SINGAPORE has secured S$13 billion in investment commitments from January to April this year, already exceeding the Singapore Economic Development Board's full-year projection of S$8 billion to S$10 billion, Ministry for Trade and Industry Chan Chun Sing said in a media interview on Saturday.
The investments, in areas such as electronics and infocomm media, are expected to generate a few thousand jobs in the coming years, said Mr Chan. Secured despite the ongoing Covid-19 crisis, these long-term investments reflect the sustained confidence that many major investors and businesses have in Singapore, he added. He said:"Throughout the crisis, we have been known as a safe harbour."
EDB executive vice president Kelvin Wong told BT that while the economic impact of Covid-19 is expected to last for some time, companies that have the capacity to plan for the longer term have continued to engage EDB on new projects. The investment commitments secured from January to April come from a range of industries, including electronics as well as energy and chemicals. They include projects announced last year, such as ExxonMobil's expansion of its refining and petrochemical complex on Jurong Island, which will create 135 new jobs upon completion; Micron Technology’s expanded semiconductor plant; and STMicroelectronics’ new wafer fabrication facility.
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