Singapore's Economic Development Board reports an increase in investment commitments for 2024. Despite acknowledging the challenges posed by geopolitical and economic uncertainties, the EDB highlights the growth potential of artificial intelligence and the city-state's strategic position in Asia.
Singapore 's Economic Development Board (EDB) reported a rise in investment commitments for the city-state in 2024, despite acknowledging the challenges posed by geopolitical and economic uncertainties. Fixed asset investment (FAI) commitments surged by S$0.8 billion to S$13.5 billion (RM44.2 billion), while total business expenditure (TBE) commitments declined by S$0.5 billion to S$8.4 billion. \The manufacturing sector dominated FAI commitments, securing S$11.
1 billion, primarily fueled by investments in semiconductors and biomedical manufacturing. TBE investment was spearheaded by investments in headquarters and professional services. The EDB anticipates significant headwinds from geopolitical and macroeconomic instability in 2025. Protectionist policies arising from economic nationalism and trade frictions are expected to influence companies' investment decisions negatively. \Despite these challenges, the EDB highlighted the growth potential of artificial intelligence (AI) as an investment focus area in 2024. Strategic partnerships with industry giants like Oracle and Amazon will play a crucial role in training the local workforce in generative AI. EDB chairman Png Cheong Boon emphasized Singapore's strategy of remaining agile and diversifying its investment sources, encompassing both sectors and countries. This approach aims to mitigate the impact of potential restrictions on specific markets or products, ensuring continued industry growth. The EDB projects that the 2024 investment commitments, realized over the next five years, will generate 18,700 new jobs. Furthermore, Singapore's strategic position in Asia, with the regional economy projected to reach 60% of global GDP by 2030 (from its current 50%), is expected to provide significant economic benefits
Singapore Investment Economic Development Artificial Intelligence Geopolitical Uncertainty
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