EDB. Annual Report 2011/2012

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EDB

Annual Report

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Chairman’s Message

2

Investment Commitments by Industry

4

FAI Investment Commitments

5

TBS Investment Commitments

10

TBS Less Depreciation Investment Commitments

15

VA Expected to be Generated by Investment Commitments

20

Total Skilled Employment Created

23

Highlights of Projects

24

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Chairman’s Message

I am pleased to report that EDB achieved another year of record investment commitments in 2011, with several of our investment indicators reaching new highs.

Pan-Asian Growth Opportunities

Singapore continues to play a valuable role to investors who are actively looking to tap into the Asian growth story. Asia has grown from being merely an attractive low-cost production base, to an important market in its own right, providing global companies with a key growth engine with enormous potential. In addition, many companies across different industries increasingly recognize the opportunity to tap into the pan-Asian market, where the potential of Asia goes beyond one or two large economies.

Singapore: The Global-Asia Hub

With these pan-Asian opportunities, traction for EDB’s Home Strategy is growing. Firms are making Singapore their strategic base for pan-Asian as well as global business functions, innovation and talent management activities.

Singapore’s unique positioning as a Global-Asia hub continues to set us apart. This is reflected in the investment commitments we achieved last year, where global companies looking to orchestrate their pan-Asian activities have benefited from Singapore’s strong economic fundamentals,

conducive business environment, excellent connectivity and pool of skilled talent. In the same way Asian companies looking to expand into global markets have used Singapore to build international capability, including in many cases to establish their international headquarters.

IBM opened the larger of its two global services integration hubs in Singapore, while Panasonic moved the global responsibility for procurement and logistics to Singapore, to manage

some US$57 billion worth of sourcing. Infineon Technologies, the second largest European semiconductor company, will invest €50 million in the expansion of production capacity and R&D in Singapore.

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An example of an Asian company leveraging Singapore to access global markets is China’s Trina Solar, one of the world’s largest solar cell companies. Trina Solar has set up in Singapore, its regional headquarters responsible for Asia-Pacific (excluding China), Middle East and South Africa; and is exploring research collaborations with our research institutes. Similarly, India’s Tata Communications has set up its international headquarters in Singapore, which serves as the company’s global management services control tower, and is responsible for the development of new telecommunication services.

Capability Development Initiatives

As part of EDB’s effort to ensure Singapore’s value proposition is continually strengthened, we have sustained our strong focus on capability development. The Singapore Business Leadership Programme (SBLP), the flagship of the Human Capital Leadership Institute (HCLI), aims to develop the next generation of Asia-ready global leaders. The Precision Engineering Vocational Continuing Education & Training (PEVC), is a programme that will help us develop skilled master craftsmen and leadership in the fields of medical technology and precision engineering. On top of these initiatives, we continue to build pan-Asian capabilities in areas such as data analytics and consumer insights.

Conclusion

I extend my deep appreciation to my team who have worked hard across the world, to forge deep and mutually beneficial partnerships with companies, agencies and business leaders. The progress we have achieved this past year would also not have been possible without the strong support that you, our partner corporations and agencies, have given us. While the global economic outlook remains uncertain, we believe that we are well-positioned to achieve EDB’s vision for Singapore, to be a global leader, a great city and a home in Asia for business, innovation and talent.

LEO YIP

Chairman

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Investment Commitments by Industry

Industry

(S$ billion)

FAI

1

(S$ billion)

TBS

2

depreciation

TBS less

3

(S$ billion)

Expected VA

per annum

(S$ billion)

Skilled Emp

Electronics

7.4

1.5

1.0

2.0

3,500

Chemicals

2.5

0.9

0.7

0.8

650

Biomedical Manufacturing

0.2

0.1

3.0

400

Precision Engineering

0.7

0.6

0.8

2,700

Transport Engineering

0.4

0.5

0.4

1,190

General Manufacturing

Industries

0.05

0.007

0.005

0.01

30

Infocommunications & Media

0.5

0.4

0.7

1,200

Headquarters & Professional

Services

1.0

2.5

2.4

5.7

7,000

Engineering & Environmental

Services

0.3

1.6

1.4

1.8

2,660

Logistics

0.05

0.1

0.2

470

Education

0.3

0.07

0.1

260

Healthcare Services

0.3

0.03

240

Total

13.7

8.6

7.3

15.5

20,300

1_{FAI (Fixed Asset Investments) refers to capital investment in facilities, equipment and machinery.}

