Is Singapore still ASEAN’s top draw for global investors?

Eight APAC markets, including Singapore, made the top 25 list this year.

Singapore remains the highest-ranked ASEAN economy in terms of investor confidence for foreign direct investments, according to Kearney’s Global Business Policy Council.

Singapore has dropped three spots to 15th place in the latest 2025 Foreign Direct Investment (FDI) Confidence Index.

The annual survey, which measures investor sentiment on FDI flows over the next three years, highlights a mixed outlook for Asia Pacific (APAC) economies.

Eight APAC markets, including Singapore, made the top 25 list this year — the same as in 2024. The other APAC economies in the top 25 are Japan (4th), China including Hong Kong (6th), Australia (10th), South Korea (14th), New Zealand (16th), Taiwan (China) (23rd), and India (24th).

Japan and South Korea saw notable improvements, rising to 4th and 14th respectively, driven by strong economic performance and robust technology sectors.

In contrast, China fell from 3rd to 6th, reflecting economic headwinds such as an ongoing property crisis and increasing US–China trade tensions.

Investor sentiment from APAC-based respondents, who made up 30% of the survey sample, remains largely positive.

82% plan to increase FDI in the next three years, and half reported increased optimism about the regional economy compared to a year ago.

However, regional headwinds are evident. 43% of APAC investors identified rising commodity prices as the most likely risk over the next year, up from 29% in the previous survey.

A more restrictive regulatory environment in both developed (36%) and emerging markets (28%) also ranks high on investors’ radar. Geopolitical tensions remain a concern, also cited by 28% of respondents.

Whilst Singapore continues to benefit from a reputation for regulatory efficiency and a strong innovation ecosystem, its decline in ranking may indicate heightened scrutiny over trade exposure and rising costs.

The impact of new US tariffs, announced after the survey was conducted in January, could further shape investor sentiment going forward, the report said.

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