Salesforce, a cloud computing software company co-founded by billionaire Mark Benioff, plans to invest $1 billion in Singapore.

Salesforce on Wednesday announced plans to invest $1 billion in Singapore over the next five years. The cloud software giant said Agentforce, its flagship AI offering, can help Singapore to "rapidly expand" its labor force in several key service and public sector roles at a time when the country is grappling with an aging population and declining birth rates.

Salesforce plans to invest $1 billion in Singapore over the next five years as it seeks to fuel the adoption of its AI agent development platform,