- Investments came from diverse sectors and growth areas, such as semiconductors, aerospace, Artificial Intelligence, precision medicine and green economy
- Investment commitments are expected to create 18,700 jobs in the next five years across services, manufacturing, and R&D and innovation, and contribute S$23.5 billion in Value-Added per annum (VA)
- EDB will continue to seize opportunities for Singapore by attracting investments in diverse business activities across key sectors and new growth areas
OVERVIEW
1. In 2024, EDB attracted a strong slate of investment commitments in line with previous trends, despite a more challenging global environment marked by macroeconomic uncertainty and heightened global competition for investments.
2. Investment commitments amounted to S$13.5 billion in Fixed Asset Investment (FAI) and S$8.4 billion in Total Business Expenditure per annum (TBE). These commitments, when realised over the next 5 years, are expected to create 18,700 jobs with a projected contribution of S$23.5 billion in Value-Added per annum (VA). Of the 18,700 jobs committed, almost two-thirds are expected to have a gross monthly wage above S$5,000.
3. Investments came from diverse sectors. These included key manufacturing and services industries, such as semiconductors, biopharmaceuticals, medical technology, specialty chemicals, aerospace and digital, as well as new growth areas like precision medicine, Artificial Intelligence (AI) and sustainable products and services. Investors included companies deepening existing operations here and others new to Singapore. Companies continued to demonstrate strong interest in locating and expanding Headquarters (HQ) functions as well as Research and Development (R&D) and innovation activities here. Singapore also gained traction with startups and founders from around the world who have launched new ventures here.
2024 YEAR-IN-REVIEW
4. FAI commitments increased from the previous year to S$13.5 billion. S$11.1 billion came from the manufacturing sector, with major investments in semiconductors and biomedical manufacturing. Companies across the semiconductor value chain situated greenfield and expansion projects here to diversify supply chains and respond to the recovery in global demand led by the surge in AI applications. Biomedical manufacturers invested in facilities to target high-growth segments, such as precision therapeutics. Specialty chemicals manufacturers responded to rising demand for sustainable materials in the region’s growth markets. The aerospace sector attracted investments in maintenance, repair and overhaul (MRO) as well as manufacturing of critical parts such as engine components, to serve the strong global demand for air travel and new aircraft.
5. TBE commitments held stable at S$8.4 billion, driven by investments in HQs and Professional Services. Companies that invested were from diverse source regions, led by the United States and followed by Europe and China. This underscored Singapore’s attractiveness as a hub for global companies. Technology companies were the largest contributor to HQ investments, reflecting continued regional demand for digital solutions and services. There was also an increase in HQ projects related to supply chain management, consulting and engineering services due to global supply chain realignments and rising demand for digitalisation in Southeast Asia. Global companies also continued to partner with our R&D ecosystem to invest in new products and services, positioning Singapore as an innovation centre to serve regional and global markets.
| Indicator* | 2023 Actual | 2024 Actual |
| Fixed Asset Investment (S$ billion) | 12.7 | 13.5 |
| Total Business Expenditure per annum (S$ billion) | 8.9 | 8.4 |
| Job Creation | 20,045 | 18,700 |
| Value-Added per annum (S$ billion) | 26.7 | 23.5 |
*Investment commitments will take place over the next five years
6. Job creation was mainly driven by investments in Services (46%), followed by Manufacturing (37%), and R&D and Innovation (17%). The majority of jobs committed will be Professional, Manager, Executive and Technician (PMET) roles.
a. Services jobs are being transformed by business priorities such as environmental sustainability, supply chain resilience, AI, digitalisation and automation. New roles include Supply Chain Specialist, Digital Transformation Solution Architect, and Environmental, Social and Governance (ESG) Analyst, in addition to traditional HQ roles such as Treasury Analyst.
b. Manufacturing continues to offer good job opportunities. Close to 70% of locals in the manufacturing sector are in PMET roles1. With Singapore continuing to attract best-in-class advanced manufacturing facilities that produce high-value products across industries, new roles coming onstream include Manufacturing Design Engineer, Manufacturing Biotechnologist, and Quality Assurance Specialist.
c. R&D and Innovation roles range from cutting-edge research to product development and commercialisation. Job roles include Data Scientist, AI Engineer or Researcher, Clinical Researcher and Carbon Management Specialist.
