The investments are expected to create 22,500 jobs.
Singapore maintained a total of $9.4b fixed asset investments in 2017, according to the year-in-review report of Economic Development Board (EDB).
Whilst the recent investment is similar to that in 2016, EDB noted that the 2017 investments will generate more jobs and higher contribution to Singapore’s economy.
The agency highlighted that 22,500 jobs will be created, higher than 20,100 of 2016, when the projects are fully rolled out. The investments will also contribute $17.2b per year to Singapore’s economy, which is higher than $12.9b in 2016.
“The 2017 investment commitment levels are a demonstration of Singapore’s continued strength as a global business city and manufacturing hub,” said Dr. Beh Swan Gin, chairman of EDB.
Whilst the FAI is forecasted to remain steady this year, EDB predicted the investments will create fewer jobs with a mere range of 16,000 to 18,000.
“We expect the steady and solid level of investment interest from companies to continue in 2018 although there are uncertainties in the global operating environment,” Dr Beh said.
As such, EDB said they will continue its partnership with Workforce Singapore and support Professional Conversion Programmes to help reskill professionals, managers, executives, and technicians who seek career opportunities in other sectors.
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