Mr Lee Yi Shyan at the Groundbreaking Ceremony of the Teckwah Print Media Hub

​Speech by Mr Lee Yi Shyan, Senior Minister of State for Trade & Industry and National Development, at the Groundbreaking Ceremony of the Teckwah Print Media Hub, Friday 10 August, 10.45 am

Distinguished Guests,

Ladies and Gentlemen,

Good morning.

It gives me great pleasure to join you at the groundbreaking of the Teckwah Print Media Hub.

Importance of the Printing Industry

Singapore’s printing industry has grown over the years. With its close proximity to major regional markets, coupled with our strong intellectual property laws, Singapore is one of the key printing destinations of many leading multinational corporations and international publishers.

The printing industry’s role in Singapore’s economy is equally important. The industry employs over 17,000 workers and contributes some $1.3 billion of value-added to the Singapore economy. Singapore printers directly exports about 30% of total printing output

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Innovate into the future

Operating in a global environment, Singapore printers face immense price pressures, overcapacity in the industry and competition from cheaper regional manufacturers. Rising costs of operations are further eroding their declining profit margins.

On the other hand, the emergence of digital media and electronic books are also changing the print industry fundamentally.

Therefore, for printers to succeed in the long-run, they will need to adapt to the new competition landscape. They will have to revamp their business models and find new ways to create value for their customers.

Teckwah Print Media Hub

The development of the Teckwah Print Media Hub is an exciting milestone in the company’s transformative journey and within the industry itself.

The first facility, Print Media Hub 1 was jointly conceptualised in 2004 by SPRING, JTC and industry members as a one-stop business centre for print buyers. Industry members who were part of the consultative process eventually became tenants of Print Media Hub - a testament to the strong collaborative efforts between government and industry.

The upcoming second facility, Teckwah Print Media Hub, showcases the shift in printing business going beyond ink-on paper.  While Print Media Hub 1 focuses on the production of traditional printed media, Teckwah Print Media Hub will integrate conventional printed contents with digital media. Players along the information dissemination value chain, from content development to data management, will be housed under one roof.

Teckwah Print Media Hub will act as a focal point where marketers and publishers alike can go to, to develop a holistic integrated campaign. Marketers, advertising agencies, printers, designers, digital marketing agencies can come together to develop a campaign that spans across various channels of dissemination. This is unlike previous instances where players in print and digital media work in isolation from one another.

The increased interaction will lead to creation of more effective integrated campaigns. It could also catalyse the development of innovative products. For instance, hybrid books that takes the concept of the enhanced e-book and integrates it with digital media to provide a different and unique reading experience.

Transformation is Key to Progress for the Printing Industry

 To remain competitive, the printing industry will need to continue to invest in technologies, human resource development and innovation. They could also consider restructuring and distributing their value chains to take advantage of lower cost operating environment overseas, so that it's Singapore operations remains the nerve center with high productivity.

The Government remains committed in supporting the printing. Last year, SPRING Singapore co-organised a cross-media seminar with the Media Development Authority to educate printers on the changing business models of printers overseas. SPRING Singapore will continue to work closely with other government agencies, the Print and Media Association of Singapore (PMAS) and industry partners to roll out more capability building programs in digital media.

Teck Wah Industrial Corporation is well poised for future challenges. I congratulate the management and staff of Teckwah on the groundbreaking of its new facility. I wish you great success in the years ahead.  

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Source: Economic Development Board Research & Statistics Unit