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SINGAPORE: The Economic Development Board (EDB) has called on manufacturers to think of new ways to compete as a region, in order to tap on the sizeable manufacturing base nearby and supply to the global markets.
Manufacturing currently accounts for 22 per cent of Singapore's economy, and the EDB said it will continue to be strategically important to the country's growth.
EDB said at an industry event that there is scope for Singapore, the Riau Island and Southern Johor to jointly offer business solutions to manufacturing companies.
In order to stay competitive, firms must seek out the latest technological advancements, which will allow them to move into new growth areas like clean energy.
The Singapore Manufacturers' Federation plans to launch efforts to promote sustainable manufacturing.
Renny Yeo, president, Singapore Manufacturers' Federation, said: "It brings you better income, better pricing and better bottomline. Why? Sustainable manufacturing is not just about using green materials, it is about using less resources.
"For example, if you innovate with latest technology, you reduce the materials consumed - you save money already."
- CNA/sc
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