More than 17,000 new jobs will be created in Singapore in the next 5 years
The Economic Development Board (EDB) said that more than 17,000 new jobs will be created in the next 5 years with an inflow of $11.8 billion fixed asset investments in 2021. Fixed asset investments refer to a company’s incremental capital investment in facilities, equipment, and machinery.
Electronics and biomedical manufacturing accounted for more than half of the investments last year with nearly $5billion and $1.8 billion secured respectively. There were also fresh investments across sectors such as agri-food, chemicals, and materials, with the bulk of investments from the United States (67.1 percent) and Europe (13.1 percent). 17,376 new jobs are expected to be created in the next 5 years, contributing to $16.8 billion in value-added per year. Around 35 percent of these jobs will be in production with roles in the manufacturing, engineering, supply chain, and logistics industries, followed by business and commercial services roles (32 percent). 70 percent of these new jobs will also be professional, managerial, executive, and technical roles (PMET) and are mostly expected to be for locals.
The growth of the digital economy also contributed significantly to total business expenditure in 2021 and doubled its share of total jobs created through EDB-related investments over the past decade. The establishment of new R&D centers, innovation platforms, and partnerships with Institutes of Higher Learning and public research institutions also enhanced existing business products and spawned new businesses to create more job opportunities for Singaporeans.
However, with the uncertainty over inflation, appetite for investments and demand could potentially be affected. Concerns include the costs of air travel and commodity prices such as food and oil.
Are you excited about the new job opportunities available for the next 5 years?