Investment commitments in 2016 met or exceeded the Singapore Economic Development Board's (EDB’s) forecasts for all indicators, reflecting the continued confidence of global companies in Singapore as a strategic
location in Asia to drive growth and innovation of their businesses.
EDB
will continue to capture opportunities in growth sectors to generate sustained growth and
create good jobs for Singaporeans. In 2016, EDB attracted S$9.4 billion in fixed asset investments (FAI), which is at the
upper end of the forecast of S$8 to S$10 billion. Total business expenditure per annum
(TBE) stood at S$8.3 billion, which exceeded the forecast range partly due to large-scale shipyard
projects committed. Value-added per annum
(VA) and expected jobs, at S$12.9 billion
and 20,100 respectively, were within the forecast ranges.
For 2017, investment commitments are expected to be comparable to 2016 levels. TBE, however, is expected to return to earlier levels as the large shipyard projects
committed in 2016 have long investment cycles and will not recur in the near future. This
overall outlook reflects the steady growth in
Asia and Singapore’s resilience as a strategic
location to drive growth and innovation.
EDB will also seek to consolidate Singapore’s position as a high-value manufacturing
base by capturing opportunities in advanced manufacturing. Strategies include anchoring
lead adopters of advanced manufacturing in Singapore, while building up an ecosystem
of suppliers and enablers to develop technologies and solutions. In addition, EDB will
partner other government agencies such as SkillsFuture Singapore and Workforce
Singapore, companies and institutes of higher learning to ensure that there is a pipeline
of fresh graduate and mid-career entrants into the manufacturing workforce.
“The investment commitments attained
in 2016 are a testament to Singapore’s
attractiveness and strengths as a global business hub. We will continue to seize economic
opportunities brought about by growth sectors including advanced manufacturing, hub
services and digitalisation, and help Singaporeans
take up new jobs with skills upgrading
programmes,” said Dr Beh Swan Gin, Chairman EDB. “Despite the uncertain operating
environment in 2017, the level of investment interests from companies remain stable. We
will also focus on transforming existing industries to boost our economic competitiveness
and uncover new business opportunities for companies in Singapore.”
Interested?
Read the WorkSmart Asia blog post about business sentiment in Singapore for the coming months
