Even though the economy is slowing down to levels last seen a decade ago, Singapore continues to attract investments. Singapore attracted almost S$8.1 billion in fixed-asset investment commitments during the first half of 2019. Investments have also increased since last year which stood at $5.3 billion.
A majority of the investment commitments were for the manufacturing sector which stood at $4.6 billion. To further simplify, the electronic segment secured more than half of the investment commitments. Other segments such as chemical, precision engineering, biomedical manufacturing, transport engineering, and general manufacturing industry secured about S$1.8 billion in investment commitment.
A majority of these investment commitments were received from the US, Europe, and local investors. While the US investments accounted for about 43.2 percent, Europe’s share accounted for 34.6 percent and local investors contributed about 13.6 percent of the total.
Chairman of the Singapore Economic Development Board Beh Swan Gin told the media, “The good news is that on the investment front, Singapore continues to be very attractive. We will continue to see these investments come to fruition, so we expect fully to be able to meet the forecast that we shared at the start of 2019.”
According to experts, the strong figures indicate that Singapore continues to attract foreign investors and global multinational companies.
Fintech investments in the country have quadrupled to $453 million during the same period, up from $118 million compared to the same period last year. The massive investment inflow has placed the country in third among the largest fintech market by funds in Asia-Pacific, just behind China and India.
Also, capital invested in Singapore tech firms accounted for nearly 25 percent of the total capital invested in Southeast Asia’s tech firm which stood at $5.99 billion.