Foreign affiliates’ value added rises 5.7% to $367.8b in 2024

These firms made up over half of total enterprise VA.

Foreign affiliates in Singapore generated $367.8b in nominal value added (VA) in 2024, up 5.7% from $347.9b in 2023, according to data from the Department of Statistics.

The rise was driven by higher VA from affiliates in wholesale trade, transport and storage, and information and communications.

Foreign affiliates, or enterprises more than 50% owned by a single foreign investor, accounted for 52.9% of total enterprise value added in 2024.

They also contributed over 75% of total trade and 28.5% of total enterprise employment, the department added.

Total trade reached $1.7t in 2024. Exports grew 7.4% year-on-year to $863.2b, whilst imports increased 6.8% to $795.9b.

The number of foreign affiliates operating in Singapore increased 14.3% to 38,117 from 33,350 in 2023. Employment by these firms went up 1.2% to 1,012,589 workers in 2024.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia