Press Release
16 January 2020
1. The Singapore Economic Development Board (EDB) secured investment commitments in 2019 that exceeded our forecast for the year.
YEAR 2019 IN REVIEW
2. EDB attracted investment commitments amounting to S$15.2 billion in Fixed Asset Investments (“FAI”) and S$9.0 billion in Total Business Expenditure per annum (“TBE”) in 2019. The results exceeded our forecast for the year. When these projects are fully implemented, they will create 32,814 new jobs in the coming years with a projected contribution of S$29.4 billion in Value-Added Per Annum (“VA”).
| Indicator | 2018 Actual | 2019 Forecast | 2019 Actual |
| Fixed Asset Investment (S$ billion) |
10.9 |
8.0 – 10.0 |
15.2 |
| Total Business Expenditure Per Annum (S$ billion) |
6.2 |
5.0 – 7.0 |
9.0 |
| Expected Value-Added Per Annum (S$ billion) |
13.6 |
- | 29.4 |
| Expected Jobs | 17,400 |
16,000 – 18,000 |
32,814 |
(Please refer to Annex A and Annex B for details)
3. Large manufacturing investments came from semiconductor as well as energy & chemical companies. They value Singapore’s stability, skilled workforce and competitive manufacturing ecosystem. Despite current uncertainties in the global economy, these companies invest for the long term and are preparing for the eventual upturn in demand.
4. In addition, companies across a variety of industries continued to establish and expand headquarter activities and hub services, as well as build digital capabilities for themselves and their customers. EDB also anchored investments across the innovation value chain, from product management to research & development. These activities will result in the creation of good business and job opportunities for Singapore and Singaporeans.
5. The strong investment commitment numbers are the result of consistent engagement of key companies aligned with Singapore’s economic development priorities. They also reflect companies’ confidence in Singapore’s fundamentals as a trusted, strategic location at the heart of a growing Southeast Asia and the broader Asia-Pacific region.
INVESTMENT COMMITMENT GOALS
6. EDB’s aim is to sustain the following investment commitment numbers for the medium to long term.
| Indicator | 2019 Forecast |
2019 Actual |
Medium- to Long-term |
| Fixed Asset Investments (S$ billion) |
8.0 – 10.0 |
15.2 |
8.0 – 10.0 |
| Total Business Expenditure Per Annum (S$ billion) |
5.0 – 7.0 |
9.0 |
5.0 – 7.0 |
| Expected Jobs | 16,000 – 18,000 |
32,814 | 16,000 – 18,000 |
7. Moving forward, EDB will continue to focus on three key areas.
8. First, EDB will work closely with Enterprise Singapore to strengthen Singapore’s position as a platform for global and regional companies to tap into opportunities in Southeast Asia. This includes better access to a growing market of over 650 million consumers; higher levels of integration between key manufacturing hubs in the region; and more regional corporates with activities in Singapore.
9. Second, EDB will strive to deepen and broaden Singapore’s role as a hub for manufacturing and non-manufacturing companies to develop and deliver digital products and solutions to their own operations as well as to customers in the region and beyond.
10. Finally, as Singapore continues its shift towards an innovation-led economy, EDB will encourage and support companies on their corporate venturing journey to create new products, services and businesses out of Singapore.
CONCLUSION
11. “The 2019 investment commitment numbers are testament to Singapore’s position as the preferred location for global companies to tap into Asia’s growth, and Singapore’s competitiveness as a hub for manufacturing, innovation and digital activities,” said Dr Beh Swan Gin, Chairman, EDB. “Although the global operating environment remains uncertain, we are cautiously optimistic that the investment flows in 2019 will continue into 2020 and bring good business and job opportunities for Singapore and Singaporeans.”
About the Singapore Economic Development Board
The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. We undertake investment promotion and industry development, and work with international businesses, both foreign and local, by providing information, connection to partners and access to government incentives for their investments. Our mission is to create sustainable economic growth, with vibrant business and good job opportunities for Singapore and Singaporeans.
For more information on EDB, please visit www.edb.gov.sg.
For media queries, please contact:
Ms Deborah Yap
Senior Lead, Public Affairs
Tel: 6832 6346
Email: deborah_yap@edb.gov.sg
Mr Fabius Chen
Senior Lead, Public Affairs
Tel: 6832 6125
Email: fabius_chen@edb.gov.sg
