| Singapore's emergence as an important node of global electronics industry is well regarded as an example of what is possible over the horizon for all the developing and underdeveloped economies. Getting down to its history of nation born under confounding developments that was so threatening that a number of prominent leaders had written its obituary as soon as the declaration of independence was made, and the achievements against all odds to pursue industrialization along a path starkly in contrary to the contemporary wisdom, earned Singapore well deserved admiration and respect.The success of its electronics industry was synonymous to the success story of the nation during the early years. While Singapore has diversified and is less dependent on electronics, the industry still makes up 29.46% of manufacturing sector, and 22.84% of the manufacturing employment, both on declining trends since late 90s. The government attempts to retain its competitiveness by incentisizing R&D investments. Unfortunately, the pool of private firms are primarily footloose foreign companies who could quickly migrate when the landscape changes. The gloom is still prevalent with questions over its prospect and viability.This article, venturing into observations of the evolution and emerging trends in the industry and experience of competing economies, concluded that while focus on R&D is necessary and timely, but out of 4 key measurements, it is behind on 3 (knowledge creation, knowledge dissemination and knowledge application) while ahead on 1 (knowledge acquisition). It is encouraging that the key industrial developments, characterized by trend setting innovation in new dimensions of competition and profit generation, hold great promise for resource poor countries like Singapore. The answer lies in Innovation culture which is inhibited by a number of nevertheless rewarding socio-economic development but must be reengineered to tap the full promise of knowledge based economy. |
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