Singapore launches transformation map for aerospace industry

SINGAPORE, Jan. 17 (Xinhua) -- Singapore's Minister for Trade and Industry S. Iswaran on Wednesday launched the Aerospace Industry Transformation Map (ITM).

According to a media press from the Singapore Economic Development Board, the new plan maps out strategies that will build the aerospace industry of tomorrow.

The ITM says Singapore's aerospace industry is expected to achieve a manufacturing value-added of 4 billion Singapore dollars (about 3.02 billion U.S. dollars), which is an increase of over 25 percent from 2015, and introduce 1,000 new jobs by 2020.

To achieve the targets, the ITM has identified three key thrusts, which are pursuing operational excellence, driving innovation in emerging technologies, and equipping Singaporeans with relevant skills.

The aerospace industry is a key sector of growth for Singapore economy, with an average annual growth of 7 percent in value-add over the past 20 years.

In 2016, the aerospace industry achieved a value-add of 3.35 billion Singapore dollars (about 2.53 billion U.S. dollars), and employed 21,000 people.

The aerospace ITM is Singapore's 17th industrial transformation map. By March, Singapore's government will have launched 23 such maps for the industries that covers 80 percent of the country's economy. Enditem