2 _{TBS (Total Business Spending) refers to a company’s incremental operating expenditure. The major components include wages, depreciation and rental.}

3_{Traditionally, TBS has been a measure of EDB’s performance in attracting services investments, while FAI tracks manufacturing investments. Since 2008, EDB has used} both FAI and TBS to measure all investment commitments for a more complete picture of the value generated. To further fine-tune this approach, the computation of TBS has been revised to exclude depreciation. As capital investments will continue to be accounted for through FAI, TBS less depreciation will be a more accurate indicator of economic activities that are not linked to fixed assets. 2011 is a transition year where both TBS and TBS less depreciation will be reported. From 2012 onwards, only TBS less depreciation will be tracked.

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FAI Investment Commitments

2001

12.3

S$b

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2002

10.5

2003

8.2

2004

10.2

2005

9.4

2006

10.4

2007

17.2

2008

18.0

2009

11.8

2010

12.9

2011

13.7

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HQ & Prof Svcs,

S$0.9b, 7.0%

Engrg & Env Svcs,

S$0.4b, 3.1%

Logistics,

S$0.2b, 1.6%

Education,

S$0.3b, 2.3%

Healthcare Svcs,

S$0.3b, 2.3%

Biomed Mfg,

S$0.5b, 3.9%

Precn Engg,

S$0.4b, 3.1%

T’port Engg,

S$1.5b, 11.6%

Gen Mfg Inds,

S$0.2b, 1.6%

Infocomms & Media,

S$0.7b, 5.4%

Electronics,

S$5.8b, 44.9%

Chemicals,

S$1.7b, 13.2%

by Industry (2010, 2011)

2010

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by Industry (2010, 2011)

2011

HQ & Prof Svcs,

S$1.0b, 7.3%

Logistics,

S$0.05b, 0.4%

Education,

S$0.3b, 2.2%

Healthcare Svcs,

S$0.3b, 2.2%

Precn Engg,

S$0.7b, 5.1%

T’port Engg,

S$0.4b, 2.9%

Gen Mfg Inds,

S$0.05b, 0.4%

Infocomms & Media,

S$0.5b, 3.6%

Electronics,

S$7.4b, 54.0%

Chemicals,

S$2.5b, 18.2%

Total:

S$13.7 billion

Engrg & Env Svcs,

S$0.3b, 2.2%

Biomed Mfg,

(10)

by Region (2010, 2011)

2010

Total:

S$12.9 billion

Singapore,

S$2.1b, 16.3%

Japan,

S$1.2b, 9.3%

Europe,

S$4.8b, 37.2%

Rest of Asia Pacific

& Others,

S$1.5b, 11.6%

USA,

(11)

by Region (2010, 2011)

2011

Total:

S$13.7 billion

Singapore,

$1.9b, 13.7%

Japan,

$1.0b, 7.2%

$2.1b, 15.5%

Europe,

& Others,

$3.7b, 26.8%

USA,

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2001

6.1

S$b

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2002

6.4

2003

4.3

2004

6.2

2005

6.2

2006

7.6

2007

7.7

2008

7.8

2009

6.8

2010

8.6

2011

8.6

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Total:

S$8.6 billion

HQ & Prof Svcs,

S$2.1b, 24.4%

Engrg & Env Svcs,

S$1.2b, 14.0%

Logistics,

S$0.6b, 7.0%

Education,

S$0.04b, 0.5%

Healthcare Svcs,

S$0.3b, 3.5%

Biomed Mfg,

S$0.2b, 2.3%

Infocomms & Media,

S$0.8b, 9.3%

Electronics,

S$1.8b, 21.0%

Chemicals,

S$0.3b, 3.5%

Gen Mfg Inds,

S$0.04b, 0.5%

T’port Engg,

S$0.6b, 7.0%

Precn Engg,

S$0.6b, 7.0%

2010

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Total:

