SPEECH BY GUEST-OF-HONOUR MR S ISWARAN, MINISTER FOR TRADE & INDUSTRY (INDUSTRY) AT THE OFFICIAL OPENING OF BEYONICS’ SINGAPORE HEADQUARTERS, ON 29 NOVEMBER 2017, 6.40PM, AT 51 MARSILING ROAD
Mr. Kyle Shaw,
Chairman of Beyonics and Founder of ShawKwei & Partners
Mr. Scott D. Smith, CEO of Beyonics,
Distinguished Guests,
Ladies and Gentlemen,
Good morning.
Introduction
1. I am pleased to join you today for the official opening of Beyonics’ Singapore headquarters. My congratulations to the entire Beyonics team on achieving this significant milestone for the company.
2. Beyonics is a home-grown precision parts and manufacturing solutions provider, which has grown to become a leading regional player with 7 manufacturing facilities with a staff strength of 5,000 workers across Asia. This new headquarters will consolidate Beyonics’ operations in Singapore into one integrated facility, and will house more than 700 employees in functions such as R&D and manufacturing.
The Government is committed to preparing our manufacturing sector for the future, through the adoption of advanced manufacturing technologies.
3. As a key pillar of the Singapore economy, the manufacturing sector contributes about 20 percent of GDP and 14 percent of total employment in 2016. Manufacturing also contributes significantly to our productivity growth, and generates positive spillovers for the rest of the economy, including the services industries.
4. Advanced manufacturing technologies, such as robotics, additive manufacturing and the Industrial Internet-of-Things (IIOT), are transforming the manufacturing sector, changing how products are created, how supply chains are managed, and how value chains are defined. In this new age, commonly referred to as the Fourth Industrial Revolution or Industry 4.0, companies that harness new technologies will be well ahead of their peers in raising productivity, building new capabilities, and better meeting the needs of their customers.
5. The Committee on the Future Economy (CFE) has identified advanced manufacturing as one of the growth areas for Singapore. It is also a key thrust of the Precision Engineering (PE) Industry Transformation Map (ITM), which was launched in October last year.
6. The Government is committed to investing in advanced manufacturing technologies, to sustain the competitiveness of our manufacturing sector. Under the Research, Innovation and Enterprise (RIE) 2020 plan, we have allocated S$3.2 billion for Advanced Manufacturing and Engineering, to develop cross-cutting technologies in areas such as robotics and automation, and additive manufacturing.
7. To drive systematic industry transformation, we launched the Singapore Smart Industry Readiness Index earlier this month. The Index, developed by the Singapore Economic Development Board (EDB) in partnership with global testing and certification company TÜV SÜD, is a first-of-its-kind Industry 4.0 diagnostic tool in the world, which will provide a common framework to help companies evaluate the current state of their facilities, and map out where to start as well as how to scale in their advanced manufacturing efforts.
Beyonics’ investments in advanced manufacturing will allow it to capture new growth opportunities.
8. The government will work closely with our industry partners to build up our capabilities in advanced manufacturing. Beyonics is a good example of how companies can adopt advanced manufacturing technologies to strengthen their competitiveness and capture new growth opportunities.
9. With this new facility, Beyonics will be implementing advanced manufacturing technologies such as robotics, automated guided vehicles (AGVs), and digitalization, to increase the productivity of its manufacturing processes. For instance, real-time production data will be collected and analyzed to enhance the company’s visibility of its shopfloor operations, and reduce machine downtime through preventive maintenance. I understand that through digitalization and automation, Beyonics’ manufacturing processes will be more efficient with a reduction in cycle time by 30%. To support continuous innovation, Beyonics will also be forming a new business innovation team. This team will develop new manufacturing solutions to improve cost-efficiency and productivity, thereby enhancing the company’s service offerings to its customers.
10. The adoption of advanced manufacturing technologies will enable Beyonics to capture new business opportunities in a diverse range of industries, including medical technologies, aerospace and automotive. This new facility will be critical in supporting Beyonics’ next phase of growth to cross the US$1 billion revenue mark by 2021.
11. The government will also continue to support the scale-up efforts of our companies. Through close coordination between EDB and Enterprise Singapore, which will bring together the strengths of SPRING and IE, we will provide companies with the holistic and integrated support they need to take their growth to the next stage.
The Government will continue to partner the industry in equipping our workforce with the requisite skills to take on new job opportunities.
12. As we transform our manufacturing sector, new job opportunities that require deeper skills and knowledge will be created. For instance, under the PE ITM, an additional 3,000 PMET jobs are expected to be created in the PE industry by 2020. I understand that Beyonics’ new facility will create 62 PMET jobs, many of which are focused on driving business innovation as well as the implementation and deployment of advanced manufacturing technologies at the company.
13. We want to equip our workforce with the skills that are needed to take on these new job opportunities. We will prepare our workforce to be “digitally confident”, so that they are able to use digital tools to make decisions and solve problems, and to interact closely with robots. To this end, we launched the SkillsFuture Series last month, focusing on eight emerging skills areas including Data Analytics, Cybersecurity, and Urban Solutions. Together, the SkillsFuture Series will train 10,000 Singaporeans and this will be ramped up over the next three years to benefit 50,000 Singaporeans annually in 2020.
14. The SkillsFuture Series for Advanced Manufacturing was also launched earlier this month. Under this programme, our Institutes of Higher Learning (IHLs) such as Singapore Polytechnic and Nanyang Technological University will offer courses at various competency levels to equip Singaporeans with the key skills required in advanced manufacturing. Companies embarking on advanced manufacturing transformation will be able to tap on these courses to augment the training opportunities for their workforce.
15. Ultimately, this transformation journey is a collaborative effort. Companies and workers must also play their part in proactively identifying and participating in training opportunities. Ms. May Wong is a good example of how workers can advance in their manufacturing careers with support from their companies. Ms. Wong first joined Beyonics in 1996 as a production operator. To deepen her skillsets, the company supported her participation in Workforce Skills Qualification (WSQ) courses on Quality Systems and Lean Manufacturing, and constantly provided her relevant on-the-job training. This has allowed her to take on a more senior role, where she is now the Assistant Production Supervisor for Beyonics’ Medical Assembly Department, leading a team of 30 operators and line leaders to ensure the smooth production of Beyonics’ medical products. I look forward to seeing many more examples like Ms. Wong in times to come.
Conclusion
16. Let me close by reiterating the government’s commitment to preparing our manufacturing sector for the future. We welcome more industry partners to join us in this journey, by investing in advanced manufacturing technologies, and equipping the workforce with the relevant skillsets for the future.
17. Congratulations once again to Beyonics on this significant milestone. I wish the Beyonics team every success in your journey ahead. Thank you.