Latest news with #JermaineLoy
Business Times
02-06-2025
- Business
- Business Times
Dutch high-tech equipment maker VDL ETG opens new facility in Singapore
[SINGAPORE] VDL Enabling Technologies Group (VDL ETG), a Dutch contract manufacturer for high-tech capital equipment, opened a new building in Jurong on Monday (June 2), and plans to invest S$100 million to grow its operations here over the next five years. Located in the Pioneer area, the new 20,000 square-metre building, named SQ1, houses an office block, warehousing and logistics space, and cleanroom manufacturing space. In a statement, VDL ETG Singapore said the office block would be the main 'brain' – where its employees from teams, including engineering, manufacturing, technology development and supply chain, would come together to collaborate and innovate. This is so that the company can meet the current and future demand of customers and tackle challenges to enable the growing demand of the semiconductor wafer fab equipment industry. VDL ETG Singapore, which aims to grow its revenue from the current S$400 million to S$1 billion in the next five to six years, is supported by Singapore's Economic Development Board (EDB) and JTC Corporation (JTC). VDL ETG Singapore currently employs about 800 staff. Over the next few years, VDL ETG Singapore seeks to hire over 400 people in areas such as systems design and development, manufacturing, end-to-end supply chain management and administration. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Close relationship Speaking at the opening ceremony of SQ1, EDB managing director Jermaine Loy said the facility's opening reflects 'the close relationship' between Singapore and the Netherlands as both countries mark 60 years of bilateral relations this year. 'VDL's continued investments in Singapore reflect not just its trust and confidence in Singapore's stable business environment, but also its commitment to do more here,' he added. VDL ETG Singapore is the key contract manufacturer that supplies key modules to the local factories of the original equipment manufacturers of key wafer fab equipment. The company also works with these factories in areas such as surface treatment, product cleaning and precision part fabrication. VDL ETG Singapore said in its statement that the launch of SQ1 paves the way for the company to develop new equipment like precision-engineering tools and automated systems to enhance semiconductor production capabilities. The equipment enables manufacturers to achieve higher yields and better quality control, leading to more reliable and efficient production processes. VDL ETG Singapore's managing director Chiam Sing Chung said: 'The company's latest expansion at the SQ1 facility not only signals investment in infrastructure. It reflects a deliberate and strategic partnership with local suppliers, aimed at creating a smarter, more resilient manufacturing ecosystem.' In his speech, EDB's Loy noted that advanced manufacturing is crucial to Singapore's economy, as it contributes nearly 20 per cent to the city-state's gross domestic product. He added that the semiconductor industry accounts for 6 to 7 per cent of GDP and employs some 35,000 people. About one in 10 chips, and one in five units of semiconductor equipment produced globally every year is made in Singapore.
Business Times
02-06-2025
- Business
- Business Times
High-tech equipment maker VDL ETG opens new facility in Singapore
[SINGAPORE] VDL Enabling Technologies Group (VDL ETG), a Dutch contract manufacturer for high-tech capital equipment, opened a new building in Jurong on Monday (June 2), and plans to invest S$100 million to grow its operations here over the next five years. Located in the Pioneer area, the new building, named SQ1, houses an office block, warehousing and logistics space, and cleanroom manufacturing space. In a statement, VDL ETG Singapore said the office block would be the main 'brain' – where its employees from teams, including engineering, manufacturing, technology development and supply chain, would come together to collaborate and innovate. This is so that the company can meet the current and future demand of customers and tackle challenges to enable the growing demand of the semiconductor wafer fab equipment industry. VDL ETG Singapore, which aims to grow its revenue from the current S$400 million to S$1 billion in the next five to six years, is supported by Singapore's Economic Development Board (EDB) and JTC Corporation (JTC). Speaking at the opening ceremony of SQ1, EDB managing director Jermaine Loy said the facility's opening reflects 'the close relationship' between Singapore and the Netherlands as both countries mark 60 years of bilateral relations this year. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'VDL's continued investments in Singapore reflect not just its trust and confidence in Singapore's stable business environment, but also its commitment to do more here,' he added. Investment in infrastructure VDL ETG Singapore is the key contract manufacturer that supplies key modules to the local factories of the original equipment manufacturers of key wafer fab equipment. The company also works with these factories in areas such as surface treatment, product cleaning and precision part fabrication. VDL ETG Singapore said in its statement that the launch of SQ1 paves the way for the company to develop new equipment like precision-engineering tools and automated systems to enhance semiconductor production capabilities. The equipment enables manufacturers to achieve higher yields and better quality control, leading to more reliable and efficient production processes. VDL ETG Singapore's managing director Chiam Sing Chung said: 'The company's latest expansion at the SQ1 facility not only signals investment in infrastructure. It reflects a deliberate and strategic partnership with local suppliers, aimed at creating a smarter, more resilient manufacturing ecosystem.' In his speech, EDB's Loy noted that advanced manufacturing is crucial to Singapore's economy, as it contributes nearly 20 per cent to the city-state's gross domestic product. He added that the semiconductor industry accounts for 6 to 7 per cent of GDP and employs some 35,000 people. About one in 10 chips, and one in five units of semiconductor equipment produced globally every year is made in Singapore. Over the next few years, VDL ETG Singapore seeks to employ over 400 employees in areas such as systems design and development, manufacturing, end-to-end supply chain management and administration.
