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Biomedical Sciences Companies Expanding in Asia Invested More Than US$500 Million in Singapore
Date:5/18/2009

decision to set up its US$20 million global manufacturing site in the city-state. Singapore accounts for more than half of the global manufacturing capacity for micro-arrays, which is increasingly used in biopharmaceutical research and diagnostics.

Yeoh said: "In 2008, Singapore's biomedical sciences sector contributed US$13 billion in manufacturing output. With the continued investment from global companies such as Baxter, Illumina and GlaxoSmithKline, we are confident of achieving our target of US$17 billion in manufacturing output by 2015."

Developing Companies' Talent-Base in Singapore

During these challenging times, Singapore has launched programmes specifically targeted at helping global businesses based in Singapore retain and enhance their talent base. In January this year, the Singapore Government announced a US$14 billion resilience package that includes the Jobs Credit scheme and Economic Development Board's PREP-UP initiative. Under these programmes, the Singapore Government will co-share the cost of wages and training with companies to upgrade the skills of their technical and engineering workforce, thus ensuring that they are fully prepared for the eventual economic upturn.

About Singapore Economic Development Board (EDB)

EDB is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre and grow the Singapore economy. We dream, design and deliver solutions that create value for investors and companies in Singapore. In so doing, we attract economic opportunities and jobs for the people of Singapore, and help shape our country's economic future.

For more information on how EDB can help in biomedical sciences business and investment, please visit http://www.biomed-singapore.com .

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SOURCE Singapore Economic Development Board (EDB)
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