SINGAPORE’S DIRECT INVESTMENT ABROAD 2016 · Financial & Insurance Services All Other Sectors Europe European countries which attracted the most investment from Singapore include

SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

ISSN 2591-7579

© Department of Statistics, Ministry of Trade & Industry, Republic of Singapore

Reproducing or quoting any part of this publication is permitted, provided this publication

is accredited as the source. Please refer to the Statistics Singapore Website Terms of

Use (http://www.singstat.gov.sg/terms-of-use) for more details on the conditions of use

of this publication.

Statistical activities conducted by the Singapore Department of Statistics are

governed by the provisions of the Statistics Act (Cap. 317). The Act

guarantees the confidentiality of information collected from individuals and

companies. It spells out the legislative authority and responsibility of the Chief

Statistician. The Act is available in the Department’s Website

(www.singstat.gov.sg).

http://www.singstat.gov.sg/terms-of-use

PREFACE SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

iii

The Singapore Department of Statistics has been conducting the Survey of

Singapore’s Investment Abroad annually to meet the demand for comprehensive data on

Singapore’s overseas investment position. Data from the survey were first released in the

publication Singapore’s Investment Abroad, 1976-1989 in 1991. Since then, annual

data from the survey have been released periodically through this publication and relevant

occasional papers.

The latest survey was carried out in 2017 for reference year 2016. The report,

Singapore’s Direct Investment Abroad 2016, which contains the key findings of the

survey, is presented in two parts. The first part presents information on the composition,

growth and level of Singapore’s direct investment abroad. A technical note to explain the

source, scope and coverage of data, as well as the concepts and definitions of terms used,

is provided in the second part. Users who are interested in data on foreign investment in

Singapore can refer to the other publication, Foreign Direct Investment in Singapore.

The data are compiled annually from the share ownership and financial accounts of

companies registered in Singapore.

The publication of this report is made possible by the co-operation of the

companies which provided information for the survey. I would like to express my sincere

appreciation to them and all others who have contributed towards this publication.

Wong Wee Kim

Chief Statistician

Singapore

March 2018

iv

Our Vision

A National Statistical System of Quality, Integrity and Expertise.

Our Mission

We Provide Reliable, Relevant and Timely Statistics

to Support Singapore’s Social and Economic Development.

Our Guiding Principles

Professionalism & Expertise

We adhere to professional ethics and proficiently produce quality statistics that comply with international concepts and best practices.

Relevance We constantly innovate our processes and

produce statistics that meet users’ needs.

Accessibility We make our statistics readily available.

Confidentiality

We protect the confidentiality of information provided to us.

Timeliness & Reliability

We produce statistics that users can depend on and disseminate them at the earliest possible date while maintaining data quality.

Cost Effectiveness

We use resources effectively, minimising respondent burden and leveraging on administrative data.

v

Page

PREFACE iii

KEY INDICATORS vi

I FINDINGS

Overall 1

Industrial Distribution 2

Geographical Distribution 3

Asia 3

Europe 4

Oceania 4

North America 5

II TECHNICAL NOTES 6

III APPENDIX

List of Activities 14

NOTES

The Singapore’s Direct Investment Abroad publication contains statistics that are the most recently available at the time of its preparation.

Numbers may not add up to the totals due to rounding.

Industries are classified according to the Singapore Industrial Classification (SSIC) 2015.

Values are shown in Singapore dollars (unless otherwise stated).

Some statistics, particularly those for the most recent time periods, are provisional and may be subject to revision in later issues.

2012 2013 2014 2015 2016

Singapore's Direct Investment Abroad (Millions of S$) (Stock as at Year-End)

Total 497,193 544,258 650,941 718,490 783,517

Direct Equity Investment 431,110 475,942 577,711 633,341 693,189

Net Lending to Overseas Affiliates 66,083 68,316 73,229 85,149 90,328

Singapore's Direct Investment Abroad (Millions of S$) (Stock as at Year-End)Top 15 Destinations (based on 2016)

