Annual Report

2021/2022
Contents

Chairman’s Message 3

2021 Investment Commitments by Industry 4

FAI Investment Commitments 5

TBE Investment Commitments 8

Expected VA Generated 11

Expected Jobs Created 12

Jobs Distribution 13

Annual Report 2021/2022 2

 Chairman’s Message
2021 was a challenging year for the global economy. Recovery The growing global impetus for climate action has also
from the Covid-19 pandemic remained patchy. Global border given rise to new opportunities in the green economy with
restrictions made it complicated for many companies to make more companies investing in decarbonisation initiatives.
new investment commitments even as they sought to build In November 2021, EDB outlined plans to transform Jurong
resilience in their operations and supply chains. Island into a Sustainable Energy and Chemicals Park, to further
support companies in the Energy and Chemicals industry as
Despite the challenges, EDB secured S$11.8 billion in Fixed they move towards a low-carbon future.
Assets Investments and S$5.2 billion in Total Business
Expenditure, across a range of industries. Once these are As for 2022, the global economy has to grapple with significant
fully implemented, we expect to create over 17,000 new job headwinds such as the Russia-Ukraine conflict, broader
opportunities in Singapore. The results are in line with our geopolitical tensions, inflationary pressures, supply chain
medium to long-term goals and are an outcome of the deep disruptions, and anti-globalisation sentiments. However, we
relationships and long-term engagement EDB has with industry expect Singapore’s strengths as a business hub to remain
stakeholders and key companies. More importantly, they are attractive to both global companies and an increasing number
testament to Singapore’s strong economic fundamentals and of Asian companies seeking to expand internationally. As the
standing as a strategic and neutral hub for global companies world recovers from the Covid-19 pandemic and connectivity is
seeking to invest in Asia. restored, Singapore’s reputation for reliability and stability, our
innovative tech ecosystem, and growing talent base will allow
The vibrant digital ecosystem here attracted significant us to seize new opportunities for growth and become a more
investments by the world’s largest technology companies competitive economy.
As the world recovers from and this momentum continued in 2021. Our digital economy
the Covid-19 pandemic and has grown exponentially with Covid-19 accelerating digital Let me conclude by thanking EDB officers for their hard work
transformation in many industries. EDB has also been and dedication; and our longstanding partners for their trust
connectivity is restored, working with companies to boost innovation and R&D activities and confidence in us. EDB will continue to work closely with
Singapore’s reputation for to enhance their existing offerings or develop new products companies, industry stakeholders, and government agencies to
and businesses from Singapore. Last year, EDB started the create good business and job opportunities for Singapore and
reliability and stability, our
Corporate Venture Launchpad to help companies incubate and Singaporeans.
innovative tech ecosystem, launch new businesses. These ventures will create exciting job
and growing talent base opportunities and new entrepreneurial pathways.

will allow us to seize new In addition, 2021 underlined the importance of the
opportunities for growth Manufacturing sector to our economic resilience, with
manufacturing output and job growth recovering quickly. EDB
and become a more and Enterprise Singapore built on this to launch the Southeast
competitive economy. Asia Manufacturing Alliance in February 2021. This initiative
brings together the complementary advantages of different
locations in the region, to help businesses that are interested Dr Beh Swan Gin
to grow their manufacturing footprint in Southeast Asia and Chairman
diversify their supplier base. Singapore Economic Development Board

Annual Report 2021/2022 3

 2021 Investment Commitments
by Industry
Fixed Asset Investment (FAI)
Expected VA refers to a company’s incremental
FAI TBE Expected capital investment in facilities,
Industry per Annum
(S$ million) (S$ million) Jobs Created equipment and machinery. Investment
(S$ million)
commitments are investments to be
realised over the prospective 3 to 5 years
Biomedical Manufacturing 1,769 329 606 2,510 when the projects are fully implemented

Chemicals 980 114 225 442 Total Business Expenditure (TBE)

refers to a company’s incremental annual
Education/Healthcare Services 4 0 186 236 operating expenditure in Singapore
(excluding depreciation). The major
Electronics 4,986 528 1,864 1,769 components include wages and rental.

Engineering & Environmental Services 186 251 1,495 746 Value Added (VA)
measures the direct contribution
General Manufacturing Industries 315 106 137 502 a company makes to Singapore’s
Gross Domestic Product, excluding
Headquarters & Professional Services 280 1,401 2,849 4,413 multiplier effects. The major
components include wages and profit.
Infocommunications & Media 1,337 1,033 4,417 1,726
Jobs
Logistics 48 153 121 163 is defined as the sum of all incremental
jobs created when the investments are
Precision Engineering 69 90 158 515 fully implemented.

Research & Development 1,454 976 4,677 3,953 Note: The investment commitment
classification by industry for 2021 is
Transport Engineering 367 170 65 401 based on the latest Singapore Standard
Industrial Classification (SSIC 2020).
Total 11,795 5,151 16,800 17,376

*Due to rounding, figures may not add up

Annual Report 2021/2022 4

 FAI Investment Commitments
2012 – 2021

S$m

18,000

1
,17
17
8
00

4
,18
,
16

15

96
5
,13
13,500

,7
40

11
95
12

,8

,4
11

11

3
87,
10
49
89

4
9,
3
9,
9,000

4,500

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Annual Report 2021/2022 5

 FAI Investment Commitments by Industry
2020 & 2021
2020 2021

Total: Total:

