Future of semiconductor industry remains bright despite current slowdown: DPM Heng

SINGAPORE - The current slowdown in the global semiconductor industry does not dim its future prospects, and the latest investment here by European chipmaker STMicroelectronics reflects its strategic perspective, said Deputy Prime Minister Heng Swee Keat on Tuesday .

There are more than 60 semiconductor companies in the Republic, making up 11 per cent of global market share. The semiconductor industry forms about 7 per cent of Singapore's economy. STMicroelectronics' new facility will more than double ST's 8-inch manufacturing capacity in Singapore, and is among moves augmenting its strength in the areas of car electrification and digitalisation, and other high-growth industrial processes.

The new facility has added 400 new jobs to the company's current workforce. STMicroelectronics now has close to 5,000 workers here. Over 40 per cent of its front-end manufacturing roles here are that of operators, followed by engineers and technicians. At the event, STMicroelectronics chief executive Jean-Marc Chery said there is an ever-increasing demand for complex electronics systems, which are needed for products that help to solve challenges such as population increases and rising complexities in mobility, among others.

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