Singapore expects investment to hold up

09:09, January 26, 2010      

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Singapore expects investment in manufacturing and services to hold steady in 2010 after a global economic slump last year prompted companies to cancel or delay projects.

Fixed-asset investments may total between S$10 billion ($7 billion) and S$12 billion in 2010, from S$11.8 billion last year, the Economic Development Board said yesterday. The government also aims to attract as much as S$9 billion in business spending this year from manufacturing and services industries such as information, education and health care.

Singapore cut taxes last year to encourage companies to set up operations or expand in the Southeast Asian nation amid the worst postwar global slowdown.

The government is deliberating long-term strategies to ensure its economy grows in a more sustained manner after three recessions in the past decade.

"The economic recovery will help boost the investment climate," Leo Yip, the board's chairman, told reporters. "Singapore's fundamentals continue to attract companies. We remain competitive in attracting investment."

The investment that comes in this year should help generate 14,000 to 17,000 jobs and add as much as S$15 billion to gross domestic product annually when completed, the board said. Projects that were committed in 2009 will create about 15,200 jobs and add S$12.5 billion to GDP every year, it said.

Royal Dutch Shell Plc opened a monoethylene glycol plant in Singapore last quarter, while Renewable Energy Corp, a Norwegian maker of solar-power components, is expected to start production in Singapore this year.

Source: China Daily
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