Report: Enterprises promote AI development to help Singapore maintain its 3% economic growth target

report points out that Singapore is one of the highest AI penetration markets in the world. More than 70% of Singaporean companies have adopted AI, and the main application scenarios include improving employee productivity, saving manpower, product development, customer-oriented applications, and improving supply chain efficiency.

Morgan Stanley expects that by 2026, New Telecom will have more than 200 MW of operating capacity locally.

The report said that New Telecom, Keppel and Sembilan Industry (SCI) will become promoters of AI development. XinTelecom is leading the way in building AI infrastructure, and the company is expanding Singapore's data center capacity and building AI plants in Southeast Asia.

Economists believe that continuing to promote the development of artificial intelligence (AI) projects can help Singapore maintain its 3% economic growth target. This growth rate will ensure that Singapore remains among the world's fastest growing advanced economies. Local companies such as Singtel and Keppel will become enablers of AI development.

Keppel and Sembilan Industry (SCI) will be the main beneficiaries of AI development, especially Keppel, which has the ability to provide integrated power, connectivity, data center and decarbonization solutions.

Singapore currently has more than 80 active AI research institutions, 150 AI R&D and product teams, and more than 1,000 AI startup companies.

On the eve of the 60th anniversary of the founding of Singapore (SG60), Morgan Stanley released a report exploring how AI can help Singapore overcome economic growth challenges such as population aging and manpower shortage.

In terms of the application of AI technology, Grab is regarded as an important enterprise to promote technological innovation and an important force in promoting the application of autonomous driving.

200 MW means that data centers can accommodate large amounts of high-performance computing resources, especially supporting AI model training and large-scale data processing.

In addition, Donghai Group (Sea), Singapore Airlines (SIA) and Xinke Engineering (ST  Engineering) are regarded as companies with significant innovation drives in the field of AI.