Additionally, investors were optimistic about improvements in the country’s tech exports, which appear poised to increase amid rebounding external demand. Other plus points include Singapore’s strong digital infrastructure and open market access.
Singapore has risen from the 18th to 9th ranking in global consulting firm Kearney’s 2023 Foreign Direct Investment Confidence Index (FDICI) — the biggest jump in this year’s index.
The city-state's score increased from 1.74 to 1.87 this year. Kearney notes that this is a testament to Singapore's higher-than-expected GDP growth in 2022 at 3.6%, exceeding the average rate of 2.6% for advanced economies.
