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Singapore defence market: Expenditure forecast to reach $13.4 billion by 2018

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PR-Inside.com: 2014-04-03 21:04:03
Singapore´s army is considered to be the most advanced military force in Southeast Asia, and the country´s military expenditure, which stands at US$9.9 billion in 2013, grew at a CAGR of 6.75% between 2007 and 2012. Singapore has one of the strongest defence industries in South East Asian region, and is expected to grow at a CAGR of 6.2% to reach US$13.4 billion by 2018.Threats presented by terrorist organizations, such as Jemaah Islamiah, the acquisition of automated equipment and overseas training for its armed forces are expected to drive the growth in country´s defence expenditure. In addition to this, Singapore has been actively participating in international peace-keeping and relief operations. Owing to these factors, Singaporean defence expenditure is projected to register a CAGR of 6.21% during the forecast period (2012-2018).The country´s defence expenditure is high due to threats posed by terrorist organizations, pirates, and the small size and costly training needs of the country´s army. These factors require the government to acquire advanced weaponry in order to protect against existing, and potential security threats. Threats from Terrorist organizations, such as the Al-Qaeda-linked Jemaah Islamiah (JI), and other regional terrorist groups, pose a constant threat to Singapore´s national security.The main threat, JI, is an extremist group that operates in the south-east Asian region, with the desired aim of creating an idealized Islamic state; this would consist of Indonesia, Malaysia, Singapore, the southern Philippines, and southern Thailand. As a small and densely populated island, a relatively small terrorist attack could cause significant damage to the country. The threat posed by terrorist organizations therefore compels the Singaporean Government to invest heavily in defence procurements.The majority of the financial institutions operating in South Asia have their headquarters in Singapore, which makes it imperative that the government improves the levels of cyber security in the country; it is expected that Singapore will spend 1-2% of its current defence budget on cyber security. In 2013, Singapore launched a five-year cyber security master plan, to develop the country into a trusted ´infocomm´ hub by 2018.As a result, the Singaporean military has set up a new Cyber Defence Operations Hub, with the aim of guarding the country´s systems against virtual attack, by consolidating cyber-security efforts. Singapore has made efforts to promote cyber security measures through leveraging publicity channels; these include road shows and educational programs. The MINDEF is expected to invest US$215.0 million in cyber security measures by 2023.According to SIPRI, Singapore is now the world´s 20th biggest arms exporter and registered a trend-indicator value (TIV) of 12 million in 2011 to 76 million in 2012 in terms of volume of exports of major conventional weapons. During the period 2008-2012, Thailand was the largest importer of Singaporean defence goods, accounting for 55.9% of total defence exports, which was largely attributed to the signing of a deal worth US$160.0 million for the endurance amphibious assault landing ship, which was delivered in 2012.

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