SINGAPORE has bagged over S$750 million in investment commitments from more than 10 aerospace projects. The sector is also expected to hire over 2,500 roles over the next three to five years.
Cindy Koh, executive vice-president of advanced manufacturing group at the Economic Development Board (EDB), revealed these in a presentation at the Singapore Airshow 2024 media briefing on Sunday (Feb 18).
“These investment plans span across different parts of the global aerospace value chain,” she said.
“Aerospace companies expect to hire more than 2,500 employees in the next three to five years to support the recovery of the industry and investments.”
These include jobs in the operator, technician, engineering and corporate divisions.
One of the investment commitments was Pratt & Whitney’s expansion of its Singapore engine centre for the GTF engine fleet by over 60 per cent.
Some of the investment commitments that will be announced at the Singapore Airshow are expected to be in fields such as advanced manufacturing and MRO, innovation and sustainability.
Today, there are over 130 aerospace companies in Singapore. They are engaging in activities such as maintenance, repairs, operations (MRO) and research and development.
Meanwhile, Singapore’s MRO output recovery has outpaced that of global aerospace by a year, growing 16 per cent year on year, added Koh.
Companies also ramped up their hiring over the past two years, with total aerospace employment increasing by almost 3,000 to over 21,000.
EDB will engage in discussions with Chinese aircraft manufacturer Comac, Koh said. Comac is one of the exhibitors taking part for the first time at this year’s Airshow.
In spite of heightened geopolitical tensions, the annual event did not see an increase in interest from militaries or governments, Leck Chet Lam, managing director of the airshow oragniser Experia Events, said in response to a media query. Interest was split between civil and defence segments.
The Singapore Airshow will take place from Feb 20-25 at the Changi Exhibition Centre. Over 1,000 companies from more than 50 countries and regions are taking part.
