“Companies continued to demonstrate strong interest in locating and expanding Headquarters functions as well as Research and Development and innovation activities here,” the EDB said in a statement Thursday. “Singapore also gained traction with startups and founders from around the world who have launched new ventures here.”
Investments into Singapore last year rose to $13.5 billion from $12.7 billion in 2023, driven by pledges from sectors including semiconductors, aerospace and artificial intelligence despite a tough business environment.
The commitments are expected to create 18,700 jobs over the next five years, according to the Economic Development Board, the country’s investment promotion agency. About two-thirds of those jobs are likely to have a gross monthly wage above $5,000.
