The Singapore Economic Development Board (EDB) foresees the country taking a leading role in development of autonomous vehicles and smart mobility systems – made possible with advanced manufacturing capabilities and a highly skilled workforce. This is following the announcement that the British technology company Dyson will be setting up its automotive manufacturing facility to build electric cars in Singapore. Thanks to advancements in technology, Singapore is able to tap into new opportunities and venture into new growth areas.
According to EDB, an estimated of S$8 billion to S$10 billion in fixed asset investments is expected to flow in and about 16,000 to 18,000 new jobs will be created. Despite uncertainties due to dampening global demand and US-China trade tensions, EDB states that investment commitments in Singapore are likely to remain resilient in 2019. EDB will be focusing on five key priorities in 2019, including positioning the country as a business hub in ASEAN and growing new industry clusters. With digitalisation unlocking new growth potential, EDB also plans to strengthen Singapore’s edge in advanced manufacturing by bringing in investments from leading companies. Thus, transforming Singapore as a digital hub for non-manufacturing companies and an innovation-led economy which creates new products, services and businesses.
EDB chairman Beh Swan Gin said: “EDB will continue to strengthen Singapore’s positioning as a key node in ASEAN, help companies to adopt and innovate with digital technologies and leverage our capabilities to venture into new growth areas that will create good jobs for Singaporeans.”
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