RESEARCH REPORT

Research Report: Aerospace manufacturers head to Singapore innovation hub



“Aerospace manufacturers head to Singapore innovation hub”

IntroductionEvery organization looks forward toward reducing its expenses and increasing its market share while they plan to step ahead in the global economy. Therefore, Rolls-Royce also has the same objective while they move towards Singapore in order to make their sophisticated engines and parts. There are various potential reasons found that force Rolls-Royce to look into the risk factors for safe progress in the Singaporean market. In this connection, almost 90% of the company's representatives are locals. The greater part of the professionals and get together labourers at Seletar are procured straight out of the legislature supported Institute of Technical Education, which has 25,000 understudies in professional preparing at any one time operations at global market. The paper aims to present the research report on the case study of “Aerospace manufacturers head to Singapore innovation hub” while examining its potential and threats in the country's market. It also presents the recommendations that can help the company overcome its shortcomings to become a part of the successful economy.

The factors that Rolls-Royce chooses Singapore as its manufacturing location for making sophisticated engines and parts

Political Factor

One of the most potential reasons for Rolls Royce to move towards Singapore is because of its political stability. It is being observed that Singapore holds maximum parliamentary seats and has stable government ever since self-governance was secured in 1959. At present, it has become a republic while representing a unicameral form of government speaking to voting public. Its constitution builds agent vote based system as its political framework. The most apparent fact about Singapore is that the country is also an enterprise friendly state. Besides, the country's government also has a vision to make the country a prominent global hub of talent, enterprise and innovation to build up various other organizations that are partially governed by the government in order to assist the country's business, carrying better business plans and the policies of the Ministries (Matthews & Zhang, 2010, p.4). Therefore, Singapore has adopted the role of global promoter of Corporate Social Responsibility while exhibiting expertise and optimistic advancement in the field from the perspective of the overpowering administrative setup in the surrounding economies. In this regard, The Economic Development Board Act also exists in the country to stimulate the business development, expansion and advancement in Singapore's market (Bowen, 2000, p.31).

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Economic factors

This is one of the most important impacts on how Rolls Royce business operates and makes decision. Besides, Singapore has also become one of the four Asian tigers including Taiwan, Hong Kong and South Korea. Therefore, it is also evident from the fact that the country's economy also has become most innovative, globally competitive as well as business friendly. In fact, over the years Singapore has also become the busiest port at global level with respect total shipping tonnage. To this fact, it has also become the world's most occupied container port and transhipment ...