Singapore EDB lures $11.8b in fixed asset investments in 2021
The investments are expected to create over 17,000 jobs.
The Singapore Economic Development Board (EDB) was able to lure $11.8b in fixed asset investments (FAI) in 2021, which is above their medium- to long-term targets of $8m to $10m.
The investments are expected to create 17,376 new jobs in the coming years with a projected contribution of $16.8b in Value-Added Per Annum, the EDB said.
EDB said 50% of the FAI commitments in 2021 were driven by large manufacturing projects from semiconductor and biotech firms.
Investments were also secured in agri-food, chemicals and materials, and electronics sectors.
Beh Swan Gin, EDB chairman, said the strong 2021 investment commitment is a testament to Singapore's “reputation as a strategic hub and critical supply chain node for companies to do business in Asia and for the world,
“As economies reopen and connectivity is restored, our reputation for reliability and neutrality, our vibrant innovation and tech ecosystem as well as our growing talent base will stand us in good stead to capture more economic opportunities for Singapore,” the EDB chairman added.
Meanwhile, the EDB also reported that total business expenditure per ann (TBE) in 2021 — a company’s incremental annual operating expenditure in Singapore — was $5.2b.
“The growth of the digital economy contributed significantly to TBE commitments in 2021, as digitalisation picked up pace across all sectors,” EBD said.