Dyson’s Global Hub Shows Singapore’s Open to the World, Lee Says
(Bloomberg) -- Singapore’s prime minister touted vacuum-maker Dyson Ltd.’s new headquarters on the island as a signal it remains an open hub to attract business and talent.
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Lee Hsien Loong used the opening ceremony Friday to back his government’s strategy of luring multinationals and skilled people, a policy that has drawn criticism from some opposition politicians because of concern among voters that foreigners are taking their jobs.
“It is not easy to sustain this, particularly in an environment where there is every temptation, especially politically, to turn inwards and raise barriers to the outside world, to non-Singaporeans to come to work here,” Lee said in a speech. “But if we succumb to the temptation to close our doors, we will surely end up hurting ourselves.”
Singapore has to press its advantages to secure investment by companies like Dyson because of intensifying competition and geopolitical upheavals, Lee said. He spoke a day after the government announced a major reopening of travel and loosening of social controls after the latest Covid-19 wave subsided.
Dyson announced plans to invest S$1.5 billion ($1.1 billion) in Singapore over the next four years. The company has helped to groom local talent since opening its first facility in the city-state in 2007 with 10 staff, Lee said.
“This is the future for tech companies -- to go wherever talent is available and made welcome,” Lee said. “It is also the future for Singapore –- to welcome companies and talent, which can help make us a hub of new ideas and scientific progress.”
Dyson’s Singapore Plans
Dyson in late 2020 announced a strategy to develop new technologies after abandoning an initiative to create an electric car. Its S$4.9 billion global investment plan spans machine learning, robotics and energy storage, focused on its operations in Singapore, the Philippines and the U.K.
The closely held company, best known for its premium-priced cleaning and hygiene appliances, reiterated that it will add more than 250 engineers and scientists in Singapore. Its new home in the city-state -- where founder James Dyson bought properties and set up a family office -- is housed in a re-purposed power station that was formerly one of the biggest nightlife complexes on the island.
The refurbished St. James Power Station will serve as a hub for the company’s research and engineering teams. The site will accommodate Dyson’s commercial, advanced manufacturing and supply chain operations, the firm said. The company employs more than 1,400 people in Singapore, 560 of them in engineering or research roles.
“We are honored to be the custodians of this cathedral-like building,” Dyson said in a statement, crediting the Singapore government’s support for making the project possible. Dyson’s own technology has been used in the restoration of the building, including air purifiers, lighting and acoustic engineering.
Dyson’s journey to build up its presence in Singapore hasn’t been entirely smooth. Back in 2019, the company ditched its 2 billion-pound ($2.6 billion) electric car project, which involved turning a former airfield into a vehicle-testing site and building a car factory in Singapore.
Looking forward, Chief Executive Officer Roland Krueger said the company “will reinvest in our people, equipment and laboratories.”
(Adds prime minister’s comments throughout story)
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