Despite global uncertainties including the US-China trade war and Brexit, the Singapore Economic Development Board (EDB) secured investment commitments in 2019 that exceeded its forecast.
Investment commitments amounted to SGD 15.2 billion in Fixed Asset Investments (FAI) and SGD 9.0 billion in Total Business Expenditure per annum (TBE) in 2019.
When these projects are fully implemented, they will create 32,814 new jobs in the coming years, with a projected contribution of SGD 29.4 billion in Value-Added Per Annum.
Large manufacturing investments came from semiconductor, as well sa energy and chemical companies. These firms value Singapore’s stability, skilled workforce and competitive manufacturing ecosystem, EDB said in a press statement.
Companies across a variety of industries continued to establish and expand headquarter activities and hub services, as well as build digital capabilities for themselves and their customers. EDB also anchored investments across the innovation value chain, from product management to research and development.
Moving forward, EDB aims to continue its focus on three key areas. They are:
- strengthening Singapore’s position as a platform for global and regional companies to tap into opportunities in Southeast Asia;
- deepening and broadening Singapore’s role as a hub for companies to develop and deliver digital solutions to their own operations as well as to customers in the region and beyond;
- and supporting companies on their corporate venturing journey to create new products, services and businesses out of Singapore.
“The 2019 investment commitment numbers are testament to Singapore’s position as the preferred location for global companies to tap into Asia’s growth, and Singapore’s competitiveness as a hub for manufacturing, innovation and digital activities,” said Dr Beh Swan Gin, Chairman, EDB.
“Although the global operating environment remains uncertain, we are cautiously optimistic that the investment flows in 2019 will continue into 2020 and bring good business and job opportunities for Singapore and Singaporeans.”