In 2023, the Singapore Economic Development Board (EDB) reported significant investment commitments, with S$12.7 billion in Fixed Asset Investment (FAI) and S$8.9 billion in Total Business Expenditure (TBE) per annum.
These figures, as revealed by the EDB in its year 2023 review, are expected to create approximately 20,045 jobs and contribute S$26.7 billion in Value-Added per annum (VA) to the economy.
The EDB, under the Ministry of Trade and Industry, stated that these investment commitments exceeded their medium-to-long-term goals, highlighting the continued confidence in Singapore as a key business and innovation hub, even amidst a challenging global environment.
It noted that the FAI commitments for 2023 were aligned with past trends, following a spike in semiconductor investments in 2022. Key sectors such as chemicals, electronics, healthcare, and aerospace continued to invest in Singapore, focusing on supply chain resilience.
The increase in TBE commitments, job creation, and expected value-added to the economy in 2023, as reported by the EDB, was attributed to a rise in the number of investment projects.
The EDB emphasized Singapore’s growing role as a services hub, with Headquarters and Professional Services projects forming a significant portion of the TBE. This trend reflects Singapore’s appeal to global businesses looking to tap into Asia’s growth and Asian companies seeking to expand internationally. The Information and Communications Technology sector, in particular, was a major contributor, mirroring the expansion of Southeast Asia’s digital economy.
It also highlighted an increase in investment commitments related to Research & Development (R&D) and Innovation activities compared to the previous year. This increase was attributed to multinational corporations (MNCs) deepening their innovation footprint in Singapore and the presence of more foreign start-ups.
The EDB’s Corporate Venture Launchpad (CVL) program was noted for helping large companies develop new ventures in Singapore, particularly in fields like AI, data services, and climate technology.
In terms of job creation, the EDB expects 58% of the anticipated 20,045 jobs to be in the Services sector, 26% in R&D and Innovation, and 16% in Manufacturing.
The jobs in Services are expected to be influenced by business priorities such as environmental sustainability and digital transformation. The R&D/Innovation sector is likely to see roles related to technology, product development, and commercialization. Manufacturing jobs, as projected by the EDB, will reflect Singapore’s status as an advanced manufacturing location.
Looking ahead to 2024, the EDB plans to maintain its investment commitment goals, despite the challenging global business outlook. The focus will be on transforming existing sectors, enhancing Singapore’s position in the global value chain, building new growth areas, developing local talent, and strengthening the competitiveness of the local ecosystem.
The EDB emphasizes the importance of AI, digitalization, sustainable solutions, and strengthening connectivity and logistics capabilities.
Additionally, collaboration with Enterprise Singapore and other government agencies is expected to continue, targeting new growth areas and nurturing collaborations between MNCs, local businesses, and research institutions.
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