Following Singapore’s rising interest in utilising solar power to generate electricity, the DITP has urged Thai manufacturers to invest in Singapore’s solar farm industry, as the country targets generating 20% of its electricity consumption from solar power in the future.
“This boom in the solar farm industry in Singapore offers an opportunity for Thai businesses to export electrical parts or equipment to Singapore,” DITP Director-General Chantira Jimreivat Vivatrat said. “Moreover, as the Singapore government promotes overseas investment in this industry, it is also the perfect time for Thai companies to invest in Singapore.”
In 2019, Singapore will further raise its carbon taxes to increase the incentive for generating electricity from solar power instead of natural gas, which currently accounts for 95% of all electrical consumption in Singapore.