Singapore bags S$750 million in aerospace investment commitments; 2,500 jobs to be filled: EDB

Singapore has bagged over S$750 million in investment commitments from more than 10 aerospace projects. The sector is also expected to hire more than 2,500 employees over the next three to five years.

Cindy Koh, Executive Vice President of the Advanced Manufacturing Group at the Economic Development Board (EDB), revealed these developments in a presentation at the Singapore Airshow 2024 media briefing on Sunday (18 Feb).

“These investment plans span across different parts of the global aerospace value chain,” she said.

“Aerospace companies expect to hire more than 2,500 employees in the next three to five years to support the recovery of the industry and investments.”

These include jobs in the operator, technician, engineering, and corporate divisions.

One of the investment commitments was Pratt & Whitney’s expansion of its Singapore engine centre for the GTF engine fleet by over 60 per cent.

Some of the investment commitments that will be announced at the Singapore Airshow are expected to be in fields such as advanced manufacturing and maintenance, repair and overhaul (MRO), innovation, and sustainability.
 

Today, there are over 130 aerospace companies in Singapore which are engaged in activities such as MRO and research and development.

Meanwhile, Singapore’s MRO output recovery has outpaced that of global aerospace by a year, and the total aerospace output grew 16 per cent year on year in 2023, added Koh.

Companies also ramped up their hiring over the past two years, with total aerospace employment increasing by almost 3,000 to over 21,000.

EDB will engage in discussions with Chinese aircraft manufacturer Comac, along with other global companies, Koh said in response to a media query.

Comac is one of the exhibitors taking part in static and flying displays for the first time at this year’s airshow.

Despite heightened geopolitical tensions, the annual event did not see an increase in interest from militaries or governments, Leck Chet Lam, Managing Director of airshow organiser Experia Events, said. Interest was split between civil and defence segments.

Listed company ST Engineering, the largest exhibitor at the Singapore Airshow, has seen higher interest from the defence sector, though.

The group’s head of international defence business Chua Jin Kiat told The Business Times: “So for example, ammunition – I think, last year we did very good business in selling 40-millimetre ammunition (for a handheld grenade launcher), and a lot of weapons.

“We are also seeing a lot of interest in artillery ammunition, which we do produce.”

Chua added that a lot of Western governments have realised the importance of securing their supply chains, which could be disrupted when conflicts take place.

“So right now in our conversations with them, it’s not just about selling something. We are talking about working together, transferring technology and localising production in certain markets. Because governments and partner companies are willing to pay to be able to produce and have those capabilities in the country,” he said.

The Singapore Airshow will take place from February 20 to 25 at the Changi Exhibition Centre. Over 1,000 companies from more than 50 countries and regions are taking part.
 

Source: The Business Times © SPH Media Limited. Permission required for reproduction.