For 2019, The Singapore Economic Development Board (EDB) believes investment commitments are expected to be sustained at 2018 levels. It aims to continue to capture growth opportunities and create good jobs for Singaporeans by attracting quality investments, transforming the installed base of activities, and working with large corporates to create new businesses from Singapore
“The 2018 investment commitment numbers are testament to Singapore’s continued strength as a global business city and a hub for manufacturing. There are significant uncertainties in the global operating environment and signs of softening in many economies around the world. However, the level of investment commitments in Singapore is likely to remain resilient through 2019,” said Dr Beh Swan Gin, Chairman, EDB.
EDB committed to helping companies to innovate with digital technology
He added that “EDB will continue to strengthen Singapore’s positioning as a key node in ASEAN, help companies to adopt and innovate with digital technologies, and leverage our capabilities to venture into new growth areas that will create good jobs for Singaporeans.”
EDB states that they will focus on five key priorities in 2019. First, against the backdrop of global trade tensions, EDB sees this as an opportunity for Singapore to become a platform for ASEAN, where global and regional companies do business. EDB will also enhance Singapore’s physical and digital connectivity, as well as cultivate an ASEAN-centric workforce through the Global Innovators Academy.
Digitalisation unlocks new sources of growth and innovation for companies
EDB will focus on two areas of the digital economy. They aim to strengthen Singapore’s competitive edge by attracting leading manufacturers to invest in advanced manufacturing, becoming a regional platform for Singapore-based companies to export technologies and services through the Industrial Transformation Asia Pacific event. And then also supporting companies in implementing the steps necessary in their Industry 4.0 journey. EDB will also look to become the digital hub for nonmanufacturing companies, where they can learn best practices, access world class capabilities and embark on their digital transformation journey.
Collaboration with Academic institutions and International Organisations to support Singapore business
Fourth, as part of Singapore’s shift towards a value-creating, innovation-led economy, the EDB will continue to connect companies with Institutes of Higher Learning to establish corporate labs. In addition, it will take a more active role in helping companies that are looking to create new products, services and businesses, and support them on the journey of experimentation, commercialisation, and scaling out of Singapore.
EDB will leverage on the opportunities techonological disruption brings
Finally, as technological disruption opens up new possibilities, some industries that were previously considered unviable are becoming potential growth areas for Singapore. Mobility being one example. Singapore can play a leading role in autonomous vehicles and smart mobility, supported by its advanced manufacturing capabilities and highly skilled workforce,
EDB will build on the momentum generated by investments across the mobility value chain, including artificial intelligence, urban research, and insurance, to establish an ecosystem of related projects in support of this industry cluster.