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Foreign investments in Singapore going strong in face of downturn

Singapore is likely on track to record a strong year of foreign investments pumped into the country, despite the economic downturn.

Latest available figures show that for the first six months of the year, fixed asset investment commitments on items such as factories and machinery amounted to about SG$10.6 billion (US$8.66 billion).

This is well above the level of investment commitments Singapore attracted in the first half of last year, which stood at SG$6.31 billion. Last year, investment commitments totaled SG$13.73 billion.

If Singapore keeps up its strong first-half performance in the latter half of the year, it could be in for another good year, said analysts.

The Economic Development Board (EDB) said in January that the investment figure could hit up to SG$15 billion this year.

But if its recent high-profile announcements are anything to go by, there is reason to believe that this figure will be met or even surpassed.

In August, Germany's Evonik Industries broke ground for the construction of a 500-million-euro (US$635 million) animal feed nutrients plant and is going ahead to build another plant which will cost 250 million euro.

Asked if this year could be a bumper year for investments, EDB would only say it will release the total figures for this year at its review next year.

Singapore International Chamber of Commerce Chief Executive Philip Overmeyer said he has heard that companies are still very keen to invest despite the uncertainties in the global economy.

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