Singapore’s Economic Development Board (EDB) announced that it had pulled in SGD 11.8 billion (USD 8.8 billion) worth of fixed-asset investments in 2021, in line with its medium-to-long-term annual target of SGD 8 to 10 billion. Additionally, EDB recorded SGD 5.2 billion (USD 3.9 billion) in terms of Total Business Expenditure (TBE) per annum in 2021.
When the projects are fully implemented, over 17,000 new jobs are expected to be created, with a projected contribution of SGD 16.8 billion (USD 12.5 billion) in value-added per annum. Investments in 2021 were largely driven by large manufacturing projects from semiconductor and biotechnology companies, which accounted for more than half of the investment commitments secured. However, other sectors such as agri-food, chemicals & materials, and electronics also saw considerable investments. In terms of TBE, a significant contribution was attributed to the growth of the digital economy, due to increased digitalization across all sectors.
While the global economic and investment climate continues to remain uncertain in 2022, Asia is expected to offer vast opportunities as the world’s fastest-growing market for the next decade and is expected to contribute to around 60% of global growth. In anticipation of this, the EDB is continuing to focus on high-growth and high value-added sectors, such as the digitalization, biotech, medtech and green technology sectors.
(Source: Economic Development Board)