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Julian Ho, Executive Director, Energy, Chemicals and Engineering Services, Singapore Economic Development Board (EDB)
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Singapore is a nation well-positioned to capitalize on the growth in Asia-Pacific. Global economies are struggling to cope with the present economic crisis driven by the confluence of the financial industry collapse and falling demand. Singapore is no exception, with its GDP growth easing from 7.7% in 2007 to 1.1% last year.
Nonetheless, the Singapore economy is resilient and well-positioned to weather the current challenges. The country has a strong commitment to a well-diversified economy, where manufacturing remains a key contributor to its GDP, and its domestic financial strength arising from the government's prudent fiscal management.
The energy and chemical industry is an essential pillar of Singapore's economy. It has been the largest contributor to the country's manufacturing output since 2006. In 2008, the industry's output grew to S$97 billion,* accounting for 39%* of Singapore's total manufacturing output.
Capitalizing on Asia's growth story. While Asia has not been unscathed by the current financial turmoil, the long-term growth for this region remains intact, especially fueled by the engines of China and India and increasingly the Association of South East Asian Nations (ASEAN). Singapore, strategically located in the heart of Asia, is uniquely positioned to play a critical role in meeting this region's longer-term energy and chemical needs.
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