In 2024, Singapore won $13.5 billion in fixed asset investments, up 6.3% from the previous year. The electronics sector led 57% of total commitments driven by advances and digitalization of artificial intelligence (AI). Biomedical manufacturing was 16.5%, with headquarters and professional services at 8.4%. Conversely, the chemical sector fell from 35.6% in 2023 to 2.7% in 2024, resulting from global oversupply.
These investments are projected to create around 18,700 new jobs over the next five years, with 46% of services, 37% in manufacturing and 17% of research and development (R&D) and innovation. In particular, almost two-thirds of these positions are expected to provide a total wage of over 000, with SGD highlighting Singapore’s commitment to high value employment opportunities.
Despite these positive developments, EDB expects a challenging investment environment in 2025 due to geopolitical uncertainty and rising protectionist policies. EDB Chairman PNG Cheong Boon highlighted the need for Singapore to maintain agile and diversify its investment sources to navigate these headwinds. He said, “By ensuring that Singapore is relevant to the global value chain, we can attract and lock in investments that will benefit the economy, businesses and people over the long term.”
EDB will now focus on emerging sectors such as AI, digitalization and climate technology. Collaboration with global tech giants such as Oracle and Amazon aims to position Singapore as a hub of innovation, increasing the proficiency of the local workforce in generating AI.
Furthermore, in collaboration with Malaysia, the development of Johor’s special economic zone is expected to attract investment in sectors such as AI, technology manufacturing, aerospace and pharmaceuticals, further strengthening the region’s economic growth.