S$8.6 billion

HQ & Prof Svcs,

S$2.5b, 29.1%

Engrg & Env Svcs,

S$1.6b, 18.6%

S$0.1b, 1.2%

Logistics,

Education,

S$0.07b, 0.8%

Healthcare Svcs,

S$0.03b, 0.3%

Biomed Mfg,

S$0.2b, 2.3%

Precn Engg,

S$0.7b, 8.1%

T’port Engg,

S$0.5b, 5.8%

Gen Mfg Inds,

S$0.007b, 0.1%

Infocomms & Media,

S$0.5b, 5.8%

Electronics,

S$1.5b, 17.4%

Chemicals,

S$0.9b, 10.5%

2011

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Singapore,

S$1.7b, 19.8%

Japan,

S$0.6b, 7.0%

Europe,

S$2.4b, 27.9%

& Others,

S$1.6b, 18.6%

USA,

S$2.3b, 26.7%

Total:

S$8.6 billion

2010

by Region (2010, 2011)

(16)

Singapore,

$1.2b, 13.7%

Japan,

$0.5b, 5.8%

Europe,

$2.4b, 27.7%

& Others,

$0.9b, 10.9%

USA,

$3.6b, 41.9%

Total:

S$8.6 billion

2011

by Region (2010, 2011)

(17)

5.2

S$b

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

6.2

6.1

2005

6.8

2006

2007

5.8

2008

7.2

2009

7.3

2010

2011

(18)

Total:

S$7.2 billion

HQ & Prof Svcs,

S$1.9b, 26.5%

Engrg & Env Svcs,

S$1.1b, 15.3%

Logistics,

S$0.6b, 8.4%

Education,

S$0.03b, 0.4%

Healthcare Svcs,

S$0.3b, 4.2%

Biomed Mfg,

S$0.2b, 2.8%

Precn Engg,

S$0.3b, 4.2%

T’port Engg,

S$0.5b, 7.0%

Gen Mfg Inds,

S$0.03b, 0.4%

Infocomms & Media,

S$0.8b, 11.2%

Electronics,

S$1.2b, 16.8%

Chemicals,

S$0.2b, 2.8%

2010

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HQ & Prof Svcs,

S$2.4b, 32.8%

Engrg & Env Svcs,

S$1.4b, 19.1%

S$0.1b, 1.4%

Logistics,

Education,

S$0.07b, 1.0%

Healthcare Svcs,

S$0.03b, 0.4%

Biomed Mfg,

S$0.1b, 1.4%

Precn Engg,

S$0.6b, 8.2%

T’port Engg,

S$0.5b, 6.8%

Gen Mfg Inds,

S$0.005b, 0.1%

Infocomms & Media,

S$0.4b, 5.5%

Electronics,

S$1.0b, 13.7%

Chemicals,

S$0.7b, 9.6%

Total:

S$7.3 billion

2011

(20)

2010

Total:

S$7.2 billion

Singapore,

S$1.5b, 20.8%

Japan,

S$0.5b, 7.0%

Europe,

S$1.8b, 25.0%

& Others,

S$1.5b, 20.8%

USA,

S$1.9b, 26.4%

(21)

Europe,

$2.0b, 27.4%

2011

Total:

S$7.3 billion

Singapore,

$1.0b, 13.7%

Japan,

$0.5b, 6.8%

& Others,

$0.8b, 11.0%

USA,

$3.0b, 41.1%

(22)

2001

10.1

S$b

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2002

10.5

2003

8.6

2004

10.4

2005

10.8

2006

13.4

2007

11.6

2008

14.7

2009

12.5

2010

14.4

2011

15.5

(23)

Total:

S$14.4 billion

HQ & Prof Svcs,

S$6.3b, 43.6%

Engrg & Env Svcs,

S$1.6b, 11.1%

Logistics,

S$0.4b, 2.8%

S$0.04b, 0.3%

Education,

Healthcare Svcs,

S$0.4b, 2.8%

Biomed Mfg,

S$0.6b, 4.2%

Precn Engg,

S$0.7b, 4.8%

T’port Engg,

S$0.7b, 4.8%

Gen Mfg Inds,

S$0.1b, 0.7%

Infocomms & Media,

S$1.1b, 7.6%

Electronics,

S$2.0b, 13.8%

Chemicals,

S$0.5b, 3.5%

2010

VA Expected to be Generated

(24)