China 92,047 102,625 114,455 123,790 123,865

Luxembourg 12,173 15,989 28,283 30,189 65,203

Hong Kong 40,241 41,831 51,119 51,947 53,736

Indonesia 39,911 40,633 47,021 49,548 52,893

Australia 41,943 43,707 39,739 42,478 45,297

United Kingdom 43,714 49,153 42,430 37,877 44,125

Malaysia 36,486 36,700 40,526 43,727 43,290

Cayman Islands 12,790 23,902 65,190 75,266 42,444

British Virgin Islands 36,404 37,416 39,913 41,322 39,359

India 12,909 16,000 22,679 34,728 36,850

United States 8,297 9,695 13,537 17,056 30,801

Russia 37 72 16 458 25,264

Netherlands 7,827 10,346 14,724 20,235 23,753

Thailand 19,669 18,982 20,066 21,026 23,015

Mauritius 16,866 15,495 16,437 16,986 17,573

Singapore's Direct Investment Abroad By Activity Abroad (Millions of S$) (Stock as at Year-End)

Total 497,193 544,258 650,941 718,490 783,517

Manufacturing 96,571 103,844 115,487 129,255 130,951

Construction 1,474 1,644 1,882 1,889 2,040

Wholesale & Retail Trade 38,736 43,848 53,312 62,901 63,863

Accommodation & Food Service Activities 4,703 4,531 4,369 4,579 4,902

Transport & Storage 12,982 14,988 19,237 20,932 22,396

Information & Communications 22,264 22,420 27,408 30,794 34,115

Financial & Insurance Services 234,838 262,360 332,290 356,757 378,103

Financial Services 230,450 257,314 325,733 350,679 371,363

Holding Companies 169,978 197,123 257,569 280,027 292,882Real Estate Activities 39,000 41,625 46,077 55,514 58,620

Professional, Scientific & Technical, 9,635 11,492 13,771 21,273 26,041Administrative and Support Services ActivitiesOthers 36,990 37,505 37,107 34,596 62,487

Key Indicators of Singapore's Direct Investment Abroad, 2012-2016

vi

Singapore’s Direct Investment Abroad

FINDINGS

FINDINGS SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

1

Overall

0

100

200

300

400

500

600

700

800

900

2012 2013 2014 2015 2016

S$

bill

ion

Direct Equity Investment Net Lending to overseas affiliates

The stock of Singapore’s Direct Investment Abroad (DIA) from the corporate sector

reached $783.5 billion as at end 2016, an increase of 9.1% from the previous year.

Direct equity investment, which comprises paid-up capital and attributable reserves,

contributed to bulk of the investment (88.5 per cent or $693.2 billion), while net

lending to overseas affiliates accounted for the remaining 11.5 per cent ($90.3

billion).


2

Industrial Distribution

Financial & Insurance Services

48.3%

Manufacturing16.7%

Wholesale & Retail Trade8.2%

Real Estate Activities

7.5%

Information & Communications

4.4%

Professional, Scientific & Technical, Administrative

& Support Services3.3%

Transport & Storage 2.9%

All Other Sectors8.9%

Direct investments into the financial & insurance services sector made up almost half

of Singapore’s DIA (48.3 per cent or $378.1 billion). The manufacturing (16.7 per

cent or $131.0 billion), wholesale & retail trade (8.2 per cent or $63.9 billion) and real

estate (7.5 per cent or $58.6 billion) sectors also attracted significant investment.

Financial & Insurance

Services

Direct investment abroad in

the financial & insurance

services sector was mostly

in holding companies,

which accounted for more

than three-quarters of the

direct investments in this

sector (77.5 per cent). 0

50

100

150

200

250

300

350

400

2012 2013 2014 2015 2016

Holding Companies Other Financial and Insurance Services

S$ bil


3

0.0 50.0 100.0 150.0

India

Malaysia

Indonesia

Hong Kong

China

Financial & Insurance Services Manufacturing

Wholesale & Retail Trade All Other Sectors


Geographical Distribution

Asia50.1%

Europe23.1%

South & Central

America and the Caribbean

13.4%

Oceania6.3%

North America

4.0%

Africa3.2%

Asia

The top investment

destinations in Asia were

China ($123.9 billion), Hong

Kong ($53.7 billion), Indonesia

($52.9 billion), Malaysia ($43.3

billion) and India ($36.9 billion).

China remained as the top

Asian destination, with the

manufacturing sector attracting

the most investments from

Singapore investors.

Investments in other top

destinations like Hong Kong

and Malaysia were mostly in

the financial & insurance

services sector.

Asia was the top region for Singapore’s direct investment abroad, receiving half of

the investment (50.1 per cent or $392.4 billion). Europe (23.1 per cent or $180.9

billion) and South & Central America and the Caribbean (13.4 per cent or $104.6

billion) also attracted substantial investment from Singapore.

