EDB eyes $8b-10b of fixed asset investments in Singapore for 2019

With these investments, Singapore wants to be a regional platform amidst global trade tensions.

Singapore is expected to attract fixed asset investments (FAI) worth $8b-$10b in 2019, similar to its 2018 expectations, the Singapore Economic Development Board (EDB) revealed in its yearly review.

In 2018, EDB anchored $10.9b in FAI and $6.2b in total business expenditure per annum (TBE) to Singapore, within its forecast range for the year. These projects are expected to result in 17,400 new jobs and a contribution of $13.6b in value-added per annum (VA).

“For 2019, EDB expects investment commitment numbers to be sustained at 2018 levels, as global growth eases amidst dampening demand and uncertainties in the global operating environment,” the agency said.

EDB will focus on five key priorities in 2019. It sees an opportunity for Singapore to be a platform for ASEAN against the backdrop of global trade tensions as it works on improving Singapore’s physical and digital connectivity and cultivate an ASEAN-centric workforce through its Global Innovators Academy.

EDB will also focus on digitalisation as one of its other priorities. It will continue to attract manufacturers to invest in advanced manufacturer and aim to be a digital hub for non-manufacturing companies that want to undergo digital transformation.

The board will continue to connect companies with Institutes of Higher Learning to establish corporate labs. It will also build on the momentum generated by investments across the mobility value chain, including AI, urban research, and insurance, to establish an ecosystem of related projects in support of this industry cluster.

“There are significant uncertainties in the global operating environment and signs of softening in many economies around the world. However, the level of investment commitments in Singapore is likely to remain resilient through 2019,” said EDB chairman Dr. Beh Swan Gin.