Arlando said Asia is well-placed for leadership as the world’s new growth frontier, with companies set to reap the benefits of a transformed landscape in the era of Industry 4.0.

Within Asean, the fifth largest region for manufacturing on value-added terms, companies will ramp up their investment in Internet of Things (IoT) technology to more than US$15 billion by next year.

He said that Malaysia, Thailand and Indonesia had launched 4.0 roadmaps to spearhead their respective economic agendas. Singapore has its own Singapore Smart Industry Readiness Index to provide a common framework for companies to start, scale up and sustain their Industry 4.0 efforts.

Arlando said that many manufacturers, especially those in advanced economics, have been looking for ways to exploit digital technologies for better performance.

The rise of new digital industrial technology will transform businesses – and the jobs within them – in the manufacturing and related sectors as countries move towards an economic footing for Industry 4.0.

Lim Kok Kiang, assistant managing director of the Singapore Economic Development Board, said that Singapore has embraced challenges and developed innovative solutions to overcome constraints in water, land and talent.

According to INSEAD’s Global Innovation Index 2015, Singapore is the sixth-most innovative city in the world, and the leader in Asia Pacific. “And companies have tapped on our relentless drive to innovate to create new solutions with a global impact,” Kiang said.

He said that by incorporating innovation into every aspect of its economic development, Singapore is prepared to ride the wave of technological disruption, especially that which is sweeping across the manufacturing industry.

“This new era of manufacturing is one that will see automation such as robotics, additive manufacturing and guided vehicles meet digital technologies such as data analytics, artificial intelligence, and augmented reality to create Industry 4.0, also known as advanced manufacturing, in Singapore,” Kiang said.

He said that in advanced manufacturing, technologies allow companies to have complete control over their entire manufacturing line, across borders and in real-time. Powered by Big Data, companies will be able to make predictive decisions about production quality and quantity, and even anticipate when machines need to be repaired.

“The successful adoption of these technologies and its integration with a competent workforce will be key to enhancing manufacturing processes, improving productivity and reaping cost efficiencies by optimising resources and reducing bottlenecks. All around the world, there is growing recognition that advanced manufacturing holds the key to future economic growth,” said Kiang.

He said that the country was ranked fifth for manufacturing value-added in the 2017 Bloomberg Innovation Index and is the fourth-largest exporter of hi-tech products, as defined by the World Bank, behind only China, Germany, and the United States.

With shifting factors of production now favouring technology-intensive economies, Singapore’s strengths in innovation and its skilled workforce translate into a strong ability to transform its extensive manufacturing footprint and continue punching above its weight, he said.

Anticipating shifts in the evolution of manufacturing, Singapore has embarked on a strategic move towards ensuring the economy and its companies are prepared for the change ahead.

To drive Industry 4.0 in the region, SingEx Exhibitions is joining with international partner Deutsche Messe to conduct Industrial Transformation Asia-Pacific 2018 at the Singapore Expo from October 16-18.

The events aims to provide “the definitive new trade platform for the fourth industrial revolution in Asia- Pacific as the region’s manufacturing community gets ready to embark on, and showcase, their readiness” for transformational change.