Pee Beng Kong, Executive Vice President (International Operations)

Population Currency
± 5.9 million people Singapore Dollar

Size of land Main Languages Spoken

734.3 sq km English, Chinese, Malay, Tamil

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GDP per
capita
(USD ‘000)
90
Labour Intensive Skills Intensive Capital Intensive Technology & Services Knowledge & Innovation
80

70 Singapore’s GDP per capita

S$1,600 (approx. USD1,163) in 1965 to S$113,779 (approx. USD84,640) in 2023
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10

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Year

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 2023 GDP Growth: +1.1%
2023 Forecast: 1 to 3%
Business Friendly Environment Ownership of Dwellings Manufacturing Sectoral breakdown for
• Pro-business environment Manufacturing

World-class Talent
Other Services
4%
19% Biomedical Manufacturing
10% 19%
• Highly educated workforce
Biz 9% Chemicals
Services 4% Construction
Critical Connector to the Rest of Nominal GDP 1%
Utilities
the World
• Connected to the global trade network 14%
2023 Electronics

• Openness to talent
Precision Engineering
23%
Great Place to Live Finance & 5% Wholesale
• A safe and vibrant city to work, Insurance 7% & Retail Trade Transport Engineering
live and play
Information &
Trusted Partner Communications General Manufacturing
• Government as a trusted partner for Transportation & Storage
business for good

2023 GDP: S$673.3 Billion

(approx. USD501 Billion)
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Lead agency that plans and executes economic and industrial development strategies
for Singapore

WHAT WE DO
OUR VISION We undertake investment promotion
A Global Leader and industry development in the
A Great City manufacturing and tradeable services
A Home in Asia sectors.
For Business, Innovation, and Talent
• Facilitate investments

• Partner existing base of

OUR MISSION
We create for Singapore sustainable
economic growth with vibrant
businesses and good job opportunities
companies to transform
operations and boost productivity
• Support corporate
Responsible for >30% of entrepreneurships and growth of
Singapore’s Annual GDP new ventures

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6
Within a 4-hour flight radius:
• Access to all 10 SEA countries
• Asean is the 5th largest economy in the
world (expected to be 4th largest by
2030) with a GDP of US$3.2 trillion and
a growing consumer market of around
670 million, with around 60% of the
population below the age of 35
• Access to Hong Kong, a key node for
the Greater Bay Area
• ASEAN and HK have a combined
population of 680 million and
combined GDP of US$3.6 trillion
Within a 3-hour flight radius:
Access to five of Asean’s six largest and
most digitally-connected economies:
• Singapore
• Malaysia
• Indonesia
• Thailand
• Vietnam
Combined population: 487 million
Combined GDP: US$2.8 trillion
Within a 7-hour flight radius:
Access to ASEAN, HK & mainland China,
India, South Korea, Japan, Australia & Pacific
Islands:
• Combined population of 3.8 billion (more
than half the world’s population)
• Combined GDP of US$33 trillion (around
37% of world GDP)
• Asia is home to 55% of the global
FLY UP TO 7 consumer class; Asian countries top list of
HOURS fastest-growing consumer markets in the
Access Asia Pacific: 3.8 world
billion people or more
than half the world’s
population SEA digital economy 2022 (six largest Asean
economies):
FLY UP TO • 460 million internet users; at least 340
4 HOURS Singapore million are e-commerce consumers
Access ASEAN: • Digital economy expected to grow 20%
670 million people from 2022 to 2025 (US$194 billion to
US$330 billion); could hit US$1 trillion
by 2030
• Double-digit growth across all digital
financial services sub-sectors –
payments, remittance, lending,
investment, insurance
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 Supply chain resilience as a source of growth

Iskandar Malaysia
The SG+ twinning model with Iskandar Malaysia (IM) / Batam Bintan
Karimun (BBK) offers companies the best of both worlds
➢ HQs and R&D centres in SG, to tap extensive FTA networks,
connectivity, talent, financing, strong IP protection
➢ Manufacturing in IM-BBK
Batam – Bintan – Karimun
✓ To increase production capacity and venture into SEA market
✓ To diversify supply chain
✓ To support SG Ops – IMBBK is within a 1-hour radius from SG

Southeast Manufacturing Alliance (SMA)

• Partnership between EDB, Enterprise Singapore and private sector companies

• SG+ twinning model pairs Singapore’s global business hub connectivity and innovation
ecosystem with the manufacturing strengths of Indonesia, Malaysia and Vietnam

• By allowing manufacturers to twin complementary strengths of different SEA locations,

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SMA helps companies expand their production bases in SEA
9
Geopolitical tensions COVID-19 pandemic Climate Change

10
Ability of the government to
set clear and unambiguous
policies, as well as work
closely with economic
agencies to execute them
(e.g. Green Plan,
Manufacturing 2030)
A trusted and transparent
location to do business,
especially in a volatile and
changing global
environment. Businesses
can count on Singapore to
deliver
Suite of tools and programmes
to attract foreign workers and
professionals, as well as upskill
local Singaporeans to support
industry growth
A vibrant ecosystem featuring
global R&D labs of leading
Fortune 500 companies, as
well as over 400 venture
capital funds, incubators and
accelerators
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 1
Singapore is among the first few countries to enhance 2030 Nationally Determined Contribution (NDC) and
submit a Long-Term Low-Emissions Development Strategy (LEDS) in March 2020.

