SINGAPORE- Business investment commitments into Singapore rose 13 percent last year to their highest in more than a decade, helped by sectors such as semiconductors, energy and chemicals even as the city-state suffered its worst recession from the COVID-19 pandemic.
Commitments for investments in fixed assets such as facilities, machinery and other equipment swelled to S$17.2 billion ($13 billion) in 2020, well above a medium-to long-term goal of S$8 billion to S$10 billion, data from the Economic Development Board (EDB) showed on Wednesday.
The figure is the highest since 2008. When the projects from these investments are fully implemented, they will create 19,352 new jobs in the coming years, the EDB said.
Commitments by total business expenditure, whose major components include wages and rental, fell 24 percent to S$6.8 billion.
Still, Singapore bagged some major wins in 2020, with China’s Tencent 0700.HK, Zoom Video Communications Inc ZM.O and TikTok owner ByteDance planning major expansions in the city-state.
Commitments in 2020 are projected to directly contribute S$31.2 billion annually to the economy with infocommunications and media industry, which includes technology firms, forming the biggest chunk at more than a third.