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Speech by Mr Lim Hng Kiang, Minister for Trade & Industry, at the official opening of Ness Display Singapore's Organic Light Emitting Diode (OLED) mass production facility on 7 December 2005, 10am
Mr Oh Jae Hack, Deputy Chief of Mission, Minister & Consul-General of the Embassy of the Republic of Korea,
Mr Kim Myung-Jin, CEO of Ness Display Singapore,
Distinguished guests,
Ladies and gentlemen,
Good morning.
1. Today, we witness the opening of Singapore's first mass manufacturing facility for organic light emitting diodes, or OLEDs, by Ness Display Singapore. This is the culmination of our efforts over the last five years, involving investors from Singapore and six other locations including Hong Kong, Korea, USA, Sweden, Taiwan and Japan.
Identifying Trends and Early Engagement
2. Singapore has always been monitoring new trends and looking out for new growth areas. In the globalised economy, we need to be constantly on the lookout if we are to capture new opportunities. Five years ago, we identified OLED as a potentially disruptive technology. So, while Ness Display was still a young start-up in Korea, a Singapore-based venture capitalist was already working very closely with the company.
3. These venture capitalists are knowledgeable in new technologies. The Economic Development Board leverages on their network of knowledge and works closely with Ness Display. Today, we are happy to see that we are able to offer relevant value propositions to Ness Display. The company is using Singapore as a base to commercialise its technologies and new products for the world market.
Singapore's Value Proposition for Companies Dealing with New Technologies
4. Singapore is an excellent location for companies developing and commercialising new technologies. These companies often require manufacturing process development, human resource and other supporting capabilities that they do not have internally. Let me highlight four key advantages that Singapore can offer.
5. First, Singapore has a comprehensive research infrastructure and strong manufacturing capabilities. In Ness Display's case, both strengths work in tandem. For instance, in trying to improve production yield over the last few months, the company has been tapping on our research institutes' expertise. It worked with the Institute of Materials Research and Engineering and the Institute of Microelectronics in the areas of materials and microelectronics capabilities respectively. This enabled Ness Display to focus more on its core activities and areas of competency.
6. Second, Singapore has a sound policy framework to support intellectual property creation, protection and management. This environment is conducive to technology-intensive companies like Ness Display, which need to constantly develop new technologies to stay competitive. Ness Display Singapore houses not only a 140-man manufacturing facility with the potential to double its staff strength, but also the core intellectual assets related to new display technologies.
7. Third, Singapore can provide ready access to an abundant pool of qualified talent. Our institutions of higher learning train and develop qualified engineers for new growth areas. In addition, our open-door policy allows companies to attract the best talents from all over the world.
8. Fourth our diverse and established industry structure provides a conducive environment for research and development communities to come together to interact. This is important for companies like Ness Display, which are constantly on the lookout for opportunities in new growth areas, as they require multi-disciplinary capabilities to constantly push the technological frontier. For example, in the photonics and displays industries, capabilities in microelectronics fabrication and production, design and development are required, all of which can readily be found here. By combining resources, Singapore is ready to provide multi-disciplinary solutions for companies to manage and control the risks of commercialising new technologies. This gives our companies and venture capitalists alike more confidence when investing here.
9. In short, it is Singapore's ability to offer a comprehensive package of capabilities that allows us to capture new opportunities.
Ness Display Gives Singapore Early-Mover Advantage in New Generation Display Sector
10. What we see today is the result of our long term engagement with Ness Display. Going forward, we believe that Ness Display's presence will broaden our capabilities in display manufacturing and give us an early-mover advantage in the promising OLED sector. This is a sector that is expected to grow 50% annually to reach $5 bil by 2011. Our early participation in this market positions us well to take advantage of this growth opportunity, and we hope to see more of such successful projects in future.
Conclusion
11. In conclusion, let me warmly welcome Mr Kim and his team to Singapore. I look forward to hearing more about your work here, as you help to contribute to building and strengthening the advanced display industry in Singapore. Thank you.
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