Singapore continues to attract substantial investments, securing approximately USD 4 billion in fixed asset investment (FAI) commitments during the first half of 2024, as reported by the Singapore Economic Development Board (EDB). This achievement positions the EDB on track to meet its annual FAI target of USD 5.8 billion and USD 7.3 billion. In 2023, the EDB attracted USD 9.27 billion in FAI commitments, following a record USD 16.42 billion in 2022, largely driven by a surge in semiconductor investments.
Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong noted that while some multinational companies, including major tech firms like Dyson and Amazon, have downsized or laid off employees in Singapore, the country remains an attractive investment destination. He emphasized that these corporate changes are often a result of global market shifts rather than indicative of Singapore’s investment environment. The government is dedicated to supporting retrenched workers through skills upgrading and job-matching initiatives.
Recent investments include Amazon Web Services’ commitment of USD 8.76 billion for cloud and AI infrastructure over the next four years and AstraZeneca’s plans to establish a USD 1.46 billion facility for antibody-drug conjugates. These investments are expected to generate substantial job opportunities for Singaporeans, highlighting the critical role of foreign-owned firms in the local economy, especially for high-earning professionals. Amid a complex global landscape, Singapore’s focus on innovation and sustainability is slated to attract diverse investments, supporting strong economic growth and long-term resilience.
(Source: The Business Times)