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SINGAPORE: Local suppliers in the electronics and precision engineering cluster have been urged to further develop their expertise to tap into growth opportunities in the industry.
The call came from the Minister of State for Trade and Industry, Lee Yi Shyan, at the opening of the Global-Asia Trade Exchange (GATE) 2007 on Wednesday.
The biennial event facilitates the sourcing of electronics and precision engineering by global buyers among Asian suppliers.
Last year, 80 percent of the world's components and parts for manufacturing were procured from the Asia Pacific region, and this number is set to grow.
Revenues for Southeast Asia alone are projected to double over the next six years from US$20.7 billion last year to US$40 billion in 2012.
While Singapore suppliers are well-positioned to tap into regional opportunities, they have been urged to leverage on more technology and research and development capabilities.
Mr Lee said: "Our companies have to move up the value chain and instead of just supplying components, go to sub-modules, and then modules and then sub-systems. They must invest in R&D in product-process development technology."
The Global-Asia Trade Exchange provides an avenue for buyers and suppliers in the electronics and precision engineering cluster to meet.
A total of 82 regional suppliers will be meeting 30 buyers from various sectors over 400 one-on-one meetings.
According to IE Singapore, the event is now attracting a wider group.
Andrew Khaw, acting director of IE Singapore, said: "We see aerospace and medical coming up and we're also observing that at GATE, the industrial electronics, the industrial equipment companies are coming in. These are the high-mix, low-volume industries."
During the last event in 2005, S$45 million worth of deals were made by Singapore suppliers.
IE Singapore expects around S$30 million worth of deals to take place for this year's GATE.
- CNA/so
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