Singapore expects to create over 17,000 new jobs over next five years

Singapore attracted S$11.8 billion (US$8.77 billion) in fixed asset investments last year, which is expected to create over 17,000 jobs over the next five years, said the Economic Development Board (EDB).

However, the figure was a decline from the S$17.2 billion (US$12.79 billion) recorded in 2020, which EDB described as an “exceptional performance” that it did not expect to be repeated the following year. 

EDB attributed the value of fixed asset investments to a successful vaccination rollout and the reopening of travel in the second half of last year, which gave firms the confidence to invest and expand operations in Singapore. 

“The strong 2021 investment commitment numbers are testament to Singapore’s reputation as a strategic hub and critical supply chain node for companies to do business in Asia and for the world,” said EDB Chairman Beh Swan Gin.

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“As economies reopen and connectivity is restored, our reputation for reliability and neutrality, our vibrant innovation and tech ecosystem as well as our growing talent base will stand us in good stead to capture more economic opportunities for Singapore,” Beh added.