Investments that Secure Singapore’s Competitiveness Ahead-Does Industry Representation Impact PR/CTZ Applications?
Despite a challenging year in 2021, the Economic Development Board of Singapore (EDB) secured investment commitments to reinforce Singapore’s status as a strategic hub. This sets the bedrock of critical supply chain nodes for global companies to base key business functions that drive innovation and growth through Singapore.
Moving forward, Singapore will continue to partner with businesses focused on developing sustainable solutions for a better future – a key thematic strategy in the global endeavour to combat climate change.
Key Industry Representation for Application Approvals in 2021
Insights and analysis from approved Singapore PR and Citizenship cases filed through IASG during the pandemic suggest that these 5 industries have seen the best representation of approved cases we handled.
- Information, Communications & Technology (ICT)
- Financial Services
- Manufacturing & Engineering
- Construction & Built Environment
- Medical Services
Undeniably, the pandemic has forced many businesses to rapidly innovate and digitize. Additionally, people are increasingly relying on the digital economy (deliver food, work remotely from home etc) that has shapeshifted lifestyles. Rightly so, investments made have been primarily guided by megatrends and emerging technologies such as Industry 4.0, Artificial Intelligence (AI), Internet of Things (IoT), Blockchain and digital industries), trade, infrastructure (smart city and smart governance) and Renewable Energy.
Investing in the Right Talent
Besides investments to drive these infrastructures, securing the right talent, both within the local and global talent pool is imperative. While the ‘Great Resignation’ has not greatly impacted Singapore, the labour crunch has emerged as one of the more pressing issues facing many sectors including healthcare, finance, banking and retail.
As immigration professionals, we view this as interesting times ahead for foreigners already based in Singapore and looking to establish a long-term presence here. The recent ‘exodus’ of foreigners from Singapore (mainly due to covid fatigue and missing loved ones back home) provides a golden opportunity for those currently choosing to remain here and looking to sink roots.
Rest assured, there is a commitment to provide targeted support to develop digital skills and sustainability expertise in the Singapore workforce to tackle the rising manpower shortage more effectively.
What does this mean for foreigners looking to cement a place in Singapore?
Despite the gloom that is COVID-19, there is no way but up for Singapore. Dependent on the injection of foreign investments and a gateway to Asia, trust in Singapore’s infrastructure and the government remains high. Taking a snapshot of client profiles we have helped across the finish line, the majority represents profiles congruent to the research and insights derived from actual market sentiments.
Granted, competition for Singapore Permanent Residence and Citizenship will remain high, but we see 2022 as an opportunistic year for those with the relevant talent.
