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Investments in Singapore's Jurong Island burgeoning chemicals industry are expected to double to $23.52 billion from the current level of commitments of $12.35 billion over the next 10 years.
About 50 companies are producing $6.47 billion/year worth of petrochemicals on the island already, according to Minister for Trade and Industry Lim Swee Say. The chemicals cluster--which includes petrochemicals, pharmaceuticals, and other specialty chemicals--accounts for 21.5% of the value of Singapore's manufacturing sector last year. The sector is being built up as a second leg of manufacturing to reduce Singapore's dependence on electronics. Both Singapore's Economic Development Board and the Jurong Town Corp. are developing the island as a world-class petrochemicals hub.
The Singapore government aims to raise the chemical sector's share even higher--to 30% of manufacturing output--by 2005. Nearly $2.94 …