Key Markets

In 2015, China’s State Council announced “Made in China 2025” (MIC 2025) – a 10-year national initiative to transform China into a global manufacturing powerhouse. The programme aims to increase the domestic content of core materials to 40% by 2020 and 70% by 2025.

With Singapore’s manufacturing experience and track record in serving global high-technology manufacturers, you can work with Chinese manufacturers to create “smart factory” standards and solutions for the world.

This one-stop business service centre supports Singapore enterprises in venturing into the China market through a suite of integrated services including business advisory, market information and business matching.

Launched in 2014, “Make in India” is a government initiative that encourages international companies to choose India as a product manufacturing base. Spanning states from Tamil Nadu, Maharashtra to Rajasthan, this programme enables foreign businesses to invest in production services for up to 25 different sectors.

1. Looking to test the market with your products? Start by trading with India first. Manufacturing in India presents Singapore companies with opportunities to produce parts for export as well.
2. Build strong relationships with local partners. Establishing a business in India requires patience and persistence, and learning the local conduct and culture will help you in conducting business.
3. Learn about India’s tax rules and business setup process. When planning your business development, leverage the “Make in India” programme to build clear operational strategies.

Rich in many industries such as chemicals, food and beverage, metals and motor vehicles, SEA nets about 5% of global manufacturing value.

Overall foreign direct investment into SEA reached US$619 billion in 2021, promising signs of high socioeconomic growth and profit potential for international businesses like yours.

1. Create an appropriate strategy to enter your desired target market. Success in overseas business ventures and risk management depends on your strategy towards having local partnerships, or independently entering the market.
2. Build strong relationships with local stakeholders, including economic agencies (eg. Board of Investment (BOI) for Thailand, or the Malaysian Investment Development Authority (MIDA) for Malaysia). Establishing a business footprint in SEA requires much patience and persistence to learn the local sentiments and cultures of conducting business.
3. Tap increasing consumer spending and demand trends in SEA due to a growing middle class.

Key markets include MedTech, where America leads the world with a long list of large MNC MedTech owners, including Baxter, Stryker, Boston Scientific, and Medtronic. The US holds approximately 40% share of the global MedTech market. EnterpriseSG can help SGMedtech contract manufacturers access this market share through manufacturing opportunities through product ownership.

Silicon Wafer Manufacturing is another key segment as trade tensions have uncovered gaps in the market which firms with capabilities can plug. The strong push from D.C. has spurred businesses across America to source for local content. Firms can thus look to strong growth in the semiconductor back end space, and understand trends and opportunities in new upcoming areas of silicon photonics and advanced packaging.

Consider EnterpriseSG’s financial and non-financial support schemes, to promote and facilitate physical setups in the USA and assimilate into the local semiconductor ecosystem.

EnterpriseSG's presence can be felt from coast to coast, with Overseas Centres in the key cities of Los Angeles and New York. They can connect you with business opportunities in America and identify market gaps, trends and potential partners for firms. Through Trade Associations and Chambers (TACs) like Singapore Semiconductor Industry Association (SSIA), members can explore curated opportunities with potential partners, and consider consortias to provide end to end solutions.

You can also consider pivoting towards Mexico, where low labour costs paired with high technology and standards, have led to competitive growth in the manufacturing sector. Mexico's close proximity to the US, strong trade links with USMCA and abundance of logistical networks crossing the border provide companies with an abundance of options for expanding into the North American market.