EDB Year 2020 In Review

1. The Singapore Economic Development Board (EDB) achieved investment commitments in 2020 that are in line with our medium-term goals, with Fixed Asset Investments exceeding our target.

YEAR 2020 IN REVIEW

2. EDB attracted investment commitments amounting to S$17.2 billion in Fixed Asset Investments (“FAI”) and S$6.8 billion in Total Business Expenditure per annum (“TBE”) in 2020. When these projects are fully implemented, they will create 19,352 new jobs in the coming years with a projected contribution of S$31.2 billion in Value-Added Per Annum (“VA”).

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

3. These investment commitments were secured despite a challenging business environment due to COVID-19. According to the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment (FDI) flows fell 49% in the first half of 2020. It expects a 30% to 40% decline in FDI flows for the full year. However, many companies proceeded with their investment plans in Singapore because of our strong fundamentals, including our value proposition as a trusted and connected place to do business; the economic potential of Southeast Asia and Asia; and EDB’s long-standing engagement of the companies. 

4. With the pace of digitalisation accelerated by COVID-19, digital capabilities were also built across sectors to facilitate the development of new digital technologies and advanced manufacturing adoption. In addition, EDB made progress in promoting innovation and the creation of new businesses and products, and the development of new areas of opportunity such as Agrifood and Mobility.

5. Several companies that have long-standing relationships with Singapore also made significant contributions to the fight against COVID-19 and to support the wider local community. Healthcare companies are scaling up their manufacturing capacity for diagnostic test kits and vaccines. Tech companies are providing jobs and training opportunities to Singaporeans, and working closely with local partners in using technology to help the local community and ecosystem.

INVESTMENT COMMITMENT GOALS

6. EDB’s aim is to maintain the following investment commitment numbers for the medium- to long term.

7. 2021 will be challenging as countries around the world are competing aggressively for investments to revive their economies. At the same time, companies are reviewing their strategies in view of the many changes in their operating context, and business decisions may take longer to materialise, with possible delays in project implementation. 

8. EDB remains focused on creating good business and job opportunities for Singapore and Singaporeans. EDB will continue to strengthen our fundamentals that have been driving business interest in Singapore. These include opportunities from: Asia and Southeast Asia; digitalistion and the digital economy; innovation; the deep skills of our workforce; the ecosystem of suppliers locally and in the region; our connectivity and open trading posture; and our business-friendly and rules-based environment.  

9. "While 2020 has been a challenging year, companies that take a long-term view of their investments still see Singapore as a trusted and attractive business location for transformation, innovation and growth,” said Dr Beh Swan Gin, Chairman, EDB. “We are approaching the first half of 2021 with some caution. But if the COVID-19 situation stabilises in the coming months, there could be grounds for guarded optimism in the second half of 2021. We must continue to work closely with companies, industry stakeholders and government agencies to strengthen our economy and enhance our competitiveness, so that we can continue to create good business and job opportunities that meet the aspirations of Singaporeans. ”

About the Singapore Economic Development Board
The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. We undertake investment promotion and industry development, and work with international businesses, both foreign and local, by providing information, connection to partners and access to government incentives for their investments. Our mission is to create sustainable economic growth, with vibrant business and good job opportunities for Singapore and Singaporeans.

For more information on EDB, please visit www.edb.gov.sg.

For media queries, please contact:
Ms Vivian Quek
Senior Manager, Public Affairs
Tel: 6832 6346
Email: vivian_quek@edb.gov.sg

Ms Theresa Ong
Manager, Public Affairs
Tel: 6832 6259
Email: theresa_ong@edb.gov.sg