Total:

S$15.5 billion

HQ & Prof Svcs,

S$5.7b, 36.7%

Engrg & Env Svcs,

S$1.8b, 11.6%

S$0.2b, 1.3%

Logistics,

Education,

S$0.08b, 0.5%

Healthcare Svcs,

S$0.03b, 0.2%

Biomed Mfg,

S$3.0b, 19.4%

Precn Engg,

S$0.8b, 5.1%

T’port Engg,

S$0.4b, 2.6%

Gen Mfg Inds,

S$0.01b, 0.1%

Infocomms & Media,

S$0.17b, 4.5%

Electronics,

S$2.0b, 12.9%

Chemicals,

S$0.8b, 5.1%

2011

VA Expected to be Generated

(25)

2001

17.8

‘000s

0.0

5.0

15.0

10.0

20.0

25.0

2002

14.4

2003

12.8

2004

15.2

2005

15.9

2006

17.2

2007

18.6

2008

16.4

2009

15.2

2010

21.3

2011

20.3

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DANONE ASIA PACIFIC HOLDINGS

(France)

Danone, a leading international food company in dairy products, waters, baby nutrition and medical nutrition, announced the Danone Research Centre for Specialized Nutrition that will focus on child and maternal health. This is the company’s first such centre in the Asia Pacific, and looks at areas such as the overall growth and development of babies and children. Danone is investing more than S$70 million in the facility and targets to have a team of 50 scientists within the next five years.

LONZA (Switzerland)

Lonza, one of the leading biopharmaceutical contract manufacturers in the world, opened its bioprocess facility. The CHF 10 million investment is the company’s first bioprocess development investment in Asia and will support Lonza’s biologics manufacturing plant in Singapore.

MEDTRONIC (USA)

Medtronic, the world’s largest standalone medical devices manufacturer, opened its first pacemaker and leads manufacturing facility. The US$56 million facility features state-of-the-art technology and will create 120 new jobs in Singapore.

MSD (USA)

MSD, a global pharmaceutical company, announced that it will invest over US$250 million over the next 10 years at its manufacturing site in Tuas, in addition to expanding its biotech operations, adding technology capability to support new product launches and committing to S$700 million in new expenditures on local research activities. The company will also help to further develop the skills and broaden the technical expertise of its Singapore-based workforce through collaborations with local universities and training opportunities.

Biomedical Sciences

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INSTITUTE ON ASIAN CONSUMER INSIGHT

The Institute on Asian Consumer Insight (ACI) is the first research institute in the world that focuses on understanding the consumers across Asia. Launched in July 2011, the S$77 million institute will be a key receptacle for knowledge and capability development that will help strengthen Singapore’s status as a thought leader in pan-Asian consumer insights. In March 2012, ACI announced its strategy and plans to become the world’s go-to centre for consumer goods companies seeking to grow in Asia. Highlights of its plans includes Asian-centric research programs in areas such as shopping & lifestyle, communication & new media, analytics and culture, and a M.Sc program that will be launched in January 2013. ACI’s activities will cumulate to a conference later this year that brings together the world’s most influential and iconic leaders from consumer goods companies, research firms, creative agencies and academia. Held in partnership with the Financial Times, the Asia Consumer Summit will be a global platform to examine issues of growth and strategy, explore Asia’s latest consumer trends and discuss ways to capitalise business opportunities that arise from the trends.

INTERNATIONAL FLAVORS AND

FRAGRANCES (USA)

Singapore will be the largest liquid manufacturing site for International Flavors and Fragrances (IFF) in Asia, with the establishment of a new S$69 million plant that will increase IFF’s production capacity five-fold. Additionally, IFF will conduct upstream R&D activities, the first such project from the flavours and fragrances industry. IFF will also locate strategic global functions such as flavours manufacturing, integrated planning and global engineering in Singapore.

