Manufacturing to remain a strong part of Singapore's economy, PM

Manufacturing to remain a strong part of Singapore's economy, PMLee Hsien Loong, Prime Minister of Singapore has said that manufacturing sector is expected to remain an important part of the Singapore's economy.

He said that the manufacturing sector create good jobs for the people in the country, integrates well with services and innovation and also helps the country's economic growth. Mr Lee also said that the country will continue to invest in the biomedical sciences sector in the coming future.

He said that the biomedical sciences sector has become an important industry for Singapore and it accounts for about 5 per cent of its gross domestic product. He was speaking at the 40th anniversary celebration of pharmaceutical firm GlaxoSmithKline's manufacturing in the country.

He also said that biomedical sciences products "command high premiums and require good individual skills, tight system discipline and rigorous intellectual property rights regime. That is how Singapore must be, to overcome constraints of size, and hold our own against bigger and better-resourced competitors."

The country's manufacturing sector has fallen 3.9 per cent between July and September due to poor external demand compared to the second quarter. The manufacturing sector accounted for the most la off during the third quarter of the year.