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16-05-2007
SINGAPORE
auto parts makers, which hope to ride on their
advanced electronics technology and research
and development capabilities, are vying for
a bigger role in China's rapidly expanding demand
for car components.
More than 32 Singapore auto parts suppliers
and representatives from 16 international procurement
offices in China gathered yesterday at Auto
IGNITE Shanghai Roadshow 2007, the first auto
part sourcing event organized by International
Enterprises Singapore, a state-owned trade promotion
agency.
"Sourcing in China is going up and it would
provide greater business opportunities for us,"
said Andrew Khaw, acting director of Corporate
Group, electronics and precision engineering
and infocomm technology Division at IES.
Singapore auto parts makers now focus on five
product areas including audio & telematics,
automotive electronics, passenger restraints
& interior, transmission and body structures.
The Southeast Asian country plans to make use
of its advanced electronics technology such
as hybrid circuits to attract more buyers and
increase its competitiveness against China's
cheaper-price rivals.
"It is no wonder that electronics functionality
is going to be a key differentiator for the
automotive industry in the years to come,"
Khaw said.
More than a quarter of Singapore's gross domestic
product comes from the manufacturing industry,
with the electronics sector contributing more
than 50 percent of the total output.
The Lion City has started t o develop the automotive
supporting industry into one of international
standing and hopes to double output to S$1 billion
(US$659 million) by 2008.
Singapore hopes to snare some of the market
amid the bullish development of China's auto
industry.
An annual growth rate of 25 percent in vehicle
sales has increased the demand for auto parts,
and the sector is likely to draw a revenue of
US$161 billion by 2010, the China Association
of Automobile Manufacturers said.
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