PM Lee Hsien Loong at the Opening of IM Flash Singapore's Nand Flash Wafer Fab

Mr Steve Appleton, Chairman and CEO of Micron Technology
Mr David Baglee, Vice President of Technology and Manufacturing Group, Intel Corporation
Distinguished guests
Ladies and Gentlemen

Congratulate Intel and Micron on the grand opening of this NAND flash wafer fab

Marks a new milestone for the semiconductor industry in Singapore

At US$3 billion, this is one of the largest investments in Singapore, and will bring significant spinoffs to supporting industries

New wafer fab is state of the art

Singapore’s first 300 millimetre NAND facility

Manufactures NAND flash memory chips using the 25 nanometre process technology

Most advanced volume production process for semiconductor and memory chips today

Such leading edge capabilities will strengthen our semiconductor industry

This is important for two reasons – good growth and good jobs

Good growth

Our semiconductor industry is the fastest growing segment of the electronics cluster, expanding 64% last year

Electronics underpins our manufacturing sector, which is a key pillar of Singapore’s economy

Over the last 10 years, Singapore’s semiconductor industry has consistently outpaced global industry growth

This strong performance has contributed significantly to our economic growth and prosperity

Good jobs

IM Flash Singapore employs 1,200 workers

Six in ten are Singaporeans and PRs, while four in ten are foreigners

Singaporeans and PRs take up 2/3 of the managerial and professional positions, whereas 2/3 of the technician and manufacturing jobs are done by the foreigners

Without the foreign workers, we would not have attracted this US$3 billion investment, and Intel and Micron would have built its wafer fab elsewhere

But by allowing in a controlled number of foreign workers, far from disadvantaging Singaporean workers, we have created more good jobs for Singaporeans

For every 1 foreign worker, we have created 1.5 local jobs in this project

Semiconductor industry as a whole employs 40,000 workers

More than 3,300 new jobs were added in 2010

Many are skilled, high-paying jobs, with good opportunities for advancement, that Singaporeans can take up

Hence semiconductors and advanced wafer fabrication are key areas we want to grow

Global semiconductor industry is fiercely competitive

Today, Singapore ranks second in the world in terms of wafer capacity, compared to other cities

But the only way to sustain our advantage is to keep at the forefront of technology

By bringing in advanced operations, like this NAND flash wafer fab, and also by investing in R&D

For next generation memory chips, A*STAR’s Data Storage Institute (DSI) leads our R&D efforts

It is looking into technologies to make memory chips with 10 times more storage density

This means holding 10 times as much data – songs, pictures and videos – in our smart phones and other devices

DSI’s work will help maintain our status as the leading data storage and memory hub in Asia

Semiconductor industry is also a risky, cyclical business

I know this facility had faced some challenges along the way

Construction was put on hold in 2008 due to the memory chip downturn and global financial crisis

But due to the hard work and active cooperation between EDB and the two partners, project was restarted and is now completed

Commend those who worked on project for pushing ahead despite the obstacles

Thank Intel and Micron for their continued confidence in Singapore

Singapore’s ability to ride the ups-and-downs is a key survival trait for a small country

Can be sure we will face new crises in future

We need to stay nimble, resilient and cohesive to ride the storms

Also need far-sighted leadership who can anticipate problems, plot a safe path through the dangers and find new ways to maximise our opportunities

We can expect to face more competition in the future

Hence must keep ourselves a compelling business location

Attractive business and regulatory regime

Harmonious labour relations

Stable government

Rational and consistent policies, over a long term

Strong commitment to work through challenges with investors

Singapore has done this over past decades

We are determined to keep it up

Work together to keep Singapore growing and prospering, and creating good jobs for our people