Singapore attracted S$10.9b worth of investments in 2018: EDB

SINGAPORE — The Republic secured S$10.9 billion worth of inbound investments last year, although business expenditure declined, the Singapore Economic Development Board said on Thursday (Feb 14).

Fixed asset investments (FAI) last year exceeded the target of between S$8 billion and S$10 billion.

Once the committed projects are fully implemented, these investments are expected to create 17,400 jobs — 22 per cent lower than 2017’s figure — and add S$13.6 billion per year to the Singapore economy.

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Total business expenditure met forecasts but fell from S$6.5 billion in 2017 to S$6.2 billion last year.

Still, the EDB noted: “The results reflect Singapore’s continued strength as a manufacturing hub, and as the preferred location in Asia for global companies to base key business functions that drive innovation and growth.”

A CLOSER LOOK AT THE NUMBERS

• By industry, investments in Research and Development are expected to yield the highest value-add, at S$3.6 billion.

• In second place: Infocommunications and Media, with an expected value-add of S$3.2 billion.

• Investments in Research and Development are also expected to create the most jobs (3,872).

• This is followed by the Engineering and Environmental Services industry (3,795).

LOOKING AHEAD

The EDB expects FAI and total business expenditure to stay at the same level this year. It is also expecting the same number of jobs to be created this year.

This is on the back of dampening demand and global operating environment uncertainties, leading to an easing of global growth.

The agency has also set out five priorities for the year ahead:

1. Against the backdrop of global trade tensions, the EDB sees an opportunity for the Republic to be a platform for regional and global businesses to expand into Asean.

2. It will continue to attract leading manufacturers to invest in advanced manufacturing here.

3. It aims to develop Singapore into a digital hub for non-manufacturing companies.

4. The EDB will also connect companies with institutes of higher learning to establish corporate labs. It will take a more active role in helping companies that want to create new products, services and businesses.

5. Riding on technological disruption, it will help industries previously thought to be unviable to open up new growth areas.

THE EDB SAYS

“The 2018 investment commitment numbers are testament to Singapore’s continued strength as a global business city and a hub for manufacturing. There are significant uncertainties in the global operating environment and signs of softening in many economies around the world. However, the level of investment commitments in Singapore is likely to remain resilient through 2019” — Dr Beh Swan Gin, EDB chairman.