed to Singaporeans above 18 years old to spend on hotels, attractions, and tours.
Now that Singapore has opened up its borders again, hiring in this sector is being ramped up. SIA has started hiring cabin crews again and international and regional flights have been scheduled. Hotels are back in business, especially with the F1 Grand Prix event happening again. More big-scale events are expected to come back in the near future and beyond.
Taking advantage of Singapore’s economy & growth
Foreign businesses in these sectors that are interested to set up bases in Singapore and take advantage of Singapore’s growth and global networks may contact [email protected].
[email protected] is a leading Singapore-based immigration consultancy firm offering various immigration services to cater to individuals and businesses. Services include Singapore Permanent Residency application, Singapore Citizenship application, Work Pass application, Singapore Business Incorporation, Single Family Office set up, and Global Investor Programme application.