Singapore EDB Attracting Investment to Boost Economic Competitiveness Stronger

31 Jan, 2024

Singapore EDB Attracting Investment to Boost Economic Competitiveness Stronger

The Singapore Economic Development Board (EDB) is dedicated to bolstering Singapore's competitive edge amidst evolving global dynamics. With a focus on fostering innovation, collaboration, and growth, EDB serves as a pivotal catalyst for partnerships between multinational corporations (MNCs) and local entities, driving Singapore's status as a premier hub for business, talent, and innovation.

In 2023, EDB's efforts resulted in significant investment commitments, totaling S$12.7 billion in Fixed Asset Investment (FAI) and S$8.9 billion in Total Business Expenditure per annum (TBE). These commitments are projected to yield 20,045 new jobs and contribute S$26.7 billion annually in Value-Added (VA) to the economy over the next five years.

Despite global uncertainties, Singapore remains a preferred investment destination, buoyed by its reputation as a trusted business hub and gateway to the burgeoning Asian market. Key sectors such as manufacturing, technology, and research & development (R&D) continue to attract substantial investments, reinforcing Singapore's position as a leader in innovation and sustainability.

Looking ahead to 2024, EDB's strategic priorities include transforming existing sectors, enhancing Singapore's position in the global value chain, nurturing new growth areas, developing local talent, and fortifying the competitiveness of the local ecosystem. By leveraging partnerships, fostering innovation, and upskilling the workforce, EDB aims to sustain Singapore's economic resilience and drive inclusive growth for its people.

Mr. Png Cheong Boon, Chairman of EDB, underscores the importance of staying ahead of the competition and adapting strategies to capitalize on emerging opportunities. Through proactive measures and strategic initiatives, EDB remains committed to reinforcing Singapore's attractiveness to global corporations and startups, thereby fostering sustainable economic growth and prosperity.