Singapore Looking to Restart Manufacturing Activity Soon
Singapore is actively looking to resume economic activity, with its trade minister confirming over the weekend that it could soon restart its manufacturing sector as curbs ease in the coming weeks. According to Chan Chun Sing, minister of trade and industry, priority will be given to restore activity in those sub-sectors that are tied to global supply chains, such as biopharmaceuticals, petrochemicals and precision manufacturing.
Amid the ensuing shutdowns, only 17% of Singapore’s manufacturing industry is currently working to keep essential services running and providing support to global production chains. However, before increasing the manufacturing activity, curbs have to be enforced to ensure minimum risk of spread of coronavirus as workers return to factories and offices.
According to confirmation by the government, Singapore is expected to allow some businesses to reopen starting May 12. Most of the restriction and curbs, however, are expected to remain in place at least until June 1 in a bid to contain the spread of the virus.
The city state and one of Asia’s fastest growing economies is expected to experience the worst ever recession on record due to the pandemic.
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