Large corporate investments in 2021 will result in more than 17,000 jobs being created in Singapore over the next five years, according to the Economic Development Board (EDB).
During its annual briefing held on Wednesday, EDB revealed that Singapore drew $11.8 billion in fixed asset investments last year, primarily from semiconductor and biotech companies building new facilities or expanding their existing operations in the city-state. The electronics, chemicals and materials, and agri-food sectors also drew considerable new investments despite pandemic disruptions.
Many of these investments, according to the agency, were directly related to the semiconductor chip shortage - manufacturers were expanding their capacity to meet increased demand - and EDB chairman Beh Swan Gin said that semiconductor manufacturers are still expressing 'good interest' in new or expanded investments in Singapore.
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2021's investments are expected to create 17,376 jobs in Singapore by 2027, said EDB. The majority - 35% - will be production roles, with 32% in business and commercial roles and 22% in digital roles. The roles up for grabs include software engineers, automation engineers, process technicians, and cybersecurity specialists.
On the downside, EDB also revealed that companies' incremental operating expenditure - of which wages and rental are major components - fell in 2021, suggesting that pay may not have been increasing much. While EDB attributes this to general uncertainty, third-party reports also show that salaries in Singapore, as in other developed economies around the region, tend to increase at a rate lower than the regional average.
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