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Economic Indicators

26 Jan 2022

Business Investment Commitments in Singapore Dropped 31% in 2021

Business Investment Commitments in Singapore Dropped 31% in 2021

The Index Today

Government data showed on Wednesday that the business investment commitments into Singapore dropped about 31% last 2021, marking the country’s first decline in five years and after hitting a more than a decade high in 2020.

According to the Economic Development Board (EDB), commitments for investments in fixed assets such as facilities, machinery and other equipment shrank to S$11.8 billion ($8.78 billion) in 2021, but remained above a medium-to- long-term goal of S$8 billion to S$10 billion.

According to the data shown, the commitments on total business expenditure, which includes wages and rental, also fell about 24% to S$5.2 billion.

Beh Swan Gin, chairman of the EDB, added that the "2021 was an unusual year, (there were) many disruptions as a result of COVID...the numbers in 2020 were actually quite exceptional. And we did not expect to repeat that in 2021."

According to the data shown, the commitments on total business expenditure, which includes wages and rental, also fell about 24% to S$5.2 billion.

Jacqueline Poh, managing director EDB also said that most of the 2021 commitments came from the bio- and medical technology fields, and EDB is "very optimistic" about further growth this year.