Singapore’s fixed asset investments during 2020 was worth $17.2 billion amid the outbreak of the pandemic. The results have outpaced the expectations of the county’s Economic Development Board (EDB) as it earlier expected between $8 billion and $10 billion from fixed assets investments.
The latest investments are being considered the most sizeable since 2008 when EDB attracted over $ 18 billion. The performance last year was driven by large capital investments in sectors such as chemicals, electronics and research and development.
Trade and Industry Minister Chan Chun Sing, told the media, “Our efforts to keep our borders open, maintain external connectivity and ensure business continuity have given global companies the confidence to continue to site their projects in Singapore. In addition, Singapore has been able to attract key projects, especially those dealing with high-value and knowledge-intensive products, on the back of its strong regulatory system and intellectual property (IP) regime.”
Singapore’s total business expenditure per annum last year was $ 6.8 billion, lower than 2019’s $9 billion. Furthermore, the country’s local companies are also expressing interest in new investments. The local companies accounted for 17.3 percent of capital investments last year, compared to 8.2 percent in 2019.The pandemic has also paved the path for the country’s supply chain to make complex decisions.
The US surpassed Europe as the Singapore’s largest investor region, with 53.4 percent of Singapore’s fixed assets commitment last year.
The pandemic has walloped major economies. However, countries such as Vietnam has successfully weathered the pandemic’s impact.