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The 1970s |
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The 1970s: The move into capital and skill-intensive industries
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By the 1970s, unemployment was no longer a problem for Singapore. Industrial development was surging ahead and EDB marketed Singapore as a quick operations startup location where factories were built in advance of demand, and a highly skilled workforce was readily available. More EDB offices were set up in Europe, USA and Asia.
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Singapore's industrial base widened. The products manufactured became more sophisticated and included computer parts, computer peripherals, software packages and silicon wafers. This led to new investments, particularly in electronics, and product diversification which greatly enhanced export performance in spite of a global recession.
Multinational companies (MNCs) began to undertake R&D activities in Singapore as an extension of their successful manufacturing operations here. This demonstrated their long-term confidence and the strengthening of their industrial bases here.
One example was Texas Instruments. It rolled out its production line just 50 days after committing $6 million to make semiconductors and integrated circuits for export to world markets. It took EDB only six months to secure this major investment, and it heralded the beginning of the electronics industry in Singapore.
Between 1971 and 1976, new EDB overseas centres were opened in Zurich, Paris, Osaka and Houston. In Singapore, a Manpower and Training Unit was established to focus attention on industrial training.
The Overseas Training Programme was drawn up in 1971. This placed young Singaporean workers in apprenticeship programmes in Germany. Discussions began for Joint Government Training Centres with Tata of India, Philips of Holland, and Rollei of Germany. This unique partnership approach to workforce training was the first of its kind and was a significant step forward in Singapore's investment promotion programme.
The world recession in 1975 slowed progress slightly, but Singapore's economy remained nimble and flexible. EDB pushed for more industrial projects and manufacturing became the largest sector in the economy, surpassing trade.
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