Bernama
21st Jan 2008
SINGAPORE, Jan 21 (Bernama) -- Singapore attracted more than S$10 billion (S$1=RM2.27) worth of commitments in fixed asset investments (FAI) last year, the Singapore Economic Development Board (EDB) said today.
It said in a statement that close to 400 projects were committed last year and they are expected to create 28,600 new jobs and add S$11.6 billion a year to Singapore's Gross Domestic Product (GDP) when fully implemented.
It said the 2007 investments, which covered capital-, knowledge- and innovation-intensive activities, are notable for their depth and quality.
Of the 28,600 jobs being created, many will be in engineering, management, research as well as creative and industrial design, it added.
EDB said the investments reflect strong investor confidence in Singapore and also affirms manufacturing as a critical component of the republic's economic growth.
It also underlines Singapore's ability to continue to attract high-end complex manufacturing projects that bring in quality jobs.
It described capital-, knowledge- and innovation-intensive activities as key to the continued and sustained development of Singapore's economy, stressing that the republic will continue to invest in developing local talent to ensure that the craft and skill sets of Singapore workers fully meet the high industry demand and requirements.
To that end, EDB said, it rolled out three manpower initiatives last year to train over 3,000 people in wafer fabrication, precision engineering and clean energy technology through its funding and scholarship programmes.
EDB also said the investment outlook for Singapore for this year remains positive despite expectations of a worldwide economic slowdown.
EDB forecast that Singapore's FAI this year will increase to between S$16 billion and S$18 billion, generating 24,000 to 28,000 jobs.
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