S$ bil


4

0.0 20.0 40.0 60.0 80.0

Netherlands

United Kingdom

Luxembourg

Financial & Insurance Services All Other Sectors

Europe

European countries which

attracted the most

investment from Singapore

include Luxembourg ($65.2

billion), the United

Kingdom ($44.1 billion) and

Netherlands ($23.8 billion).

Investments in Europe

were predominantly in the

financial & insurance

services sector, with over

half of the investments

channelled to this sector.

Oceania

Singapore’s investment in

Oceania was mainly in

Australia ($45.3 billion),

and mostly in the financial

& insurance services and

information &

communications services

sectors.

0.0 20.0 40.0 60.0 80.0

New Zealand

Australia

Financial & Insurance Services Wholesale & Retail Trade

Information & Communications All Other Sectors

S$ bil

S$ bil


5

0.0 10.0 20.0 30.0 40.0

Canada

United States

Financial & Insurance Services All Other Sectors

S$ bil

North America

Singapore’s direct

investment in North

America was mostly in the

United States ($30.8

billion), with over half of the

investment in the financial

& insurance services

sector.


TECHNICAL NOTES

TECHNICAL NOTES SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

6

Objective

The data presented in this report are compiled from the results of the Survey of

Singapore's Investment Abroad conducted annually by the Department of Statistics. The

data are used as inputs for compiling Singapore’s International Investment Position (IIP)

and Balance of Payments (BOP) statistics. These statistics are used extensively by the

government, business community and academicians in their policy-making, business

planning and research.

Legal Authority

The survey is conducted under the Statistics Act (Chapter 317), which makes the

submission of returns mandatory. Individual returns received would be kept in

confidence in accordance with the Statistics Act.

Scope and Coverage

The survey covers Singapore-incorporated enterprises with investment abroad.

Local branches of foreign companies with overseas investment are also covered.

Sample Selection

The survey frame of enterprises with overseas investment is mainly based on

the results of the previous year's survey. Enterprises with investment abroad are also

identified through screening questions in other business surveys, from financial

accounts and media sources.

The sampling method for the Survey of Singapore’s Investment Abroad was

based on stratified random sampling. All enterprises in the sampling frame were stratified

by the value of their overseas investment and their major investment destination country.

Enterprises with significant overseas investment were selected with certainty (take-all

stratum). Smaller enterprises were selected using simple random sampling without

replacement from the remaining stratum (take-some stratum).

The sample size was optimised with an appropriate cut-off value based on the

required precision expected from the overall sample. This would ensure an optimal

sample size so as to achieve a desired accuracy of the survey results.


7

Methodology

Data Collection

The survey was primarily conducted by mail using a standard questionnaire.

Survey respondents were also requested to provide the financial accounts of their

overseas affiliates. Reminder letters were sent to those companies which failed to

respond without reasonable explanations. A second reminder was sent to companies

which did not respond to the first reminder.

A generalised survey system was used in the survey. The system supports

multiple mode of data collection via mail and internet. Secured transmission of statistical

information via the internet was enabled through a service known as E-survey. Queries or

clarifications with respondents on omissions and inconsistencies in data were conducted

through telephone or correspondence.

Data Processing

Survey data were evaluated for completeness and consistency and erroneous

data would be amended and re-processed. Tabulation was carried out only after all

records were validated.


8

Enumeration Unit

The enumeration or reporting unit used in the survey is the ‘enterprise’. Singapore

branches of foreign companies are also included.

Year of Reference

The period of reference is the calendar year. However, for enterprises whose

accounting year differed from the calendar year, they were asked to report according to

the accounting or financial year covering the major part of the calendar year.

Type of Business Activity

The type of business activity refers to the principal activity undertaken by the

enterprise. The principal activity is defined as the one in which the enterprise devotes

most of its resources or from which it derives most of its income. The classification of

the principal activity of the enterprise is based on the “Singapore Standard Industrial

Classification, 2015”.

Country Attribution

The destinations of the overseas investment are established based on their

registered address. Overseas investment is recorded according to the immediate

destination, rather than the ultimate destination. For example, if a Singapore enterprise

invests in country A through country B, it would be recorded as an investment in

country B (immediate destination) and not country A (ultimate destination).

