The Economic Development Board (EDB) shared at its year-in-review that Singapore has far exceeded its forecast for investment commitments last year.
The Economic Development Board (EDB) shared at its year-in-review that Singapore has far exceeded its forecast for investment commitments last year. It secured $15.2 billion in foreign investment this year, 39% more than in 2018.
This feat is even more exceptional given that the investment took place during a challenging year weighed down by global economic uncertainties.
The strong investment commitment was the result of consistent engagement from key companies, and company confidence in Singapore’s position as a trusted, strategic location at the heart of Southeast Asia. Companies value Singapore’s stability, skilled workforce and competitive manufacturing ecosystem. Their investments reflect confidence in their long-term, as they are preparing for the eventual upturn in demand.
Significant commitments in 2019 were driven by large manufacturing investments from semiconductor as well as energy and chemical companies. These include chipmaker Micron Technology’s investment in a new and expanded plant in Woodlands and gas giant Linde’s US$1.4 billion (S$1.9 billion) investment in a new complex on Jurong Island.
It is forecasted that these projects will create more than 30,000 new jobs when fully implemented.
Energy and chemical job opportunities include high-level positions such as Coordinator, HSSE and Chemical Process Engineer Singapore Repair Development Center . Entry level postings include Chemical Information Specialist and Technical Support Officer.
“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.”
Photo by Michaela Loheit
