SINGAPORE, Jan. 10 (Xinhua) -- Singapore's Global Investor Program (GIP), which helps foreign investors to get Singapore's permanent residency, brought investments that generated business expenditure totaling 1.8 billion Singapore dollars (about 1.35 billion U.S. dollars) from 2011 to 2016.
The Business Times quoted Sim Ann, Singapore's Senior Minister of State for Trade and Industry, on Wednesday as saying that the investments created more than 6,000 jobs in the city-state.
"The primary objective of the GIP is for Singapore-based companies to benefit from the injection of capital from GIP funds and tap on the GIP investors' entrepreneurial track record," she said.
Under the GIP, foreigners are able to apply for the permanent residency of Singapore by bringing at least 2.5 million Singapore dollars (about 1.87 million U.S. dollars) of investment to the city-state. The investment can be used to start a business, expand businesses, or put into a GIP fund that invests in Singapore-based companies.
Sim Ann said the GIP funds totaled 1.5 billion Singapore dollars (about 1.12 million U.S. dollars) as of 2017.