18 May 2012 07:15 [Source: ICIS news]
KUALA LUMPAR (ICIS)--?xml:namespace>
Tay Kin Bee, chairman of Singapore Chemical Industry Council, said the availability of new feedstock will enable higher valued downstream chemical manufacturing to be set up.
A projected capacity was not given, however in 2011;
Tay was speaking at the 34th annual Asia Petrochemicals Industry Conference (APIC) being held in
SCIC said that its chemical cluster continues to be a key contributor and has re-taken its position as the leading cluster within the manufacturing sector, contributing about 34% to the overall manufacturing output in 2011.
Tay said that to spur the growth of the chemical industry further, the
“Both the private sector and the Singapore government have been increasing the gross expenditure on R&D and is expected to increase from 2.3% of the nation’s GDP in 2009 to a target of about 3.5% by 2015,” he added.
“This augers well for the industries, especially for the chemical industry, as the investments in R&D will spin off many areas of activities and create higher technical knowledge and skill based employees for companies engaging into the production of higher valued specialty chemicals for
Meanwhile, he said that global economic conditions will be subdued in the near term but the rise of the middle class in
Additional reporting by Heather Doyle
($1 = S$1.27)
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