Singapore expects investment to hold up

SINGAPORE: Singapore expects investment in manufacturing and services to hold steady in 2010 after a global economic slump last year prompted companies to cancel or delay projects.

Fixed-asset investments may total between S$10 billion ($7 billion) and S$12 billion in 2010, from S$11.8 billion last year, the Economic Development Board said yesterday. The government also aims to attract as much as S$9 billion in business spending this year from manufacturing and services industries such as information, education and health care.

Singapore cut taxes last year to encourage companies to set up operations or expand in the Southeast Asian nation amid the worst postwar global slowdown.