Singapore: 20,000 new jobs to be created in 2017 despite investment dip

Singapore's EDB attracted S$9.4 billion in fixed asset investments in 2016.

Picture for representation
Office workers head for lunch at central business district in Singapore. Reuters

According to Singapore's Economic Development Board (EDB), as many as 20,100 jobs will be created this year as investment projects in the pipeline get fully implemented.

The Singapore government's statutory board, which is responsible for sustaining Singapore as a leading global hub for business and investment, said in a press release on Thursday that it had attracted S$9.4 billion in fixed asset investments in 2016, at the upper end of the forecast S$8-10 billion. However, this is lower than previous year's investment of S$11.5 billion.

According to analysts, it is still a decent number in the time of looming global economy uncertainties which are worrying all nations. It is expected that Singapore will be able to secure inbound investments this year which is comparable to 2016's figures, reported The Straits Times. "The overall outlook reflects the steady growth in Asia and Singapore's resilience as a strategic location to drive growth and innovation," said EDB in the statement.

"We believe that Singapore is attracting its fair share of investments and that it remains competitive,." EDB managing director Yeoh Keat Chuan also said.

EDB chairman Beh Swan Gin believes that sectors like advanced manufacturing, hub services and digitalisation will continue to grow and attract more investments which will, in turn, help the countrymen to "take up new jobs with skills upgrading programmes".

"Despite the uncertain operating environment in 2017, the level of investment interests from companies remain stable. We will also focus on transforming existing industries to boost our economic competitiveness and uncover new business opportunities for companies in Singapore," said Gin.