SINGAPORE -- Investment pledges to Singapore from American, European and Chinese companies fell in 2023 from the previous year, government data showed on Tuesday, as the global economic downturn cast a shadow over business sentiment.

Fixed-asset investment came in at $12.7 billion Singapore dollars ($9.5 billion) in the city-state last year, according to Singapore's Economic Development Board, a government agency tasked with attracting foreign investment. That was down 44% from a record SG$22.5 billion in 2022, when the country's semiconductor sector enjoyed a spike in investment.