More moderate flow of investments to Singapore expected this year: EDB

The Singapore Economc Development Board expects a more moderate flow of investments this year, creating 13,000 to 14,000 skilled jobs, after it drew $11.8 billion to Singapore last year, creating a more than expected 16,100 skilled jobs. -- ST PHOTO:
The Singapore Economc Development Board expects a more moderate flow of investments this year, creating 13,000 to 14,000 skilled jobs, after it drew $11.8 billion to Singapore last year, creating a more than expected 16,100 skilled jobs. -- ST PHOTO: KUA CHEE SIONG

SINGAPORE - The Singapore Economc Development Board (EDB) expects a more moderate flow of investments this year in line with Singapore's stage of economic development and a more uncertain global environment.

The investment promotion agency said at a year in review press conference on Monday (Feb 2) that it expects to draw in $9 to $11 billion worth of investments and create 13,000 to 14,000 skilled jobs this year.

2014 Investment Commitments by Industry

SOURCE: ECONOMIC DEVELOPMENT BOARD

EDB said this is due to a "sharper focus on attracting projects that are in line with Singapore's stage of economic development, manpower policies and planned international commitments on carbon emissions".

This year's targets are down from $11.8 billion worth of inbound investments last year, which was at the upper end of projections but was lower than 2013's $12.1 billion. The 16,100 skilled jobs that will eventually result just topped the upper end of forecasts.

2015 Investment Outlook

SOURCE: ECONOMIC DEVELOPMENT BOARD

EDB also said it will place greater emphasis on helping companies improve their existing operations in Singapore, in addition to drawing in new investments.

"Attracting new investments is important but equally important is helping the installed base succeed," said its chairman Beh Swan Gin at the briefing.

Investment Commitments (2005-2014)

Invest commitment 150202

"That may or may not lead to new investments," he said. "At times, that may even lead to a shrinkage of their footprint in Singapore. But the key is (for what remains in Singapore) to be more productive."

Dr Beh added that part of these efforts will focus on helping companies manage restructuring and layoffs in a "planned manner", so that workers can be re-trained early.