S$17.2 S$11.8
billion billion

Industry % Industry %

Biomedical Manufacturing 3.7 Biomedical Manufacturing 15.0

Chemicals 24.0 Chemicals 8.3
Education/Healthcare Services 0.04 Education/Healthcare Services 0.03
Electronics 37.7 Electronics 42.3
Engineering & Environmental Services 3.0 Engineering & Environmental Services 1.6
General Manufacturing Industries 0.7 General Manufacturing Industries 2.7
Headquarters & Professional Services 0.9 Headquarters & Professional Services 2.4
Infocommunications & Media 6.2 Infocommunications & Media 11.3
Logistics 6.0 Logistics 0.4
Precision Engineering 2.5 Precision Engineering 0.6
R&D 7.7 R&D 12.3
Transport Engineering 7.5 Transport Engineering 3.1

Annual Report 2021/2022 6

 FAI Investment Commitments by Region
2020 & 2021

2020 2021

Total: Total:

S$17.2 S$11.8
billion billion

Industry % Industry %

United States 53.4 United States 67.1

Europe 17.1 Europe 13.1
Singapore 17.3 Singapore 6.2
Japan 6.3 Japan 1.7
China 1.4 China 1.1
India 0.0 India 0.1
Others 4.4 Others 10.8

Annual Report 2021/2022 7

 TBE Investment Commitments
2012 – 2021

S$m

10,000

20
0
9,
9,000

0
27
8,
94
7,7
8,000

4
95

5
81
6,
7,000

3
53

6,
4

0
6,
24

17
6,
6,

6
6,000

57
5,

1
15
5,
5,000

4,000

3,000

2,000

1,000

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Annual Report 2021/2022 8

 TBE Investment Commitments by Industry
2020 & 2021
2020 2021

Total: Total:

S$6.8 S$5.2
billion billion

Industry % Industry %

Biomedical Manufacturing 4.0 Biomedical Manufacturing 6.4

Chemicals 7.8 Chemicals 2.2
Education/Healthcare Services 0.1 Education/Healthcare Services 0.0
Electronics 7.8 Electronics 10.2
Engineering & Environmental Services 4.3 Engineering & Environmental Services 4.9
General Manufacturing Industries 1.1 General Manufacturing Industries 2.1
Headquarters & Professional Services 17.6 Headquarters & Professional Services 27.2
Infocommunications & Media 11.3 Infocommunications & Media 20.0
Logistics 3.7 Logistics 3.0
Precision Engineering 2.2 Precision Engineering 1.8
R&D 16.4 R&D 18.9
Transport Engineering 23.7 Transport Engineering 3.3

Annual Report 2021/2022 9

 TBE Investment Commitments by Region
2020 & 2021

2020 2021

Total: Total:

S$6.8 S$5.2
billion billion

Industry % Industry %

United States 21.5 United States 40.9

Europe 17.7 Europe 14.3
Singapore 40.8 Singapore 18.8
Japan 2.6 Japan 4.5
China 12.4 China 10.1
India 1.0 India 3.3
Others 4.0 Others 8.1

Annual Report 2021/2022 10

 Expected VA Generated
2012 – 2021

S$m

35,000

6
,19
31
34
,4
29
30,000

25,000
18
,3
20

20,000

43

0
8

,2

80
66

17

,
,

16
16

0
63
6
15,000
1

82
4

,
48

13
30

,
12
,

,
12

12

10,000

5,000

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Annual Report 2021/2022 11

 Expected Jobs Created
2012 – 2021

S$m

35,000

14
,8
32
30,000

1
30,
25
66

25,000
,4

81
23

,4
22
75
,0

52
20
9

,3
55

19
20,000

17

76
,
18

75

,4

,3
17

17
,7
16
15,000

10,000

5,000

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Annual Report 2021/2022 12

 Jobs Distribution
2021
Job Business
Digital Production Innovation
Category and Commercial Services

Engineering & Manufacturing Research Scientists Business Development

Technical Production Operator & Engineers Consultant
AI Engineer Process Technician Development Engineer Strategic Planning
Software Engineer Production Engineer Executive
Algorithm Engineer Engineering
UX/UI Designer Automation Engineer Innovation Managers Business Operations
Production Engineer & Coordinators Logistics Officer
Applied Intelligence Process Engineer Innovation Manager Supply Chain Manager
Jobs: Data Scientist Laboratory Manager
Project Manager
17,376 Cloud Developer
Supply Chain& Logistics
Project Manager
Research Leader
Finance
Finance Executive
Services Procurement Manager Technology Manager Procurement Specialist
Business Analyst Supply Chain Executive
Cybersecurity Corporate Functions Human Resources
Examples Specialist Quality Management & Innovation Support HR Executive
of Jobs Solution Architect Lab Technician
Quality Management
Manager IT/Tech
Product Development Quality Assurance IT Manager
Job Category %
Product Designer Engineer
Digital 22 IoT Developer Legal
Corporate Functions IP Manager
Business & Commercial Services 32 Operations Manager
Corporate Functions Regulatory Affairs
Innovation 11 Executive
Finance Executive
Production 35 Sales Executive
Sales & Marketing
Sales Executive

Annual Report 2021/2022 13

About the Singapore Economic Development Board

The Singapore Economic Development Board (EDB), a government agency under

the Ministry of Trade and Industry, is responsible for strategies that enhance
Singapore’s position as a global centre for business, innovation, and talent.
We undertake investment promotion and industry development, and work with
international businesses, both foreign and local, by providing information,
connection to partners and access to government incentives for their investments.
Our mission is to create sustainable economic growth, with vibrant business
and good job opportunities for Singapore and Singaporeans.

For more information on EDB, please visit www.edb.gov.sg

Contact us

EDB Head Office +65 6832-6832 LinkedIn

250 North Bridge Road
client_services@edb.gov.sg Facebook
#28-00 Raffles City Tower
Singapore 179101 edb.gov.sg Twitter