EDB draws S$11.8 billion in fixed asset investments in 2014

SINGAPORE's Economic and Development Board (EDB) attracted S$11.8 billion in fixed asset investments (FAI) in 2014, which is in line with its forecast of S$10 billion-S$12 billion, EDB said on Monday.

This compares to S$12.1 billion raised in FAI in 2013, said EDB, referring to the total capital investment in facilities, equipment and machinery.

Total business expenditure per annum (TBE) and value-added per annum (VA) for 2014 stood at S$7.0 billion and S$12.5 billion respectively, well within EDB's forecasts of S$6.0 billion-S$7.5 billion and S$11.5 billion-S$13.5 billion.

In comparison, the 2014 figures were lower than the S$7.8 billion in TBE and S$16.7 billion in VA recorded in 2013. TBE refers to a company's incremental operating expenditure in Singapore (excluding depreciation), while VA measures the direct contribution to Singapore's gross domestic product excluding multiplier effects.

The number of skilled jobs created in 2014 came up to 16,100, exceeding EDB's forecast of 14,000-16,000 jobs, but marking a drop from the 21,400 jobs created in 2013.

These refer to occupations in the professional, manager, executive, technician and skilled production craftsman categories.

For 2015, EDB expects to attract S$9.0 billion-S$11.0 billion in FAI, register some S$5.5 billion-S$6.5 billion in TBE, S$11.0 billion-S$13.0 billion in VA, and 13,000-14,000 skilled jobs.

It said it expects investment commitment numbers to continue with the trend since 2013 of a "more moderate flow of investments". This, added EDB, reflects its sharper focus on attracting projects that are aligned with Singapore's stage of economic development, manpower policies and planned international commitments on carbon emissions. The 2015 forecast also takes into consideration the "greater uncertainty" in the global economic outlook this year.

"The investment commitments achieved in 2014 are a testament to Singapore's attractiveness and strength as a global business hub for leading companies seeking to seize growth opportunities in Asia," said EDB chairman Beh Swan Gin.

"Moving forward, EDB will complement our efforts in attracting high quality and sustainable investments with initiatives to strengthen the competitiveness of our sectors, and to spur innovation-driven growth."