S'pore draws $11.8b in fixed asset investments in 2021

Projects secured set to create over 17,000 jobs over next 5 years, with 70% for PMETs

- Choo Yun Ting

Singapore attracted $11.8 billion in fixed asset investments last year, bolstered by large manufacturing projects from semiconductor and biotech firms despite the challenges posed by the Covid-19 pandemic.

The projects secured last year are expected to create 17,376 new jobs over the next five years, with about 70 per cent of these for PMETs (professionals, managers, executives and technicians).

A majority of these jobs are expected to be taken up by locals.

Investments from semiconductor and biotech companies accounted for over half the commitments secured, which exceeded the Singapore Economic Development Board’s (EDB) medium- to long-term yearly target of between $8 billion and $10 billion.

New investments were also seen across sectors such as agrifood, chemicals and materials, as well as electronics, the EDB said during its annual year-in-review briefing, which was held virtually yesterday.

EDB chairman Beh Swan Gin said that Singapore drew strong investment commitment numbers last year which are in line with its targets despite disruptions brought on by the pandemic.