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Singapore's 2016 investment commitments meet, exceed forecast

Xinhua, February 2, 2017 Adjust font size:

Investment commitments in 2016 have met or exceeded the government's forecast, and the figures are expected to remain similar in 2017, said the Singapore Economic Development Board (EDB) on Thursday.

Investment commitments last year led to the creation of 20,100 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 to drive growth and innovation of businesses, it added.

In 2016, the board attracted 9.4 billion Singapore dollars (6.6 billion U.S. dollars) in fixed asset investments, which is at the upper end of the forecast of 8 to 10 billion Singapore dollars. Total business expenditure per annum and value-added per annum, at 8.3 billion and 12.9 billion Singapore dollars respectively, were within the forecast ranges.

For 2017, EDB expects investment commitment numbers to be comparable to the figure in 2016. In addition, the board said it will continue to consolidate Singapore's position as a high value manufacturing base by capturing opportunities in advanced manufacturing.

Beh Swan Gin, chairman of EDB, noted that despite the uncertain operating environment in 2017, the level of investment interests from companies remain stable.

"We will focus on transforming existing industries to boost our economic competitiveness and uncover new business opportunities for companies in Singapore," Beh said. Endit