The economy may be looking gloomy but that has not stopped Singapore from attracting decent-sized investments to the country.
Yesterday, United States-based petroleum products firm Afton Chemical Corporation opened a US$100 million (S$136.7 million) chemical manufacturing plant on Jurong Island.
Construction of the plant took two years and is central to the US firm's plans for expansion in the Asia-Pacific, said Mr Rob Shama, president of Afton Chemical Corporation.
"The opening of the plant represents a new phase of Afton Chemical's ongoing expansion into Asia-Pacific... (It) is central to the company's plans to ensure that its specialist additive products are 'Made in Asia for Asia'," he said.
Afton already manages a number of facilities across the region, including technology centres in Suzhou, China and in Tsukuba, Japan.
The new facility will produce key components used in Afton's engine oil additives to meet rising regional and global demand.
"Afton Chemical Corporation's decision on Singapore as its principal additive manufacturing site in Asia attests to Singapore's attractiveness as a location for companies looking to capture growth opportunities in this region," said Ms Cindy Koh, director, energy and chemicals, Singapore Economic Development Board.
The opening ceremony, held at the ArtScience Museum at Marina Bay Sands last evening, was attended by Minister for Trade and Industry (Industry) S. Iswaran.
"We will continue to facilitate open innovation and partnerships between the industry and our public sector institutions to create greater value for the industry and Singapore," said Mr Iswaran, who was appointed the co-chairman of the Committee on the Future Economy (CFE) on Monday.
"(This) is one of the focus areas under CFE...(to) strengthen and sustain Singapore's competitiveness...over the next decade and beyond," he said.