More than 17,000 jobs are expected to be created in the coming years from investment commitments.
SINGAPORE: Singapore attracted a record high of S$22.5 billion in fixed asset investments last year, which is set to create more than 17,000 jobs in the coming years, the Economic Development Board said on Thursday .
"This outperformance relative to our goals was due to the exceptional influx of large manufacturing projects to meet the surge in global semiconductor demand, particularly during the first half of 2022," said EDB managing director Jacqueline Poh at a media briefing. Singapore also secured S$6.2 billion in total business expenditure last year, higher than the S$5.2 billion in 2021. Both figures are within the EDB’s targets of between S$5 billion and S$7 billion.
"More global businesses clearly use Singapore as a hub to build resilience in their operations, as well as to access regional and global markets," Ms Poh said.Looking ahead, the EDB said it does not expect the same level of investments this year due to global macro uncertainties, intensifying competition for investments and a sharp slowdown in demand in the semiconductor industry.
Singapore's own commitment to decarbonisation also means it needs to be more selective in attracting investments that are energy intensive.
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