During his Budget 2025 speech today (February 18), Deputy Prime Minister and Minister for Finance Lawrence Wong highlighted several key companies playing pivotal roles in Singapore’s economic future.
These companies were celebrated not only for their growth but also for their contributions to innovation, technological advancement, and workforce transformation.
Grab, Sea and Razer were among the mentions, but most would recognise these businesses as they have established themselves either as regional or industry leaders.
Here are the other companies PM Wong had mentioned during his speech, and what they do:
1. Illumina
Illumina Singapore was acknowledged by PM Wong for its role in advancing life sciences and fostering innovation within the biotechnology sector.
Headquartered in San Diego, California, Illumina’s first Singapore facility opened in 2008. The company focuses on DNA sequencing and genetic research technologies.
Illumina has made contributions to global healthcare, while also supporting local companies such as tech services provider Venture Corporation, manufacturing firm Sunningdale Tech, and the National Cancer Centre Singapore.
In July 2024, Illumina signed a research collaboration agreement with the National Cancer Centre Singapore.
According to the press release, this partnership aimed to enhance the diagnosis and treatment of adolescent and young adult (AYA) lymphoma in Asian cohorts, potentially improving outcomes for over 1,000 patients in Singapore each year.
2. AEM Holdings Ltd.
AEM Holdings was mentioned by PM Wong for its contributions to research and development, specifically in the semiconductor industry.
Established in 1990, the company has played a critical role in advancing Singapore’s semiconductor capabilities, and its solutions help detect manufacturing defects that could otherwise compromise product quality.
The company now has a global footprint across Asia, Europe and US.
3. Singapore Airport Terminal Services Limited (SATS Ltd.)
SATS, a provider of aviation solutions, was highlighted by PM Wong for its efforts in workforce transformation, particularly in supporting skills development through partnerships with the National Trades Union Congress’ (NTUC) Company Training Committee.
According to PM Wong, the company fully sponsors its employees’ out-of-pocket programmes. From just 1,673 staff in 1972, the company has grown to employ over 50,000 people, serving customers in more than 215 locations across 27 countries worldwide.
- Read more articles we’ve written about Budget 2025 here.
Feature Image Credit: SATS via website, AEM Holdings via website, Illumina via Shutterstock
