EDB Year 2016 In Review

Date: 02 February 2017

INVESTMENT COMMITMENTS IN 2016 MET FORECAST;
2017 EXPECTED TO BE COMPARABLE AMIDST UNCERTAINTIES
IN THE GLOBAL ECONOMIC ENVIRONMENT

(I) OVERVIEW

1. Investment commitments in 2016 met or exceeded EDB’s forecasts for all indicators. This will lead to the creation of 20,100 jobs when the projects are fully implemented. These results reflect the continued confidence of global companies in Singapore as a strategic location in Asia to drive growth and innovation of their businesses.

2. For 2017, investment commitments are expected to be comparable to 2016 levels. EDB will continue to capture opportunities in growth sectors to generate sustained growth and create good jobs for Singaporeans.

(II) YEAR 2016 IN REVIEW

3. In 2016, EDB attracted S$9.4 billion in Fixed Asset Investments (“FAI”), which is at the upper end of the forecast of S$8 - S$10 billion. Total Business Expenditure Per Annum (“TBE”) at S$8.3 billion, exceeded the forecast range partly due to large-scale shipyard projects committed. Value-Added Per Annum (“VA”) and expected jobs, at S$12.9 billion and 20,100 respectively, were within the forecast ranges. 

Indicator 2015 Actual 2016 Forecast 2016 Actual
Fixed Asset Investments (S$ billion) 11.5 8.0 – 10.0 9.4
Total Business Expenditure Per Annum
(S$ billion)
5.6 5.5 – 6.5 8.3
Expected Value-Added Per Annum
(S$ billion)
12.3 12.0 – 14.0 12.9
Expected Jobs 16,800 20,000 – 22,000 20,100


(Please refer to Annex A and Annex B for details)

(III) 2017 INVESTMENT OUTLOOK

4. For 2017, EDB expects investment commitment numbers to be comparable to 2016 levels. TBE, however, is expected to return to earlier levels as the large shipyard projects committed in 2016 have long investment cycles and are unlikely to recur in the near future. This overall outlook reflects the steady growth in Asia and Singapore’s resilience as a strategic location to drive growth and innovation.

Indicator 2016 Forecast 2016 Actual 2017 Forecast
Fixed Asset Investments (S$ billion) 8.0 – 10.0 9.4 8.0 – 10.0
Total Business Expenditure Per Annum (S$ billion) 5.5 – 6.5 8.3 5.0 – 7.0
Expected VA per annum (S$ billion) 12.0 – 14.0 12.9 12.0 – 14.0
Expected Jobs 20,000 – 22,000 20,100 19,000 – 21,000 


5. EDB will also seek to consolidate Singapore’s position as a high value manufacturing base by capturing opportunities in advanced manufacturing. We will do so by anchoring lead adopters of advanced manufacturing in Singapore, while building up an ecosystem of suppliers and enablers to develop technologies and solutions. In addition, EDB will partner other government agencies such as SkillsFuture Singapore and Workforce Singapore, companies and institutes of higher learnings to ensure that there is a pipeline of fresh graduate and mid-career entrants into the manufacturing workforce.

6. EDB’s goal remains unchanged – to cement Singapore’s position as a vibrant and thriving economy with business opportunities that generates sustainable growth and good jobs for all Singaporeans. EDB will seek to achieve this by working with companies including our large local enterprises to identify and grow new business areas from Singapore.

(IV) CONCLUSION

7. “The investment commitments attained in 2016 are a testament to Singapore’s attractiveness and strengths as a global business hub. We will continue to seize economic opportunities brought about by growth sectors including advanced manufacturing, hub services and digitalisation, and help Singaporeans take up new jobs with skills upgrading programmes,” said Dr Beh Swan Gin, Chairman EDB. “Despite the uncertain operating environment in 2017, the level of investment interests from companies remain stable. We will also focus on transforming existing industries to boost our economic competitiveness and uncover new business opportunities for companies in Singapore.”


ABOUT THE EDB

The Singapore Economic Development Board (EDB) is the lead government agency for planning and executing strategies to enhance Singapore’s position as a global business centre. EDB dreams, designs, and delivers solutions that create value for investors and companies in Singapore. Our mission is to create for Singapore, sustainable economic growth with vibrant business and good job opportunities.

For more information on EDB, please visit www.sedb.com

For media enquiries, please contact:
Ms. Kerri Tan / Mr. Sherman Pun
Tel: (65) 6832 6433 / (65) 6832 6281
Email: Kerri_TAN@edb.gov.sg / Sherman_PUN@edb.gov.sg

 

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EDB Year 2016 In Review

INVESTMENT COMMITMENTS IN 2016 MET FORECAST;
2017 EXPECTED TO BE COMPARABLE AMIDST UNCERTAINTIES IN THE GLOBAL ECONOMIC ENVIRONMENT

02 February 2017
Press Release


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