During his Budget 2025 speech on February 18, Deputy Prime Minister and Minister for Finance Lawrence Wong highlighted key companies contributing to Singapore’s economic future. These companies are not only growing but also driving innovation, technological advancement, and workforce transformation.
Some of the companies mentioned include Grab, Sea, and Razer, well-known for their regional or industry leadership roles. Besides these, PM Wong also mentioned other companies for their significant contributions:
1. Illumina:
PM Wong acknowledged Illumina Singapore for advancing life sciences and innovation in the biotechnology sector. Illumina, headquartered in San Diego, California, opened its first Singapore facility in 2008, focusing on DNA sequencing and genetic research technologies. The company has made global healthcare contributions and supported local companies like Venture Corporation, Sunningdale Tech, and the National Cancer Centre Singapore. In July 2024, Illumina signed a research collaboration agreement with the National Cancer Centre Singapore to enhance the diagnosis and treatment of adolescent and young adult (AYA) lymphoma in Asian cohorts.
2. AEM Holdings Ltd.:
PM Wong mentioned AEM Holdings for its research and development contributions in the semiconductor industry. Established in 1990, the company plays a critical role in advancing Singapore’s semiconductor capabilities and helps detect manufacturing defects that could impact product quality. AEM Holdings now operates globally across Asia, Europe, and the US.
3. Singapore Airport Terminal Services Limited (SATS Ltd.):
PM Wong highlighted SATS for its workforce transformation efforts, particularly in skills development through partnerships with National Trades Union Congress’ Company Training Committee. The company fully sponsors its employees’ skill development programs and has grown from 1,673 staff in 1972 to over 50,000 employees serving customers in more than 215 locations across 27 countries worldwide.
These companies play pivotal roles in Singapore’s economic growth and development, contributing to innovation, technology, and workforce skills enhancement.
Feature Image Credit: SATS via website, AEM Holdings via website, Illumina via Shutterstock
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