7. For new growth areas, EDB attracted investments in HQs, R&D, commercialisation and manufacturing.
a. Artificial Intelligence (AI) – Digital Industry Singapore (DISG2) secured 26 AI Centres of Excellence (CoE) from both digital native and industrial companies to research and build proprietary GenAI solutions in 2024. EDB also partnered EnterpriseSG to avail support for more than 50 promising Singapore-based AI startups through three new AI accelerators – by Google, Amazon Web Services and Nvidia. Singapore also announced a roadmap for sustainable data centres to support AI compute, and secured industry partnerships with Oracle and Amazon to train local workers and upskill tertiary students in GenAI, as part of efforts to triple Singapore’s AI talent pool to 15,000 by 2029.
b. Precision Medicine – EDB secured several precision medicine projects, including the first end-to-end antibody drug conjugate (ADC) manufacturing investment by AstraZeneca in Singapore, building new capabilities in innovative precision therapeutics for cancer treatment. In addition, MSD launched a Talent Accelerator Programme to train up to 30 local researchers and scientists in areas such as discovery and development of precision medicine, utilising AI and machine learning to deliver novel therapeutics.
c. Green Economy – To help Singapore capture new opportunities in carbon services, EDB launched the Singapore Carbon Market Alliance and the Carbon Project Development grant to support access to Article 6 credits for Singapore’s Nationally Determined Contributions3. EDB, EnterpriseSG and Nanyang Technological University also launched the Carbon Market Academy of Singapore to train 300 professionals by 2027. There are now 140 carbon services and trading companies in Singapore, more than double the number from 2021.
8. EDB enhanced initiatives to ensure that foreign investments into Singapore benefit our local workforce and business ecosystem.
a. EDB works with companies, training partners and industry associations to prepare workers for the new jobs that are being created. For example, to support the growing workforce needs of the biopharmaceutical industry, EDB partnered with the Biopharmaceutical Manufacturer’s Advisory Council (BMAC)4 and Republic Polytechnic to launch a first-of- its-kind initiative to equip students with relevant skillsets and practical experience. Technology companies like Oracle, Amazon Web Services and Databricks announced digital training programmes for students and professionals in areas like cybersecurity, cloud computing and data management – in addition to AI - supplementing government upskilling programmes.
b. EDB is ramping up efforts to nurture a strong corps of Singaporeans who can take on leadership positions in global companies. In 2024, EDB partnered the Human Capital Leadership Institute (HCLI) for the inaugural run of the Singapore Leaders Network (SGLN) Fellowship5 that equips mid-to-senior level professionals with skills and experiences necessary to take on global corporate leadership roles. EDB also launched the Global Business Leaders Programme (GBLP)6 last year to support Singaporeans to take on overseas work assignments for training and exposure, preparing them for regional or global corporate leadership roles.
c. EDB and Enterprise Singapore continue to deepen linkages between MNCs and local enterprises, and this has resulted in 17 new partnerships that will create value for all companies. The 2024 enhanced Partnerships for Capability Transformation (PACT) grant scheme now supports five forms of collaboration between global MNCs and their local suppliers and partners – adding capability training, internationalisation and corporate venturing to supplier development and co-innovation.
2025 OUTLOOK AND PRIORITIES
9. The investment environment in 2025 is expected to remain challenging. We anticipate significant headwinds from geopolitical and macroeconomic uncertainty. Protectionist policies stemming from economic nationalism and trade frictions will weigh on companies’ investment decisions. Nonetheless, Singapore will continue to benefit from tailwinds arising from Asia’s growth. Asia’s economy is expected to expand from close to 50% of the world’s GDP today to about 60% by 2030. Greater economic integration within Southeast Asia will improve supply chains and enhance Singapore’s position as a gateway to a fast-growing region with favourable demographics and a growing middle class.
10. EDB will continue to seize opportunities for Singapore by attracting investments in key sectors and new growth areas, and across the entire value chain – from manufacturing to HQs to innovation, R&D and supply chain management. While Singapore’s status as a trusted, stable location with strong infrastructure and connectivity will remain an advantage, EDB will also enhance Singapore’s value proposition to businesses in terms of speed to market, availability of talent, and partners to support innovation.
11. In addition, EDB will:
a. Partner existing players to transform: EDB will work with global enterprises to harness AI, digitalisation and automation to improve productivity. To help companies meet their climate goals, we will advance decarbonisation pathways such as improving energy efficiency, securing access to renewable energy and test-bedding new climate technologies.
b. Strengthen Singapore as a global hub for startups and innovation: EDB will focus on anchoring high-value innovation projects from global companies to ensure quality growth. Apart from MNCs, EDB will continue to attract global startups and founders, especially those in the technology and growth areas, and work with A*STAR, EnterpriseSG and other government partners to boost our research, innovation and enterprise ecosystem.
c. Develop local talent and global leaders: EDB will continue to work with companies and government partners to upskill and re-skill Singaporeans at different stages of their careers. This includes ensuring access to the technical, digital and business skills needed to grow in their current roles or pivot to new ones. EDB intends to expand our leadership development programmes such as the SGLN and GBLP, to support Singaporeans in taking on global corporate leadership roles.
d. Deepen local ecosystem and regional collaborations to benefit companies: EDB will continue nurturing more collaborations among MNCs, Singapore businesses and research institutions so that these partnerships can help companies seize more opportunities in the region. The new Johor-Singapore Special Economic Zone (JS-SEZ) will also open up new opportunities. Covering an area of more than four times the size of Singapore, the JS-SEZ offers businesses across sectors such as manufacturing, logistics and the digital economy the best of both locations, including improved cross-border flows of goods, people and investments.
