Inbound investments this year likely to match 2016's, create 19,000 to 21,000 jobs: EDB

Singapore hopes to secure inbound investments this year comparable to 2016's figure despite the uncertainties in the global economy.
Singapore hopes to secure inbound investments this year comparable to 2016's figure despite the uncertainties in the global economy.PHOTO: ST FILE

SINGAPORE - Despite the uncertainties in the global economy, Singapore hopes to secure inbound investments this year comparable to 2016's figure, the Singapore Economic Development Board (EDB) said on Thursday (Feb 2).

The investment promotion agency said at a year in review briefing on Thursday that it expects to draw in S$8 to S$10 billion in inbound fixed assets investments, and create 19,000 to 21,000 jobs.

"The overall outlook reflects the steady growth in Asia and Singapore's resilience as a strategic location to drive growth and innovation," said the EDB in a statement.

A total of S$9.4 billion in inbound investments were made last year that are expected to result in 20,100 new jobs. This is down from S$11.5 billion in 2015 and the lowest in recent years.

Still, EDB managing director Yeoh Keat Chuan said the results were "in keeping very much with the medium-term sustainable levels" for Singapore's economic growth, as the Republic moves into higher value-added activities.

"We believe that Singapore is attracting its fair share of investments and that it remains competitive," said Mr Yeoh.

EDB chairman Beh Swan Gin added: "We will continue to seize economic opportunities brought about by growth sectors including advanced manufacturing, hub services and digitalisation, and help Singaporeans take up new jobs with skills upgrading programmes.

"Despite the uncertain operating environment in 2017, the level of investment interests from companies remain stable. We will also focus on transforming existing industries to boost our economic competitiveness and uncover new business opportunities for companies in Singapore."

tsjwoo@sph.com.sg