The outlook may be uncertain now but Singapore is confident that it will be ready and well-positioned to gear up for the future recovery of the global and Asian economies, said Senior Minister of State for Trade and Industry S. Iswaran on Thursday.
Even within the electronics sector, which is Singapore's key manufacturing sector and has been hit hard by the weak export demand, "all industry players believe that beyond the downturn, there'll be a recovery and there will be growth again," he said. He spoke at the official opening of United States-based semiconductor maker Marvell's new building.
Marvell invested 54 million Singapore dollars (35.5 million U.S. dollars) in this new regional headquarters' building which houses about 250 employees.
Iswaran said, "Despite the current economic scenario, we continue to see electronics companies investing in capital, knowledge and innovation intensive activities in Singapore to position themselves for the future."
Source:Xinhua
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