Mr. Ng Yeow Meng, Managing Director, WingsOverAsia

Distinguished Guests

Ladies and Gentlemen,

Good Morning

1. I am pleased to join you today at the opening ceremony of WingsOverAsia’s Aviation Lifestyle facility at Seletar Aerospace Park.


Introduction

2. The history of aviation in Singapore goes back more than a century ago. It began in 1911, when a Bristol Boxkite biplane rose into the air for a flight demonstration at the old Race Course at Farrer Park. Today, Singapore has developed a globally competitive aerospace industry, accounting for 10% of global MRO output in 2014.

Aerospace is an important growth sector for Singapore

3. Aerospace is an important growth industry for Singapore, with a total output of SGD$8.3 billion in 2014, contributing close to 1% of Singapore’s GDP. The sector has expanded at a compound annual growth rate of 8.6% over the past two decades, almost double that of our broader manufacturing sector over the same period[1].

4. Throughout the years, several of our local companies have entered the aerospace industry and grown to become successful global companies. SIA Engineering Company and ST Aerospace are now global brands. Many others have found their niche in areas such as aircraft maintenance, product sales, and aviation services.

5. An exemplary Singapore company is WingsOverAsia. Theirs is an inspiring story of a local start-up that has grown to serve global clients and work with global partners. It started out as a social network for aviators and enthusiasts that has since evolved into a leading integrated private aviation lifestyle service provider in Asia. Its business offerings have expanded to include worldwide flight support services, fixed-based operations, grounding handling and MRO.

WingsOverAsia’s new aviation facility will add to the vibrant ecosystem at Seletar Aerospace Park

6. I was pleased to note that WingsOverAsia has chosen Seletar Aerospace Park for its new facility. The Park was launched in 2008 to support the growth of the aerospace sector, and has since grown into a vibrant cluster of high value-added activities. It now hosts more than 60 companies with a mix of MNCs and local enterprises, covering a wide range of high value-added activities including maintenance and repair, manufacturing and assembly of aircraft engines and components, business and general aviation, training, and research and development. The co-location and strong collaboration of global and local companies enhance the value proposition of Seletar Aerospace Park as Asia’s premier aerospace hub.

7. With the support of JTC and SPRING, WingsOverAsia’s new integrated private aviation services facility will not only enable the company’s continued growth, it will further strengthen the ecosystem of activities at Seletar Aerospace Park. The facility will benefit aerospace companies located in the Park by providing a one-stop hub for general aviation support and services, as well as downstream aftermarket activities in MRO and flight support services. WingsOverAsia is already working closely with MNCs such as Dnata, Jet Aviation and Textron Aviation.

8. Going forward, the government will continue to support the efforts of our companies to grow, stay competitive, and to forge productive industry collaborations to achieve this. These are also important priorities under the Committee on Future Economy (CFE), as well as the Industry Transformation Maps that were announced as part of the 2016 Budget.

Conclusion

9. In closing, I would like to welcome WingsOverAsia’s new facility to the Seletar Aerospace Park.   

10. My congratulations once again to WingsOverAsia. I wish you every success.

[1]  The overall manufacturing sector grew at a CAGR of about 5% in the same period.