MEAD JOHNSON NUTRITION (USA)

Mead Johnson Nutrition, one of the top five infant and children nutrition companies, announced that it will be investing US$325 million in new manufacturing and R&D facilities. In addition to the production staff required to operate the new spray dryer, a number of management and technical positions will be relocated to Singapore to support the new facilities. The co-location of senior leadership and various supply chain, marketing and R&D staff in Singapore will allow the company to be more responsive to local and regional consumer needs.

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INSEAD (France)

INSEAD, one of the world’s top business schools, announced the expansion of its Asia campus in Singapore, and launched a series of new executive programmes, such as the global executive MBA and Advanced Management Programme, for the Asia market. This expansion of facilities and programmes will increase INSEAD‟s reach in the Asian region and grow leadership development activities in Singapore.

UNITED WORLD COLLEGE OF

SOUTH-EAST ASIA (UK)

United World College of South-East Asia, a pre-tertiary international school, opened its new East Campus in Tampines to complement its first campus in Dover. The school’s second location in Singapore will allow it to increase its intake by 2,500 students.

MICRON SEMICONDUCTOR

ASIA PTE LTD (USA)

Micron’s Fab 10 in Woodlands is the newest of Micron’s five operations in Singapore. This 300 millimetre wafer fabrication facility was commissioned on 21 April 2011 by Prime Minister Lee Hsien Loong. At US$3 billion, it is one of the largest manufacturing investments in Singapore to date. The plant will ultimately produce 25,000 wafers per week on leading edge technology at 25 nanometres and below. More than 1,500 people are currently employed at this location, including manufacturing personnel and staff from Micron’s Singapore Shared Service Centre.

Education

INFINEON TECHNOLOGIES (Germany)

Infineon Technologies, the second largest European semiconductor company, announced that it will invest 50 million euros in the

expansion of production capacity, and R&D in Singapore. This expansion will lead to an increase of 130 R&D engineers and reinforce the company’s high-value R&D activities in deep submicron system-on-chip integration and multi-core architecture development.

Electronics

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STATS ChipPAC (Singapore)

STATS ChipPAC, a leading semiconductor packaging and test company, broke ground for its new factory. The new 197,000 square foot building is located next to the company’s current factory in Yishun, and will enable the company to expand its manufacturing capabilities for advanced wafer level technologies. The company has invested approximately US$250 million here over the last three years, and intends to invest an additional US$220 million in Singapore over the next several years

DSM (Netherlands)

Royal DSM is the world’s leading supplier of ingredients for the food, pharmaceutical and material science industry. DSM Dyneema, the inventor and manufacturer of Dyneema®, the world’s strongest fibre™, recently announced that it will set up a new world-class technical centre in Singapore. The Centre will be dedicated to serving DSM Dyneema’s growing customer base for Dyneema® Ultra High Molecular Weight Polyethylene (UHMWPE) Fiber, Tape and Uni-Directional material in the Asia Pacific region. It will be fully operational in the fourth quarter of 2012.

EVONIK (Germany)

Evonik, one of the world’s leading specialty chemicals companies, announced the

establishment of a 500-million-euro methionine production complex, the company’s largest chemical investment to date. The facility will have an annual capacity of 150,000 metric tonnes and will start-up in the second half of 2014. The company also opened its first R&D centre in Asia, known as the Tego Innovation Center, which will undertake research in molecular synthesis to develop new innovative chemistries for coatings and additives.

CHEVRON ORONITE (USA)

Chevron Oronite, a major player in the Additives industry, announced a significant expansion project to their Singapore manufacturing facility. Construction of the plant is scheduled to be completed in early 2014, and begin operations in 1H 2014. By the end of the project, the plant will be the largest lubricant additives manufacturing facility in the Asia-Pacific. Finished lubricants containing Oronite additives can be found in a variety of applications, such as vehicles, marine vessels, locomotives, construction equipment and natural gas engines.

Energy & Chemicals

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IBM (USA)

IBM is one of the world’s largest information technology (IT) companies. IBM’s Global Services Business has set up its Services Integration Hub East in Singapore, which will oversee its global services business strategy and services delivery in the Asia Pacific. Singapore is IBM’s only Services Integration Hub in Asia and its largest worldwide. This will add significantly to IBM’s presence in Singapore and anchor the company’s services business here.

