SINGAPORE — The Economic Development Board (EDB) launched a video campaign on Thursday (Oct 29) in a bid to draw investors to Singapore, as the nation weathers its worst recession in 55 years.

The 90-second advertisement was published on EDB’s Facebook page. 

Ms Melissa Ow, executive vice-president of EDB, said that Singapore has been a “choice destination” for investments and businesses, and “remains an innovative, trusted partner who will work with businesses to chart a new future together”.

The video was produced around the creative concept of sending an open letter from Singapore to the world, she added. 

“It showcases Singapore’s resilience and determination to emerge stronger from Covid-19, and reinforces Singapore’s commitment to remain connected to the world, and to stay open to people, trade and investment,” she said. 

The video opens with a narrator talking about how the world is “in the toughest crisis of our generation”, with planes grounded and the skies and streets quieter than before the Covid-19 pandemic struck.

Then the tone switches to one that is more upbeat, hailing the resolve and resilience of a people “who stare impossible challenges in the face”.

“We won’t be beaten. Planes can be grounded, but our spirit, never,” the narrator said. “Dear World, together, we will rise again”.

On its Facebook post, EDB also thanked a number of partners that took part in the video, including Apple, Google and logistics company DB Schenker. 

EDB had embarked on a similar campaign in 1985, when Singapore experienced its first post-independence recession after years of rapid growth.

It delivered a message through a full-page advertisement in the Wall Street Journal that was headlined: “Who would be mad enough to invest in Singapore in a recession?”

Below the headline were the signatures of nine global heads of multinational corporations (MNCs), including Apple, Motorola and Seagate, along with their answers: “We are”, “We are as well”, “We are, too”, and “So are we”.

This year, the Government projected that the country’s gross domestic product will shrink between 5 and 7 per cent, downgrading the forecast after the economy performed worse than initially estimated in the second quarter.

Prime Minister Lee Hsien Loong had referred to the 1985 EDB campaign at his lunchtime rally on July 6 this year as part of the General Election campaign, saying that MNCs were prepared to invest in Singapore during an economic crisis because they knew it had industrious and capable workers. 

He added that investors also knew Singapore had a first-rate Government, with EDB acting as a “one-stop shop” where investors could settle their problems, unlike similar agencies in other countries.