February 25, 2024

We are creating some awesome events for you. Kindly bear with us.

Singapore’s EDB: Digital Transformation Prowess Amid Challenges

As the nation navigates a rapidly changing external environment, the Singapore Economic Development Board’s (EDB) collaboration with multinational corporations (MNCs) and the local business and research ecosystem takes centre stage. The focus on technology-driven sectors is evident, with key commitments aligning with Singapore’s strategic priorities for digital transformation.

Image credits: Singapore Press Centre, Infographic EDB Year-in-Review 2023

In 2023, the Singapore Economic Development Board (EDB) achieved a significant milestone by attracting investment commitments totalling SG$ 12.7 billion in Fixed Asset Investment (FAI) and SG$ 8.9 billion in Total Business Expenditure per annum (TBE).

These commitments, when realised, are poised to create 20,045 jobs and contribute an estimated SG$ 26.7 billion in Value-Added per annum (VA). Notably, these figures surpassed EDB’s medium-to-long-term goals, signalling continued confidence in Singapore as a trusted hub for business, innovation, and talent.

Against the backdrop of a challenging global operating environment marked by geopolitical tensions and uncertainties, the flow of substantial investment commitments demonstrates Singapore’s resilience and attractiveness as a strategic destination. The island nation continues to be viewed as a gateway to the growing Asian region, emphasising its pivotal role in fostering business, innovation, and economic growth.

In a year marked by moderation in FAI commitments from the exceptional spike in semiconductor investments in 2022, the commitments remained robust, aligning with past trends. Global manufacturers in chemicals, electronics, healthcare, and aerospace continued to invest in Singapore, leveraging its strategic location and business-friendly environment.

The emphasis on Total Business Expenditure (TBE) commitments, job creation, and expected value-added to the economy increased in 2023, reflecting a rise in the number of investment projects. Headquarters (HQ) and Professional Services projects accounted for nearly 70% of the SG$8.9 billion in TBE per annum. This underscores Singapore’s evolving role as a services hub for the region, with a growing number of global businesses leveraging its vibrant ecosystem to tap into Asia’s growth.

The year also witnessed a notable uptick in investment commitments related to Research & Development (R&D) and Innovation activities. Multinational Corporations (MNCs) deepened their innovation footprint in Singapore, collaborating with the local Research, Innovation, and Enterprise (RIE) ecosystem.

EDB’s Corporate Venture Launchpad (CVL) programme played a pivotal role, aiding 25 large companies in nurturing new venture concepts in areas such as Artificial Intelligence (AI), data services, climate technology, and agricultural technology.

The expected job creation of 20,045 positions, when projects are fully implemented, demonstrates the diversified impact across sectors. Jobs in Services, constituting 58% of the total, are anchored by HQs and shaped by business priorities like environmental sustainability, digital transformation, and automation.

R&D/Innovation jobs make up 26%, encompassing cutting-edge technology, product development, and commercialisation. Manufacturing jobs, constituting 16%, reflect Singapore’s status as a highly automated, advanced manufacturing location.

As Singapore navigates the challenges of 2024, EDB remains focused on sustaining economic competitiveness. The investment commitment goals for the medium-to-long term include FAI of SG$ 8.0 – 10.0 billion, TBE per annum of S$ 5.0 – 7.0 billion, and job creation of 16,000 – 18,000.

The overarching strategy for 2024 involves transforming existing sectors by leveraging AI and digitalisation, strengthening Singapore’s position in the global value chain, building new growth areas in the green economy, AI, and precision medicine, developing local talent, and reinforcing the competitiveness of the local ecosystem.

EDB aims to stay ahead of the competition, fostering sustained economic growth, a vibrant business environment, and quality job opportunities, positioning Singapore as an attractive destination for global and Asian corporates and startups alike. This commitment reflects EDB’s proactive approach to digital transformation, aligning with Singapore’s vision of becoming a Smart Nation at the forefront of technological innovation.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend