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Singapore's investment commitments in 2015 met or exceeded forecasts: EDB
THE investment commitments in 2015 either met or exceeded the Economic Development Board's (EDB) forecasts for all indicators, the statutory board announced in a statement on Tuesday.
This will lead to the creation of 16,800 jobs when the projects are fully implemented, within the earlier forecast of 16,000 to 17,000 jobs.
Last year, EDB attracted S$11.5 billion in fixed asset investments, beating its forecast of between S$9 billion and S$11 billion. Total business expenditure per annum and value-added per annum, at S$5.6 billion and S$12.3 billion respectively, were within the initial estimates.
For 2016, EDB expects the level of investments to remain moderate due to uncertain global economic conditions. The weak global demand is also likely to continue to affect Singapore's manufacturing output, although the agency remains confident about the underlying health of the country's manufacturing sector.
"The investment commitments achieved in 2015 are a demonstration of the resilience of Singapore's attractiveness as a global business hub for leading companies seeking long-term competitiveness as well as pursuing growth opportunities in Asia," said EDB chairman Beh Swan Gin.
"These are exciting times for Singapore as we transition to a value-creating economy. EDB will continue to attract quality investments, and transform existing industries to bring about sustainable economic opportunities for all."