Salesforce, Inc. (CRM.US) will invest $1 billion in Singapore to develop AI products.

Salesforce, Inc. (CRM.US) plans to invest $1 billion in Singapore over the next five years, joining other American tech companies in betting on growth in Southeast Asia. The company said in a statement on Wednesday that the spending is aimed at expanding its new artificial intelligence platform and other products. Salesforce, Inc. has had an artificial intelligence research center in Singapore and has been investing in the city-state for nearly 20 years. The world's largest customer management software maker has been focused on launching "Agentforce," which can complete tasks like customer service without human guidance. Salesforce, Inc. launched the product last October and said customers like Singapore Airlines are already using it. However, Salesforce, Inc. faces fierce competition from rivals like Microsoft Corporation (MSFT.US) and ServiceNow (NOW.US), which are also pursuing similar visions. Salesforce, Inc. CEO Marc Benioff said at an event in Singapore on Wednesday morning, "In the world of artificial intelligence and Siasun Robot&Automation technology, there will be a lot of rebalancing of labor and society. Agent technology is the next waveI already know that Singapore will lead this wave."