Singapore pulls in $932M of biomed investments
Jessica Cheam
The Straits Times
Wednesday, 16 April 2008
Singapore again proved to be a powerful investment magnet in the cutting-edge biomedical sciences industry, even though regional competition for these investments is heating up.
The Republic pulled in $932 million in fixed-asset investments last year, up from $901 million in 2006, the Economic Development Board (EDB) said on Tuesday.
The sector - a relatively new pillar of Singapore's economy - covers pharmaceuticals, including the development of new drugs, medical products such as heart stents, and medical equipment, among other things.
Total business spending in the sector also grew to a record high of $245 million last year, surpassing 2006's $217.3 million.
Despite the recent economic turmoil in global markets, Singapore continues to attract new facilities.
The projects sealed last year will contribute $2.1 billion of expected value added per year, creating more than 1,780 new jobs, said the EDB.
Last year, the total value of output from biomedical sciences manufacturing reached a high of $24 billion.
The industry adds value of $13.4 billion to the wider economy through economic spin-offs - making Singapore's drug factories the second highest contributor to gross domestic product among manufacturing sectors.
The sector also employed 11,518 workers last year, up 8.9% from 2006.
Trade and Industry Minister Lim Hng Kiang said on Tuesday that 'Asian countries are developing infrastructure to facilitate biomedical manufacturing and R&D activities in anticipation of a wave of investments'.