Commerce and Industry Market Overview
Pharmaceuticals / Life Sciences / Medical Devices
- Singapore has been a leading biomedical hub within Asia with first-in-class research & development and manufacturing facilities. Singapore further invested more to build MedTech, Biopolis and Tuas biomedical park and
- The industry has been on the road of recovery and it set to return to strength this year as large global drug-makers ramp up output and advance automation at their production sites across the country.
- There is an ever-increasing demand for individuals who can think out of the box as companies within this sector are extremely aggressive with their R&D to ensure breakthroughs and achieving cutting edge technology.
Manufacturing / Logistics / Semiconductor / Shipping
- Singapore is experiencing a slow and steady growth of their manufacturing industry where they have shifted away from traditional low value products and move towards higher value items. The electronics sector was the main driver for this growth alongside semiconductor businesses.
- The logistics ITM was launched to develop Singapore into a global leading logistics hub. By driving innovation, productivity and talent, the ITM will help enterprises better capture growth opportunities in this sector.
- With a 82.5% internet penetration ratio, there is an expectation of increased online and offline sales channels for products. This necessitates a new generation of logistics networks that will enable a single integrated channel of product flow.
FMCG / Consumer Goods
- There is a growing global momentum on climate action and waste generation is one of the key agendas that is currently challenging the industry. The key question revolves around environmental sustainability with a focus on how businesses can reduce wastage and reduce their environmental footprint globally.
- Companies are required to innovate very quickly and push out new product lines to satisfy the ever-changing needs of consumers. With China opening its doors and being the world’s second largest economy, FMCG companies would need to compete aggressively to capture market share of the China’s burgeoning market.
Retail / Luxury Retail / e-Commerce
- Singapore is looking to transform itself into a global e-commerce hub despite strong global competition, an array of initiatives and grants have been rolled out by various government agencies in support of e-commerce investment and developments in Singapore.
- The industry is at the forefront of adapting towards new digital technologies, a growing e-commerce market and overseas market opportunities.
- The e-commerce market in Southeast Asia (SEA) is poised for a boom, and its internet economy is expected to burgeon to more than $200 billion within a decade as SEA would be the fourth largest market in the world.