Singapore continues to attract investment from foreign technology companies
Singapore’s favorable business environment continues to be a factor that helps attract more foreign investment, especially in the field of technology.
Singapore’s favorable business environment continues to be a factor that helps the country attract more foreign investment capital, especially in the field of technology and technology.
In May 2020, the German logistics firm DB Schenker put into operation the largest-scale high-tech warehouse (and its 13th facility in Singapore) with a total investment of SGD 163 million in Singapore Airport Logistics Park in Changi.
Similarly, Chinese tech startup ByteDance (which currently employs about 400 employees in Singapore) is also looking to invest more Singapore billions of Singapore dollars (SGD) over the next three years in Singapore.
Some of TikTok’s Chinese engineers (owned by ByteDance) are also said to have moved to Singapore this year.
Only in the first half of 2020, Singapore has attracted about SGD 14.3 billion of investments in fixed assets – equivalent to 95% of the total committed investment for the whole year 2019. Number 15.2 SGD Singapore attracted in 2019 is the highest level in the past 7 years.
Singapore’s Executive Vice President of Economic Development Kiren Kumar said that thanks to its friendly business environment, strict compliance with the law and deep linkages, Singapore continues to be the venue for many companies. increased foreign investment and operations.
According to Mr. Kiren, a number of companies announced to invest in Singapore this year include Paypal, Rakuten, Kajima, Johnson Controls, Twitter and Zoom.
The French-based insurance technology firm Descartes Underwriting is also planning to open an office in Singapore, after raising a stake worth 25.3 million SGD.
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