RED 5 (USA, China)

Red 5 announced its international headquarters in Singapore, along with the transfer of global (excluding North America and Europe) rights for its upcoming blockbuster game, “Firefall”, to the Singapore headquarters. The company comprises veterans from Blizzard who were behind World of Warcraft, and is owned by The9, one of the top gaming companies in China.

TATA COMMUNICATIONS (India)

Tata Communications, a leading global provider of long distance communications, announced the establishment of its international headquarters in Singapore to coordinate its global business and operations outside India. The company has 130 employees here. Tata Communications’ presence in Singapore comprises a broad range of headquarters activities, including its global managed services control tower and next generation telecommunication services development activities, as well as a US$180 million data centre and telecoms facility.

NIKE (USA)

NIKE, Inc., the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities, has established a global trading company office in Singapore to facilitate the implementation of the company’s business strategy to drive operational excellence in several key areas. The goals of the trading company are three-fold: enable flexible supply chain operations for worldwide fulfillment, centralise foreign exchange risk management and establish a shared service operational platform.

Infocomm

Lifestyle

(31)

FEDEX EXPRESS (USA)

FedEx Express (FedEx), one of the world’s largest express transportation providers, announced plans to establish a new FedEx South Pacific Regional Hub within the Air Cargo Express (ACE) Hub at Singapore Changi Airport. The facility will enhance Singapore’s access to global markets for FedEx customers and support Singapore’s aim to be a leading air cargo hub in the region.

UNITED PARCEL SERVICE (USA)

United Parcel Service, the world’s largest package delivery company, announced plans to open a 43,000 square-foot regional distribution facility to serve the increasing number of healthcare companies with manufacturing operations in Asia. The facility is the company’s first healthcare logistics hub in Asia, and includes capabilities such as cold chain storage and distribution, as well as postponement services.

ON SEMICONDUCTOR

CORPORATION (USA)

ON Semiconductor Corporation, a premier supplier of high performance silicon solutions for energy-efficient electronics, announced the establishment of a global distribution centre. This S$3.5 million facility is one of the company’s three global distribution centres worldwide, and will be the largest distribution facility serving the semiconductor industry. ON Semiconductor®

Logistics

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MCKINSEY (USA)

Global management consulting firm McKinsey & Company announced that it will establish the McKinsey Innovation Campus (MIC) to drive the firm’s Asian intellectual property creation efforts in areas such as consumer insights, energy, technology and the public sector. MIC’s first-of-kind projects will aim to create new tools and methodologies for deployment in Asia and beyond. These projects will lead to around 40 new high skilled jobs.

HERAEUS MATERIALS (Germany)

The Heraeus Photovoltaics Business Unit is an industry leading developer and manufacturer of silver metallization pastes for the photovoltaic industry. As part of its strategy to provide superior products and services to the Asian market, Heraeus has established its Asian headquarters in Singapore, providing R&D, manufacturing, sales and technical service to this region.

DELOITTE (Singapore)

One of the Big Four accountancy firms and the second largest professional services network in the world, Deloitte announced the establishment of the “Deloitte Analytics Institute | Asia” to support rising regional demand for analytics services. This is the second Institute established by the company, joining the flagship facility in the US and a third one planned for London.

Professional Services

APPLIED MATERIALS (USA)

Applied Materials, a leading manufacturer of front-end semiconductor equipment, opened its joint lab with the Institute of Microelectronics to conduct R&D on advanced packaging. The planned 300mm facility will be one of Asia’s most advanced labs in this field.

Precision Engineering

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LIUGONG MACHINERY CORPORATION

(China)

LiuGong Machinery, one of China’s leading construction equipment manufacturers and one of the world’s largest wheel loader manufacturers, established its Asia Pacific headquarters in Singapore. This will serve as the company’s sales hub, technical support and trading hub for Asia Pacific, excluding China, and also as its first spare parts distribution centre for Southeast Asia and the Pacific Islands.

CATERPILLAR (USA)

Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. As part of its strategy to increase remanufacturing operations in the Asia Pacific to better support its growing mining market, Caterpillar has opened a remanufacturing facility in Singapore. This is Caterpillar’s second remanufacturing facility in the Asia Pacific region.

Transport Engineering

(34)