Special Economic Zones in the OIC Region:
Learning from Experience
98
Economic Performance
The economic performance of the Jurong Island FTZ is summarised below i
Table 5-10 – Jurong Island FTZ Economic Performance Summary
Economic Performance Indicator Performance Summary
Foreign Direct Investment ($)
>$37 billion from companies such as BASF, ExxonMobil,
Lanxess, Mitsui Chemicals, Shell and Sumitomo
Chemicals92
In 2015 it was recorded that Jurong Island attracted a
total of $890 million in new investments from 11
different companies.93
Number of Companies within SEZ >100
Direct and Indirect Job Creation >8,000
Export Values ($)
Jurong Island generates approximately $2.4 billion USD
in petrochemical exports annually
Total Annual Output ($)
Whilst no statistics are available for Jurong Island FTZ,
the chemicals industry contributed approximately $49
billion to the Singapore economy in 2016.
Source: BuroHappold Analysis 2017
Since its inception Jurong Island has grown to be considered one of the world’s largest and fully
integrated petro-chemical parks. In total it can be seen that the Jurong Island FTZ has now
attracted over 100 enterprises since it was established generating in excess of 8,000 new jobs.
Whilst no data is available for Jurong Island FTZ, the use of statistical data for the petro-
chemicals industry within Singapore can help provide an indication of the FTZ’s contribution to
the national economy, given it holds a significant proportion of Singapore’s chemicals industry.
The development of Jurong Island has enabled Singapore to achieve the vision of increasing
industrial production and has resulted in the development of a chemical hub which now
constitutes over one quarter of domestic exports of major non-oil products. 94 As
92 EDB (2016) Energy and Chemicals 2016 – Year in Review
93 JTC, (2015) JTC Corporation Annual Report FY2015.
94 Singapore Statistics (2017) Domestic Exports of Major Non-Oil Products, Monthly