On September 14, 2023, the Economic Development Board (EDB) of Singapore reported a notable increase in investments from India, China, and Southeast Asia, despite the United States remaining the largest source of investment. During a LSEG and Reuters Newsmaker event, EDB managing director Jacqueline Poh highlighted the anticipated growth in Southeast Asia, projected at 4% to 5% for the year.

However, Poh cautioned that 2023 is expected to see a slowdown in overall investment levels compared to the record-breaking year of 2022, during which Singapore secured S$22.5 billion in fixed asset investments, predominantly from the electronics manufacturing sector, accounting for over 66% of the total.

Poh emphasized that the semiconductor super cycle was a key driver for these investments. Nevertheless, she noted that the semiconductor sector is currently experiencing a decline in demand, which may impact future investment flows. Singapore is a significant player in the global semiconductor landscape, accounting for 11% of the market and producing 20% of global semiconductor equipment.

Looking forward, the EDB aims to bolster investments in “green finance” and renewable energy sectors, including solar, wind, and hydropower, as part of its strategic focus. This shift reflects Singapore’s commitment to sustainable development while continuing to attract diverse investment opportunities.