In all, the projects secured in 2023 are expected to create 20,045 new jobs when they are fully implemented in the next few years. Of the jobs to be created, 58 per cent are in services, 26 per cent in research and development (R&D) and innovation, and the remaining 16 per cent in manufacturing.
EDB managing director Jacqueline Poh said that the return of industrial policy in other countries led to increased competition for investment, while elevated interest rates also raised the barriers for investment and affected the fund-raising environment for start-ups.
“These factors weigh on our investment commitments, but Singapore’s position as a trusted hub for business, innovation and talent remains a key factor of our attractiveness,” she said at a briefing held at EDB’s office in Raffles City Tower on Jan 30.
Looking ahead, EDB said that it will focus on a number of key areas, including facilitating collaboration between multinational companies and local businesses.
It will also double down on areas such as healthcare, environmental sustainability and aerospace, and work with large corporates to take advantage of opportunities in areas like AI and digitalization to increase productivity.