This article was first published in OpenGov and written by Priyankar Bhunia.
A conversation with Mr. Lim Kok Kiang, Assistant Managing Director of EDB and Dr. Andreas Hauser, Director, Digital Service at TÜV SÜD
Singapore’s strength in manufacturing is probably one of the city-state’s best kept secrets. Though the country is small in size and population compared to the giants which come to mind when we think of manufacturing, over the years Singapore has developed itself as an important manufacturing centre in industries ranging from electronics and precision engineering to pharmaceuticals and biotechnology and chemicals. In fact, Singapore is the fourth largest exporter of high-tech goods behind the US, China and Germany. Manufacturing is a key engine of the Singapore economy, accounting for 20-25% of the GDP.
Singapore has accomplished this through pro-business policies, competitive taxes, a robust intellectual property (IP) regime, and an educated, reliable, adaptable workforce. Singapore has positioned itself as a preferred location for innovation and for development and test-bedding of new ideas and solutions.
Hence, Singapore is uniquely poised to leverage the fourth industrial revolution and technologies such as advanced analytics, artificial intelligence, automation and robotics and 3D printing to enhance the competitive of its industries and fortify its position as a destination of choice for manufacturers.
But like many big and small companies globally, companies in Singapore too are grappling with the concept of Industry 4.0 (I4.0). They are unsure of where to start in the broad array of interlinked concepts and technologies which constitute Industry 4.0 and what steps to take to maximise the potential benefits.
Hence, on November 14, the Singapore Economic Development Board (EDB) launched a world-first tool, the Singapore Smart Industry Readiness Index (the Index), to help industrial companies harness the potential of Industry 4.0 in a systematic and comprehensive way. The Index was developed in partnership with global testing, inspection, certification and training company TÜV SÜD.