In 2017, Singapore became one of the most important manufacturing bases in Southeast Asia thanks to the high level of investments. These investments are expected to keep up in 2018 as the commitment and confidence of both local and foreign investors remain positive, according to the Economic Development Board (EDB). Our company formation agents in Singapore can help foreign enterprisers who want to open a company in Singapore.
At the beginning of the year, the EDB released the Year-in-Review report related to the levels of investments in Singapore in 2017. According to this report, both local and foreign investments kept a steady rhythm, despite the uncertainties registered at a global level.
The same pace is expected to be kept this year, as Singapore will most likely consolidate its position as a manufacturing base in the region. The results will be based on the city-state’s capabilities from manufacturing and digital points of view.
In 2018, the EDB plans to attract investments from the largest manufacturing companies in the world, but it also aims at transforming Singapore companies through governmental programs, one of the most important ones being the Singapore Smart Industry Readiness scheme.
Our Singapore company formation consultants can help foreign enterprisers who want to open manufacturing businesses here.
The EDB has committed to help Singapore manufacturing companies in attracting foreign investors in order to register the same good results as last year. One of the most important projects is related to offering specialized trainings to employees and those seeking employment for these to be ready to take on new roles, respectively new jobs which will be based on digitalization and automation.
New research and development programs will also be enabled in collaboration with the National Research Foundation, Enterprise Singapore and the Agency for Science, Technology and Research. Our Singapore company formation experts can give you more details about these programs.
At the end of 2018, the EDB expects for total investments to reach up to 10 billion SGD, while business expenditure should amount up to 7 billion SGD and will lead to the creation of 18,000 new jobs.
Please contact us if you want to open a company in Singapore.