The commitments are expected to create 20,045 jobs over the next five years, according to the Economic Development Board, the country’s investment promotion agency.

About 58% of those jobs are likely to be in services, 26% in research and development and the remaining 16% in manufacturing.

“The flow of investment commitments demonstrate confidence in Singapore as a trusted hub for business, innovation and talent, and a gateway to a growing Asian region,” the EDB said in a statement Tuesday.

While the latest investment pledges pale in comparison to 2022’s record showing, authorities weren’t expecting to repeat that performance amid mounting global headwinds.

The EDB said the 2023 commitments were still better than its medium- to long-term goals.

The Board said total business expenditure commitments, estimated job creation and expected value-add to the economy in 2023 were higher than in the previous year.

The EDB warned that the outlook for the current year remains challenging, “due to ongoing geopolitical tensions, policy uncertainty created by electoral contests in many jurisdictions, increased competition for investments and macroeconomic uncertainty.”