Singapore is one of the world’s leading chemical hubs, with a mix of over 100 global chemical firms locating their major operations here. Most are located at Jurong Island, a sprawling 3,000-hectare infrastructure formed from the seven offshore islands. The integrated ecosystem on the island creates the right synergies, enabling the industry (including petroleum & petrochemicals) to contribute nearly 3% of Singapore’s GDP in 2015.Today, Singapore is the world's fifth-largest refinery export hub and ranks within the top 10 globally by chemical exports volume1.
The industry continues to expand its scope to include value added services like manufacturing of specialty chemical formulations. With the plans to improve the capabilities of companies through the Energy & Chemicals Industry Transformation Map (ITM), the industry is expected to create S$12.7 billion in value-add and 1,400 new jobs by 2025. The national plan aims to have more chemical plants adopt advanced manufacturing technologies in areas such as refining petrochemicals and specialty chemical activities.
Singapore as a carbon services hub
Carbon services and trading is an emerging area of economic opportunity for Singapore. With advantages such as an existing ecosystem of carbon services and its proximity to Southeast Asia, Singapore is well-positioned to become a carbon services and trading hub for Southeast Asia and the Asia Pacific2.
1 Straits Times
2 Study of Singapore as a Carbon Services Hub