Currency Valuation

Singapore’s investment statistics are expressed in Singapore dollars. Survey

returns which are expressed in foreign currencies are converted to Singapore dollars.


9

Concept of Foreign Direct Investment (FDI)

The conceptual framework used in compiling Singapore’s Foreign Direct

Investment (FDI) statistics is based on the International Monetary Fund’s Balance of

Payments Manual (BPM).

What is Foreign Direct Investment (FDI)?

FDI is the category of international investment that reflects the objective of an

entity (direct investor) resident in one economy obtaining a lasting interest in an

enterprise (direct investment enterprise) resident in an economy other than the direct

investor.

The lasting interest implies the existence of a long-term relationship between

the direct investor and the direct investment enterprise and a significant degree of

influence on the management of the enterprise.

The direct or indirect ownership of 10% or more of the voting power of an

enterprise resident in one economy by an investor resident in another economy is

evidence of such a relationship.

What is Singapore’s Direct Investment Abroad?

Singapore’s direct investment abroad refers to an investment in which a

Singapore direct investor owns 10% or more of the ordinary shares or voting power in

an overseas direct investment enterprise. An investment by a Singapore direct investor

with less than 10% of the shares is considered as outward portfolio investment.

Why the 10% rule?

There may be situations of an investor owning 10% or more of the ordinary

shares of an enterprise not having an effective voice in the management, or an

investor owning less than 10% of the ordinary shares or voting power of an enterprise

having an effective voice in the management. The recommended threshold of 10% is

to ensure statistical consistency and comparability across countries.


10

What does FDI measure?

FDI includes the initial equity transaction and position that meets the 10%

threshold and all subsequent financial transactions between the direct investor and the

direct investment enterprise. FDI is not limited to equity investment, and also includes

reinvested earnings and inter-company debt.

FDI is a financial concept and is not the same as capital expenditure on fixed

assets. Assets of the direct investment enterprises that are financed by local

borrowings are also not included.

What is FDI stock?

FDI stock, in this publication, refers to the value of direct investment position as

at the end of the reference period.

How different is FDI compared to Investment Commitments?

Other measures of investment include investment commitments or intentions,

authorised and realised investments. The basic differences between FDI and

investment commitments or intentions are the timing and extent that the transactions

will take place. FDI is recorded only when a direct investment transaction takes place;

committed investment of any kind is excluded. The basic difference between FDI and

authorised and realised investment is the extent of external financing by the direct

investment enterprise in the reporting economy and the extent of reinvested earnings.

FDI does not measure the liabilities of the direct investment enterprise to external

parties such as financing from local borrowing. Retained earnings, an important

component of FDI, is not included in investment commitments, authorised and realised

investment statistics.

As an illustration, let us assume a Singapore investor has committed $100

million to set up a manufacturing plant in China. During the year, the investor injected

funds amounting to $30 million, of which $20 million was borrowings by the

manufacturing plant from a bank in China. In this case, investment commitments or

intentions amounting to $100 million and authorised and realised investment

amounting to $30 million would be recorded while the FDI of $10 million would be

recorded.


11

FDI statistics compiled by DOS are different from data on investment

commitments or authorised and realised investments usually compiled by investment

promotion agencies. Although there are differences between the two set of statistics,

data on investment commitments in a destination country may be used to provide a

quick assessment of the trends in Singapore’s direct investment in the destination

country.

Under what circumstances will stock of Singapore’s direct investment abroad decline?

The stock of Singapore’s direct investment abroad may decline due to:

a) partial/complete divestment in overseas direct investment enterprise by direct

investors

b) overseas direct investment enterprise buying back its shares from the direct

investor

c) overseas direct investment enterprise is operating at a loss

d) dividends distributed by overseas direct investment enterprise are higher than

current earnings recorded

e) redemption of inter-company loans from direct investors by direct investment

enterprises

f) valuation changes and/or currency translation changes

Under what circumstances are negative Singapore’s direct investment abroad data

recorded?

Negative stock of Singapore’s direct investment abroad may be recorded when:

a) continuous losses in the overseas direct investment enterprise leading to

negative reserves

b) the value of loans/debt securities extended by the direct investor to its overseas

direct investment enterprise is exceeded by the corresponding value advanced

by the direct investment enterprise to its direct investor


12

Definition of Terms

Foreign Direct

Investment (FDI)

FDI is a category of investment that reflects the objective of

establishing a lasting interest by an enterprise (direct investor)

resident in one economy in an enterprise (direct investment

enterprise) resident in an economy other than that of the direct

investor.

