Commitments by total business expenditure, whose major components include wages and rental, fell 24% to S$6.8 billion.
Still, Singapore bagged some major wins in 2020, with China's Tencent, Zoom Video Communications Inc and TikTok owner ByteDance planning major expansions in the city-state.
Commitments in 2020 are projected to directly contribute S$31.2 billion annually to the economy with infocommunications and media industry, which includes technology firms, forming the biggest chunk at more than a third.
While 2020 has been a challenging year, some companies that took a long-term view continued to invest in Singapore, said Beh Swan Gin, chairman of the EDB.
Companies such as Alphabet's Google and Microsoft, are continuing to hire staff.
Singapore's economy is on the path to a slow and patchy recovery after marking its deepest contraction in 2020.
"We are approaching the first half of 2021 with some caution. But if the COVID-19 situation stabilises in the coming months, there could be grounds for guarded optimism in the second half of 2021," he added.
The EDB, however, cautioned that investments in fixed assets this year may not reach the levels of 2020.
($1 = 1.3262 Singapore dollars)
(Reporting by Aradhana Aravindan in Singapore; Editing by Clarence Fernandez and Jacqueline Wong)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.