Singapore will raise our climate ambition to achieve net-zero by 2050

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Preserved Singapore’s
connectivity for business
• Kept trade lanes open to minimise
disruption to supply chains
• Supported distribution of essential
supplies such as food, masks,
ventilators and vaccines
Supported companies in
affected sectors
• Ensured our companies and their
critical suppliers are able to
remain operational during the
lockdowns
• Jobs Support Scheme – offered
wage support to companies to
help them retain their employees
2
Steadied Singapore for gradual
resumption of economic activities
• Vaccinated Travel Lanes (VTL) –
introduced to ensure business
continuity with key trading partners
• Secured access to future vaccines
for better pandemic preparedness
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 3
ONE Pass – Greater transparency in existing Employment
New work pass to attract global talent Pass framework

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 3

Google Skills Ignition Programme Meta Upskill Initiative

• A job and skills training initiative targeted at 3,000
local entry-level and mid-career job seekers in
Singapore
• Upskilling on digital marketing and cloud technology
through training courses and on-the-job training.
• Meta Immersive Learning Academy – an
educational programme that will enable
beginner AR and VR creators to hone their
skills
• Includes Coursera certification programmes
and mentoring programmes for small-
medium enterprises
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EDB partners with companies to rapidly create new products, services and business models for
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Singapore and the world

Globally connected innovation ecosystem

• Global Innovation Alliance (GIA)
• Partnership Forums
• Innovation Launchpads
• Innovators Academy
• Network operates in 21 cities globally across
Asia (13), Australia (2), US (2), and Europe (4).

Vibrant start-up ecosystem

• >4000 technology start-ups
• > 650 venture deals amounting to ~S$15B
• > 190 incubators and accelerators
Strong public-private research partnerships
• S$25B set aside to sustain investments in research,
innovation and enterprise
• Diverse science and tech capabilities in anchor institutions
• > 35,000 research scientists and engineers
• Access to research infrastructure and facilities

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 To strengthen their global
supply chain network
Chip giant GlobalFoundries opened its
new plant in Singapore in 2023. It
represents an investment of S$5.4
billion and is expected to create 1,000
new jobs.
Singapore accounts for about one-
third of GlobalFoundries' revenue and
serves about 200 customers
worldwide. The manufacturer has
about 4,800 employees here – around
a third of its global headcount.
To manage regional
operations
Schneider Electric
Schneider Electric set up its RHQ and
Innovation Hub in Singapore, and has
developed one of the world’s most
advanced factories in Batamindo
Industrial Park in Batam, Indonesia.
Designated as a 4th Industrial
Revolution Advanced Lighthouse by
the World Economic Forum, the
factory uses IoT and digital tools in
the production of complex electronic
components.
The RHQ regularly sends technical
experts and engineers to the Batam
site. Singapore also functions as the
global distribution hub for Batam-
made goods.
To produce sustainable To grow their innovation
products activities
Arkema, a global leader in Specialty SAP launched SAP Labs Singapore
Materials, announced the final phase in 2022, a digital innovation hub that
of a construction of the world’s will drive product leadership, foster
largest bio-factory dedicated to high local digital talent, and boost
performance polymers in Jurong ecosystem and community
Island. engagement.
The plant will enable the creation of This will be the first in SEA for SAP
sustainable products in sectors such with the aim of catalysing deep
as green vehicles, 3D printing, technology such as artificial
consumer goods and electronics. intelligence (AI) and machine
Scheduled to be operational in 2022, learning, and advancing
it will create a couple of hundreds of transformative digital supply chain,
jobs here in various domains intelligent business network and
including manufacturing, finance, sustainability solutions.
supply chain and digitalisation.
VISIT THE EDB WEBSITE
(www.edb.gov.sg)
Visit our website to learn more
about the work that EDB does,
key business activities,
business opportunities in the
region and more.
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DISCLAIMER
EDB provides this presentation (including oral statements) gratuitously for information only and not for any other purpose.
While care has been expended in the preparation of this presentation, EDB hereby disclaims all liability including, but not limited to, inaccuracies, incompleteness or lack of suitability for purpose of any
information in the presentation.