Direct Investment

Abroad

Singapore’s direct investment abroad refers to an investment

where a Singapore direct investor owns 10% or more of the

ordinary shares or voting power in an overseas enterprise.

Direct investment abroad comprises direct equity investment

abroad and the net lending between the Singapore direct investor

and the overseas enterprise.

Direct Investor A direct investor is an entity resident in one economy that has

acquired, either directly or indirectly, at least 10% of the voting

power of a corporation (enterprise) resident in another economy.

Direct Investment

Enterprise

A direct investment enterprise is an enterprise resident in one

economy and in which an investor resident in another economy

owns, either directly or indirectly, 10% or more of its voting power.

Subsidiary, Direct

Investment

Enterprise

A subsidiary is a direct investment enterprise in which an investor

owns at least 50% of its voting power.

Associate, Direct

Investment

Enterprise

An associate is a direct investment enterprise in which an investor

owns at least 10% but no more than 50% of the voting power.

Branch, Direct

Investment

Enterprise

A branch is an unincorporated direct investment enterprise in the

host country fully owned by its direct investor.


13

Affiliate, Direct

Investment

Enterprise

Subsidiaries, associates and branches of a direct investor are

collectively known as affiliates of the direct investor.

Equity Capital

Equity capital covers all components of shareholders’ funds

(proportionate to the percentage of shares held), including equity,

contributed surplus, reinvested earnings, revaluations, as well as

any reserve accounts.

The amount of equity capital is compiled based on market value.

Direct Equity

Investment Abroad

Direct equity investment abroad refers to equity capital in

overseas direct investment enterprises attributable to direct

investors.

For overseas branches of Singapore incorporated or registered

banks, their net fixed assets is used as a proxy of equity capital.

For overseas branches of other Singapore entities, the net

amount due to their Singapore head office is used.

Net Inter-Company

Debt

Net inter-company debt refers to the net outstanding debt owed

by foreign direct investment enterprises to the foreign direct

investors. The debt could be in the form of loans and debt

securities.

Reinvested

Earnings

Reinvested earnings refer to earnings on equity accruing to

direct investors less distributed earnings, proportionate to the

percentage ownership of the equity owned by the direct

investor(s).


