Investment commitments in Singapore last year met or exceeded the forecast of the Economic Development Board (EDB) for all indicators, but the agency predicts only moderate investment numbers for this year.
EDB said it attracted in 2015 some SGD11.5 billion (US$8.2 billion) in fixed asset investments, which exceeds the forecast of SGD9 billion to SGD11 billion. Total business expenditure per annum and value-added per annum, at SGD5.6 billion and SGD12.3 billion, respectively, were within the forecast ranges.
“This will lead to the creation of 16,800 jobs, when the projects are fully implemented. The results reflect the continued confidence and commitment of global companies in Singapore as a strategic location in Asia for key business functions,” said an EDB statement.
For 2016, the board expects the level of investments to remain moderate due to uncertain global economic conditions. “In addition, we will continue with our targeted approach to investment promotion as Singapore shifts from a value-adding to a value-creating economy.”
Weak global demand is likely to continue affecting Singapore’s manufacturing output, but EDB said it is confident about the underlying health of the manufacturing sector.
It added: “We will continue to explore ways to seize new manufacturing opportunities, as a result of advanced manufacturing technologies such as robotics. There will also be greater focus on helping Singapore-based companies grow new businesses from Singapore.”
“The investment commitments achieved in 2015 are a demonstration of the resilience of Singapore’s attractiveness as a global business hub for leading companies seeking long-term competitiveness as well as pursuing growth opportunities in Asia,” said Dr. Beh Swan Gin, chairman of EDB. “These are exciting times for Singapore as we transition to a value-creating economy.”
The EDB is the lead government agency for planning and executing strategies to enhance Singapore’s position as a global business center.
Photo: William Cho