SINGAPORE, Oct 31 (Reuters) – The Singapore government is considering whether to help the city-state's marine and offshore engineering (M&OE) sector, which is facing a prolonged downturn due to the slump in the oil market, the trade and industry minister said on Monday. "The government is studying, in consultation with the M&OE industry and financial institutions, the need for measures for the sector," S. Iswaran said in a speech.
The city-state is running programs worth billions of dollars to support productivity, automation and research, attracting global chipmakers including U.S.-based Micron Technology Inc (>> Micron Technology, Inc.) and Germany's Infineon Technologies (>> Infineon Technologies AG). This investment rush into electronics helped the technology sector log 57 percent output growth on average in October-February from a year ago, and kept Singapore from recession late last year.
A Universal Robots employee demonstrates how a model of their industrial robot arms works in Singapore March 3, 2017. Picture taken March 3, 2017. REUTERS/Edgar SuSINGAPORE (Reuters) - Foreign precision engineering firms are investing more in Singapore, drawn by strong semiconductor demand and government incentives aimed at re-tooling an economy short of skilled labor.