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Singapore's investment commitments meet forcast last year: gov't

Xinhua, February 2, 2016 Adjust font size:

Investment commitments in 2015 have met or exceeded the government's forecast and are expected to be moderate due to the continued weakness of global aggregate demand in 2016, said the Singapore Economic Development Board (EDB) on Tuesday.

Investment commitments last year led to the creation of 16,800 jobs, when the projects were fully implemented, said the government board.

The results reflect the continued confidence and commitment of global companies in Singapore as a strategic location in Asia for key business functions, it added.

In 2015, the board attracted 11.5 billion Singapore dollars (8.1 billion U.S. dollars) in fixed asset investments, which exceeds the forecast of 9 to 11 billion Singapore dollars. Total business expenditure per annum and value-added per annum, at 5.6 billion and 12.3 billion Singapore dollars respectively, were within the forecast ranges.

For 2016, the board expected the level of investments to remain moderate due to uncertain global economic conditions. In addition, the board said it will continue with the targeted approach to investment promotion as Singapore shifts from a value-adding to a value-creating economy.

"Weak global demand is likely to continue affecting Singapore's manufacturing output, but EDB is confident about the underlying health of the manufacturing sector," it said.

"There will also be greater focus on helping Singapore-based companies grow new businesses from Singapore." Enditem