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Speech
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20 FEB 2008
Mr Lee Yi Shyan at the Singapore Technologies Aerospace Engines Test Cell Opening
Mr Lee Yi Shyan at the Singapore Technologies Aerospace Engines Test Cell Opening
Speech by Mr Lee Yi Shyan, Minister of State for Trade and Industry at the Singapore Technologies Aerospace Engines Test Cell Opening on Wednesday, 20 February 2008, 1015am at Paya Lebar
Mr Tay Kok Khiang, President of Singapore Technologies Aerospace,
Mr Ho Yuan Sang, Deputy President & COO
Ladies and gentlemen,
Good morning
It gives me great pleasure to join you at the opening of Singapore Technologies’ (ST) test cell facility.
Singapore’s strong position in the aerospace industry
ST’s investment in the new engine capacity comes at a good time, as the aviation growth in the region is expected to be strong. In fact, Boeing estimates that the size of the global commercial aircraft fleet would more than double to 36,500 in the next 20 years[1].
The growth in the Asia Pacific region is even more spectacular. The aircraft fleet in the region is expected to triple in the same time period. This bodes well for the Asian Maintenance, Repair and Overhaul (MRO) market.
The Singapore’s aerospace industry has expanded at a healthy pace and is set to grow further. Today, it is worth S$6.9 billion in annual output and employs 19,000 people.[2]
Over the years, we developed our industry by consistently investing in skilled manpower training, R&D capabilities, and encouraging companies to take on high value-added activities.
In the MRO segment, Singapore now accounts for about a quarter of the Asian market. Our MRO players offer nose-to-tail capabilities including airframe maintenance and modification, engine overhaul, avionics components and systems repair.ST Aerospace’s new test cell facility will add to the comprehensiveness of our MRO cluster’s offerings.
Moving forward, our industry will need to create new value offerings to compete in the enlarged market. Our players need to enhance their competitiveness.
The government will continue to create a conducive environment for our players in areas like new technology adoption, R&D undertakings and manpower development. At the system level, we ought to continue to maintain the industry’s strong reputation and the high CONFIDENCE accorded to our players by their customers.
I cannot think of any other industries, except for healthcare services perhaps, that demand such stringent requirement for safety and quality standards in all their products and services, as is required in the aerospace industry. There is no tolerance for failure in this industry. 100 per cent inspection is the norm. When a component is said to be repaired and over-hauled, it is to be in a perfect working condition fit for use under varying and harsh operating conditions.
In other words, customers have high expectation of safety and quality. They must have the CONFIDENCE that you understand the requirements and specifications of the job. Confidence is key.
Yet we know that CONFIDENCE is derived from consistent performance and delivery. It is painstakingly earned from every product and service encounter experienced by the customer. Companies with disciplined workforce and system integrity gain confidence from their customers. Once gained, confidence is a huge differentiator in competition.
Our aerospace industry, I believe, has the attributes of a disciplined workforce and high system integrity on which their future is to be built upon.
On this note, let me congratulate the management and staff of ST Aerospace on their opening of the new test cell facility, and for their contributions towards the Singapore aerospace industry. May I wish you and your staff many more achievements in the years ahead.
Thank you