Singapore secured S$13.5 billion in investments in 2024, set to create 18,700 jobs

SINGAPORE: Singapore secured S$13.5 billion in fixed asset investments last year, an increase from S$12.7 billion in 2023. The pledges came from key sectors including semiconductors, aerospace, and artificial intelligence (AI), despite a challenging business environment, as reported by Bloomberg.

The Economic Development Board (EDB) said the commitments are set to create 18,700 jobs over the next five years, with about two-thirds of these roles likely to have a gross monthly salary of over S$5,000.

The EDB noted on Thursday that companies remained interested in setting up or expanding headquarters, research and development, and innovation activities in Singapore. The country also attracted global start-ups and founders who launched new ventures in the city-state.

Singapore’s economy is projected to grow at a slower pace of 1 per cent to 3 per cent this year, down from 4 per cent last year.

The Monetary Authority of Singapore (MAS) loosened its monetary policy in January for the first time in nearly five years, citing slowing growth and easing price pressures.

Bloomberg Intelligence suggests MAS’ policy change last month could indicate a shift from inflation control to growth. Central banks worldwide are closely watching the impact of proposed US tariffs before making further decisions. 

The EDB said the investment outlook for this year is set to remain “challenging”, with protectionist policies and trade tensions affecting business’ investment decisions. /TISG

Read also: Analysts: Singapore dollar may weaken as MAS will likely ease policy amid US tariff impact

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