Yahoo
21-05-2025
- Business
- Yahoo
PwC launches new AI hub in Singapore
PwC, a UK-based multinational professional services consultancy, has launched a new artificial intelligence (AI) hub in Singapore. The AI hub will focus on setting benchmarks for AI adoption, growing domestic expertise in the sector, and forming key partnerships to enter new markets. Additionally, it will invest in an AI factory to streamline the development of impactful AI solutions. PwC will invest over $4m in Singapore over the next three years to establish this AI hub firmly. It has also garnered support from the Singapore Economic Development Board (EDB). The new hub will partner with higher education institutions like the National University of Singapore to offer professional development and internships. It aims to equip students with practical AI engineering skills. While it currently employs a team of 15 researchers and data scientists, PwC aims to increase that number to 20 within twelve to fifteen months. Marcus Lam, executive chairman at PwC Singapore, stated that Singapore was the clear choice for the AI hub because of its strong infrastructure, economic stability and pro-business government policies. 'As a popular regional HQ hub, Singapore is the natural fit to advance PwC's AI ambition,' he added. Jermaine Loy, managing director at the EDB, welcomed the new AI Hub, citing PwC as a critical partner for the country's AI adoption across industries. This adds to the growing list of companies investing in Singapore's AI ecosystem. Recently, Oracle also opened its AI Centre of Excellence in March. PwC operates globally with over 370,000 employees. Since 2024, it has announced investments in Switzerland, the Philippines, Portugal, Australia, Ireland, and the US. "PwC launches new AI hub in Singapore" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
22-04-2025
- Business
- Business Times
Wanted: Business founders to build up their next big venture from Singapore
[SINGAPORE] The Economic Development Board (EDB) on Tuesday (Apr 22) launched a programme designed to help seasoned business founders and innovators to launch and scale their next venture from Singapore. The Global Founder Programme (GFP) seeks to strengthen Singapore's startup ecosystem by giving a leg up to innovative new ventures with the potential to become global industry leaders, EDB said in a statement. Describing Singapore as a 'nexus of global business, innovation and talent', EDB managing director Jermaine Loy said the agency hopes to build globally minded ventures 'right here in Singapore' through the programme. Successful GFP applicants will be able to tap into Singapore's technology infrastructure, research and development capabilities, and deep talent pool to support the growth of their ventures. These founders will become part of a community of like-minded entrepreneurs, strategic partners, investors and advisors, and be given access to curated programmes. Participants will also be invited to apply for the Overseas Networks & Expertise (One) Pass – a work pass for top talent that opens the way for holders to start, operate and work for multiple companies concurrently. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up EDB added that successful founders will also get support for streamlined business setups and talent facilitation, so they can build high-performing teams in Singapore. They will be also connected to experts and potential customers at key growth stages – which would enable them to refine product-market fit and business strategies, forge partnerships, access capital, and expand into new markets. EDB defines founders as individuals with a proven track record of building and scaling successful new businesses. They would have, for example, grown a startup into a global company, played a key role in launching major products or business lines in a multinational or tech unicorn, or led a deep-tech venture to commercial success in sectors such as healthcare, hardware, artificial intelligence or the green economy. Applicants should also be ready to establish and scale their next venture with Singapore as their global headquarters.