APPENDIX

APPENDIX SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

14

List of Activities

SSIC 2015 Industry

Manufacturing

Food, Beverages & Tobacco

10 Manufacture of Food Products

11 Manufacture of Beverages

12 Manufacture of Tobacco Products

Textiles, Wearing Apparel & Leather

13 Manufacture of Textiles

14 Manufacture of Wearing Apparel; Manufacture of Articles of Fur;

Manufacture of Knitted and Crocheted Apparel

15 Tanning and Dressing of Leather; Dressing and Dying of Fur;

Manufacture of Footwear

Wood & Wood Products

16 Manufacture of Wood and Products of Wood, except Furniture

Paper, Paper Products & Printing

17 Manufacture of Paper and Paper Products

18 Printing and Reproduction of Recorded Media

Refined Petroleum Products

19 Manufacture of Coke and Refined Petroleum Products

Chemicals & Chemical Products

20 Manufacture of Chemicals and Chemical Products

Pharmaceutical Products

21 Manufacture of Pharmaceutical and Biological Products

Rubber & Plastic Products

22 Manufacture of Rubber and Plastic Products


15

SSIC 2015 Industry

Basic Metals

24 Manufacture of Basic Metals

Fabricated Metal Products

25 Manufacture of Fabricated Metal Products except Machinery and

Equipment

Machinery & Equipment

28 Manufacture of Machinery and Equipment

Electrical Equipment

27 Manufacture of Electrical Equipment

Computer, Electronic & Optical Products

26 Manufacture of Computer, Electronic and Optical Products

Motor Vehicles, Trailers & Semi-Trailers

29 Manufacture of Motor Vehicles, Trailers and Semi-Trailers

Other Transport Equipment

30 Manufacture of other Transport Equipment

Others

23 Manufacture of Non-metallic Mineral Products

31

32

Manufacture of Furniture

Other Manufacturing

Construction

Construction

41

42

43

Construction of Buildings

Civil Engineering

Specialised Construction Activities


16

SSIC 2015 Industry

Wholesale & Retail Trade

Wholesale Trade

46 Wholesale Trade

Retail Trade

47 Retail Trade

Accommodation & Food Service Activities

Accommodation & Food Service Activities

55 Accommodation

56 Food and Beverage Service Activities

Transport & Storage

Water Transport

50 Water Transport

5222 Supporting Services to Water Transport

5225 Marine Surveying Services and Classification Societies

Land & Air Transport

49 Land Transport

51 Air Transport

5221 Supporting Services to Land Transport

5223 Supporting Services to Air Transport

Warehousing, Post & Courier Services

521 Storage and Warehousing

5224 Cargo Handling

5229 Other Transportation Support Activities

53 Postal and Courier Activities


17

SSIC 2015 Industry



58 Publishing Activities

59 Motion Picture, Video, Television and Other Programme

Production, Sound Recording and Music Publishing Activities

60 Radio and Television Broadcasting Activities

61 Telecommunications

62 Computer Programming, Consultancy and Related Activities

63 Information Services Activities

Financial & Insurance Services

Banks

6412 Full Banks

6413 Wholesale Banks

6414 Offshore Banks

6415 Merchant Banks

6416 Finance Companies

Investment Holding

6420 Activities of Holding Companies

Other Financial Services

6419 Other Monetary Intermediation

643 Trusts, Funds and similar Financial Entities

649

Other Financial Services, except Insurance and Pension Funding

Activities)

661 Activities Auxiliary to Financial Service Activities, Except Insurance

and Pension Funding

663 Fund Management Activities


18

SSIC 2015 Industry

Insurance Services

65 Insurance, Reinsurance, Provident Funding and Pension Funding

662 Activities Auxiliary to Insurance and Pension Funding

Real Estate Activities

Real Estate

68 Real Estate Activities

Professional, Scientific & Technical, Administrative & Support

Services

Professional, Scientific & Technical Activities

69 Legal, Accounting

70 Activities of Head Offices

71 Architectural and Engineering Activities

72 Scientific Research and Development

73 Advertising and Market Research

74 Other Professional, Scientific and Technical Activities

75 Veterinary Activities

Administrative & Support Services

77 Rental and Leasing Activities

78 Employment Activities

79 Travel Agencies, Tour Operators and Reservation Service

80 Security and Investigation

81 Cleaning and Landscape Maintenance

82 Office Administrative, Office Support and Other Business Support

Activities


19

SSIC 2015 Industry

Others

01 Agriculture and Related Services

02 Forestry, Logging and Related Services

03 Fishing, Operation of Fish Hatcheries and Fish Farms

08 Mining & Quarrying

09 Service Activities incidental to Oil and Gas Extraction

(excluding Surveying and Engineering Design and Consultancy

Services Supporting Mining, Oil and Gas Extraction and Offshore

Exploration Activities)

35 Electricity, Gas and Air Conditioning Supply

36 Water Collection, Treatment and Supply

37 Sewage

38 Waste Collection, Treatment and Disposal; Materials Recovery

85 Education

86 Health Services

87 Residential Care Services

88 Social Services without Accommodation

90 Creative, Arts and Entertainment Activities

91 Libraries, Archives, Museums and Other Cultural Activities

92 Gambling and Betting Activities

93 Sports Activities and Amusement and Recreation Activities

94 Activities of Membership Organisations

95 Repair of Computers, Personal and Household Goods and

Vehicles

96 Other Personal Services Activities

PROJECT TEAM SINGAPORE’S DIRECT INVESTMENT ABROAD 2016

20

Deputy Director Mr Khoo Soon Lee

Assistant Directors Ms Alice Yong

Ms Huang Lihui

Manager Mr Yeo Eng Kiat

Deputy Manager Ms Angie Yeo Anqi

Management Support Officers Mrs Tan Lay Keng Ms Kua Bee Kian Chervon Mrs Pushparani Karuppiah Mdm Rahimah Bte Samat Mdm Vanni d/o Palanimutu Ms Izyan Ashikin Ms Grace Sng

Enquiries

Please direct enquiries on this publication to:

Business Statistics Division

Singapore Department of Statistics

Tel: 6835-8923

Documents

SINGAPORE’S DIRECT INVESTMENT ABROAD 2016 · Financial & Insurance Services All Other Sectors Europe European countries which attracted the most investment from Singapore include