SG's 'high-value manufacturing activities' to offset moderate industrial growth

The market continues to have an appeal as a strategic and trusted business.

Despite its moderate growth in the industrial performance due to global tensions, Singapore is still a compelling destination for high-value manufacturing activities, property expert, Knight Frank, said.

It noted that many foreign firms are still attracted to the market's location of security despite international tensions.

The Lion City is also still competitive due to its financial hub offers, transparency, and stability of the legal and regulatory framework.

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"In [the second quarter of] 2022, fixed asset investment (FAI) commitments in Singapore totalled $6.3b, the highest on a quarterly basis since [the first quarter] of 2020 when $10.3b was secured," said Knight Frank.

Of this FAI, manufacturing accounted for $3.6b, including $2.9b of investments in the electronic segment.

Amongst notable foreign firms establishing base in Singapore include SOCOMEC, which is a global specialist in power management solutions, which will open its new Asia Pacific headquarters at the Meiban Industrial Building along Ubi Road.