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A total of $13 billion in investment commitments has been secured in the first four months of 2020 – among the highest in recent years, which will create thousands of jobs in areas such as electronics and chemicals.
They include tech firm Micron, which intends to add 1,500 jobs here over the next few years, and ExxonMobil’s expansion of its refining and petrochemical complex on Jurong Island, which will create 135 new jobs upon completion.
The investment commitment secured by the Economic Development Board (EDB) is higher than the yearly amount secured from 2013 to 2018, and exceeds the $8 to $10 billion initially projected for the whole of 2020. EDB secured $15.2 billion in investment commitments over the whole of last year.
Announcing the figures at a virtual press briefing on Saturday, Trade and Industry Minister Chan Chun Sing also unrolled a roadmap for how the government intends to generate investments and jobs to manage the fallout of the pandemic as the economy is forecast to shrink by as much as 7 per cent.
This ranges from helping companies hire ahead of demand, to initiating projects to encourage innovation.
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