I am an armchair economist regarding SG, but I would that say semiconductor manuf has been heavily subsidised by the gov't. As I understand, the "one trick" is to "get the plant built". They do whatever it takes to get the next plant built. Once built, it is very hard (economically) to stop running a semiconductor plant. This creates long-lasting, genuine economic growth for SG.
Also, their petro-chemical industry is surprisingly large for a tiny country. I'm not talking about the simple trading of crude oil and gas; I'm talking about real value add by refineries and chemical plants. Again, I am not an expert here, but I assume that the SG gov't provided handsome benefits to the global supermajors to build huge refineries and chemical plants.
Also, their petro-chemical industry is surprisingly large for a tiny country. I'm not talking about the simple trading of crude oil and gas; I'm talking about real value add by refineries and chemical plants. Again, I am not an expert here, but I assume that the SG gov't provided handsome benefits to the global supermajors to build huge refineries and chemical plants.