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Covid-19 made the world realise what many had long suspected. That countries around the globe had become dangerously overreliant on China as a manufacturing base.
When China went into lockdown and its factories shut, supply chains and logistics were deeply disrupted and many countries suffered as their access to goods dropped drastically.
In response, many nations have decided to bring manufacturing back to their shores.
Herein lies an opportunity for Singapore. Boosting manufacturing’s contribution to the economy would enable the city state to remain in control of major parts of the supply chains it relies on, helping it to react in times of emergency and remain self-sufficient in critical goods.
Doing so would be a return to the glory days for Singapore manufacturing, which has declined as a percentage of GDP over the past three decades. As recently as the 1990s, Singapore’s manufacturing industry paralleled those of its fellow tiger economies of Taiwan and South Korea.
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