SPEECH BY DR KOH POH KOON, MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT
AT THE OPENING OF ST AEROSPACE VIP AIRCRAFT INTERIORS CENTRE ON 11 FEBRUARY, 11.10AM

Mr. Lim Serh Ghee, President of ST Aerospace,

Distinguished Guests,

Ladies and Gentlemen,

A very good morning,

Introduction

1. I am delighted to join you today at the opening ceremony of the ST Aerospace VIP Aircraft Interiors Centre.

2. ST Aerospace’s early work was in supporting military programmes. Over the years, it has established itself as one of the world’s leading independent third party maintenance, repair and overhaul (MRO) providers serving both military and commercial customers.  

3. The VIP Aircraft Interiors Centre that we open today will enable ST Aerospace to grow further. ST Aerospace will now be able to provide high value-added engineering services and better position itself to capture opportunities from Asia Pacific’s growing aerospace industry.  

The growing aerospace industry in Asia Pacific has given rise to demand for niche aftermarket services

4. In 2014, Asia-Pacific surpassed North America as home to the largest population of high net worth individuals, of around 4.7 million individuals. This represents an increase of 8.5% from the previous year.

5. Such rising affluence in Asia Pacific has led to an increased demand for niche aerospace aftermarket capabilities, which include the refurbishment and completion of cabin interiors of business and corporate jets.  

6. With the establishment of this centre, ST Aerospace will be able to tap on this demand and offer premium refurbishment and completion services to aircraft owners. This will allow it to better position itself to capture the opportunities in the region.

Singapore is committed to investing its people to ensure that they are ready for jobs of the future

7. An important part of capturing opportunities will be for our workforce to continually upgrade their skills to take on higher value-added activities. This is a key thrust of our SkillsFuture initiative, where Singaporeans are encouraged to continually learn and build skills for the future.   

8. I am pleased to note that such skill-building will be an important part of this centre’s work. To operate this centre, engineers and technicians with experience and skills in airframe MRO would acquire new capabilities to undertake the refurbishment and completion of VIP aircraft interiors. These projects tend to be highly customisable and unique, unlike traditional airframe MRO.   

9. The government will continue to work with the industry, including strong partners like ST Aerospace, to upgrade the skills of our people and ensure that they are prepared for jobs of the future.

Local enterprises should continue to build new capabilities, move up the value chain and capture opportunities from growth markets.

10. This centre is also a good example of how our local enterprises can continue to build new capabilities, move up the value chain and capture opportunities from emerging growth markets. These are key priorities for the Committee on the Future Economy, as part of Singapore’s constant effort to identify ways in which we might grow and develop in the future.  The Committee plans to canvass widely for fresh ideas and views, with a view to making our recommendations later in the year.

Closing

11. In closing, I am proud of ST Aerospace’s success and am confident that this centre will better position the company for the opportunities ahead.

12. My congratulations to Mr. Lim and all of the staff at ST Aerospace.  I wish you every success.  Thank you.