This was a 16 per cent increase from the investments that flowed to Singapore back in 2011, a positive sign given that the global economy remains weak.
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More details are available in the press release below:
EDB records new investment high for 2012, moves into 2013 with cautious optimism
EDB achieved record investment commitments in 2012 as investor interest and confidence in Asia remained strong.
This reflects Singapore's continued attractiveness to businesses. It also demonstrates that Singapore's positioning as a Global-Asia hub as well as EDB's 'Home' strategy continue to resonate strongly with companies looking for a strategic base in Asia to drive their business, innovation and talent activities.
For 2013, EDB's investment forecast reflects a consideration between the cautiousness from the sluggish global economy and the optimism of continued investment interest by companies to tap growth in Asia
In 2012, EDB's Fixed Asset Investments (FAI) and Expected Value-Added Per Annum (VA) exceeded the forecast numbers despite global economic uncertainties, especially in the second half of 2012.
FAI, at $16.0 billion, was an all-time high due partly to significant investments from the Electronics and Energy & Chemicals industries.
The record FAI is a validation of EDB's 'Home' strategy, and reflects the continued strong investment interest by companies to seize long-term growth opportunities in Asia through Singapore. Total Business Expenditure Per Annum (TBE), at $6.2 billion, was at the lower end of the forecast, and reflects the short term cautious business sentiments in 2012.
When investments committed in 2012 are fully implemented, they will contribute a record $20.3 billion in VA, and create 18,600 new skilled jobs, meeting our forecast.
In spite of the uncertain global economy, Singapore's tight labour market and foreign manpower policy adjustments, companies remain confident in Singapore's strong business fundamentals. Singapore's Global-Asia positioning continues to gain traction from both global and Asian companies.
In particular, global companies, both large MNCs and, increasingly, medium-sized enterprises continue to find Singapore attractive as a strategic location to stage their Asian growth from.
Singapore's strong attributes of trust, knowledge, connectedness and liveability that have the last 50 years, remain valuable to investors, especially so for high such as infant nutrition and pharmaceuticals; and across various activities including research & development, supply chain management, manufacturing and talent development.
With the continued uncertainty over the global economy, EDB is cautiously optimistic about investment commitments in 2013.
The lower 2013 FAI forecast is consistent with the level of capital-intensive investments expected over the medium term, in keeping with Singapore's land and manpower constraints. The increase in TBE and number of skilled jobs reflects our confidence that there are good investment prospects ahead for Singapore, against the backdrop of Asia's growth, and an increasing focus by global companies on Southeast Asia.
Even though growth prospects in the developed economies might be weak, MNCs and Asian companies continue to show strong investment interest in this part of the world.
Also, technological advancements such as those in advanced manufacturing will open up new possibilities for Singapore. These technologies present us the opportunity to build a stronger future of manufacturing in Singapore that will better optimise our land and manpower resources.
Even as Singapore embarks on economic re-structuring, EDB will continue to focus on enhancing Singapore's capabilities and competitiveness, to capture these new opportunities. This will enable Singapore to grow in a sustainable manner while creating good jobs and careers for Singaporeans.
"The record investments achieved by EDB in 2012 reflect Singapore's continued attractiveness as a business location," said Mr. Leo Yip, Chairman of EDB.
"As we move into 2013, despite the challenges of the global economy, Singapore remains at the heart of a vibrant Asia that is growing. There continues to be good business opportunities that Singapore will do well to capture, that can help secure our economic future for a long time to come. EDB will continue to build on Singapore's strengths, harness new technologies to strengthen our key sectors such as manufacturing, and seize opportunities to further bolster our competitive position," he added.