Mr Sanjay Mehrotra, President and CEO, Micron Technology,

Distinguished guests,

Ladies and gentlemen,

1. Good morning. It is my great pleasure to join you here today at the groundbreaking ceremony of Micron’s HBM Advanced Packaging facility.

2. This new investment comes at an inflexion point for the global semiconductor industry.

a. First, the market for semiconductors across various applications, such as automotives, communications and computing, is projected to almost double over the course of this decade, to about US$1 trillion by 2030.

i. In particular, the recent boom in generative AI has accelerated the need for high-performance memory solutions, as AI workloads grow strongly. This has given rise to a surge in demand for high bandwidth memory (or HBM in short), which enables rapid exchange of data with its stacked design and proximity to the processor.

b. Second, amidst intensifying geopolitical contestation, semiconductors have been subject to a myriad of trade and investment barriers; these include export controls and outbound investment screening.

i. Such rules and restrictions have significant implications not only on existing production and supply chains for the semiconductor industry, but also future investments, especially in the development of new technologies and innovations.

c. Third, the pressure for greater environmental sustainability will grow in the years ahead, as the effects of climate change become more immediate and significant.

i. This will drive the demand for innovations into more power-efficient solutions, such as in AI servers.

3. Singapore will work with the industry to seize new growth opportunities, while strengthening our resilience and enhancing our sustainability.

a. Our value proposition lies in our strong and enduring fundamentals, including a skilled talent pool, innovation and research capabilities, and pro-business environment.

b. These fundamentals have served us well and enabled us to build up a strong semiconductor ecosystem over the years – from IC design, to wafer fabrication, and to assembly and test.

c. We are committed to being a stable, reliable and trusted partner for trade and investment.

i. We will continue to invest in infrastructure to meet the needs of companies’ operations and expansion.

ii. In particular, we will also work with our companies to help them decarbonise, and support the adoption of energy-efficient systems and new abatement technologies.

iii. We will also push ahead on various pathways towards a cleaner energy mix, including electricity imports, solar deployment and other low-carbon alternatives such as hydrogen, geothermal energy and biofuels.

4. Our partnership with Micron over the past 27 years is a good example of what we can achieve together through such deep, long-term partnerships.

a. Since its entry into Singapore in 1998 through the acquisition of Texas Instruments’ memory business, Micron has invested more than S$40 billion here in Singapore.

b. Today, Singapore is Micron’s primary manufacturing location for leading-edge NAND chips, designed for data-intensive and demanding storage applications.

c. The latest investment in HBM production further deepens our partnership with Micron.

i. It will allow Micron to expand its capacity for advanced packaging, and strengthen the company’s position in memory and storage solutions.

ii. As the first HBM facility in Singapore, it will allow us to establish a foothold in a new product segment with strong growth potential, especially given the growth of AI.

1. It also complements other projects in the field of advanced packaging, such as Applied Materials’ EPIC Advanced Packaging platform that I had launched a couple of months back.

d. I want to thank Micron for its confidence in Singapore and look forward to further investments in time to come.

5. As we chart the next phase of Singapore’s economic development, we look forward to deepening our partnerships with companies such as Micron to grow an innovation-driven economy.

a. Today, the semiconductor industry contributes about 8% of our GDP, and is a key pillar of our advanced manufacturing sector.

b. We will continue to invest in growing our semiconductor industry, by doubling down on our areas of strength, such as specialty semiconductors and NAND memory fabrication, and seeking out new frontiers, such as in HBM.

c. This will in turn benefit our larger semiconductor ecosystem, including equipment manufacturers, and suppliers across spares, materials, facilities and services.

d. It will also enable us to create more good jobs for Singaporeans.

i. For example, Micron's HBM advanced packaging facility is expected to create around 1,400 new jobs at the start, and potentially a total of 3,000 new jobs in future expansion plans.

ii. This is in addition to over 9,000 employees it has in Singapore currently.

e. Last but not least, I am glad to hear that Micron has forged strong partnerships with our educational institutions, such as through MOUs with our five polytechnics and with our ITE.

i. These collaborations will not only help Micron build a stronger talent pipeline, but also open up more career opportunities for our students across all levels, especially those in STEM disciplines.

6. Let me congratulate Micron once again on the groundbreaking of this new HBM facility in Singapore. This is not just the start of an exciting new chapter for Micron, but also for our local semiconductor industry.

7. I would also like to take this opportunity to recognise the Micron Singapore team for their dedication and operational excellence all these years, without which today’s expansion will not be possible. Well done!

8. I look forward to the successful completion of this new facility, and to forge a deeper and stronger partnership with Micron in the years ahead.

9. Thank you.