Singapore has reaffirmed its commitment to further developing the country's aerospace industry with the launch of a new Aerospace Industry Transformation Map (ITM) on 17 January.
The ITM will focus on three areas: pursuing operational excellence; driving innovation in emerging technologies; and equipping Singaporeans with relevant skills.
Singapore has called on companies to invest in advanced automation equipment, as well as software and engineering capabilities to upgrade existing lines to manufacture next-generation aircraft components.
The city-state will also continually invest in its research ecosystem to further develop its aerospace-related research and development capabilities.
In addition, Singapore will facilitate the development of new degree programmes through local educational institutions, and encourage upskilling of more aviation professionals.
Singapore's Economic Development Board states that the ITM will boost the aerospace industry by S$4 billion ($3.02 billion) and generate around 1,000 new jobs by 2020.
It adds that the value of Singapore's aerospace industry grew 7% annually over the past 20 years. As of 2016, the industry has a "value-add" of $3.35 billion with 21,000 employees.
In addition, Singapore's maintenance, repair and overhaul sector contributed to 10% of the world's industry output for MRO.
"The strong growth in Asia-Pacific presents opportunities across the value chain in manufacturing, MRO and aftermarket industry segments. Aerospace companies will need to broaden their Asian footprint and innovate to address these new market needs," says minister for trade and industry, S. Iswaran.