Despite pandemic, Singapore attracts US$13 billion in investment

When these projects are fully implemented, they will create 19,352 new jobs in the coming years.

The Singapore Economic Development Board (EDB) attracted investment commitments amounting to S$17.2 billion (US$13 billion) in Fixed Asset Investments and S$6.8 billion in Total Business Expenditure per annum in 2020. When these projects are fully implemented, they will create 19,352 new jobs in the coming years with a projected contribution of S$31.2 billion in Value-Added Per Annum.

These investment commitments were secured despite a challenging business environment due to COVID-19. According to the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment (FDI) flows fell 49% in the first half of 2020. It expects a 30% to 40% decline in FDI flows for the full year. 

However, many companies proceeded with their investment plans in Singapore because of strong fundamentals, including the value proposition as a trusted and connected place to do business; the economic potential of Southeast Asia and Asia; and EDB’s long-standing engagement of the companies.

“While 2020 has been a challenging year, companies that take a long-term view of their investments still see Singapore as a trusted and attractive business location for transformation, innovation and growth,” said Dr Beh Swan Gin, Chairman, EDB. 

“We are approaching the first half of 2021 with some caution. But if the COVID-19 situation stabilizes in the coming months, there could be grounds for guarded optimism in the second half of 2021.

“We must continue to work closely with companies, industry stakeholders and government agencies to strengthen our economy and enhance our competitiveness, so that we can continue to create good business and job opportunities that meet the aspirations of Singaporeans.”

Image credit: Travelpixs / Shutterstock.com

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