Electronics continued to be the largest source of investments amid heightened demand for semiconductors, and should continue to drive growth as the supply shortage is seen to persist until at least 2023, EDB Chairman Beh Swan Gin said in a briefing.
Singapore attracted $11.8 billion in investment commitments last year, led by semiconductor manufacturers ramping up production to meet a global chip shortage and biotechnology firms chasing pandemic demand.
Investments saw a 31% drop from the previous year, according to data Wednesday from the Economic Development Board (EDB), which it said was expected after posting an “exceptional” $17.2 billion in 2020 and beats the medium- to long-term target of $8 billion to $10 billion. Over 17,000 new jobs are expected to be created, according to the EDB.
