OVER 4,500 US COMPANIES CALL SINGAPORE HOME
At a time when Singapore was little more than a barren Southeast Asian island, the United States was amongst the first countries to invest in the nation’s budding manufacturing industry. Since then, the US has emerged as Singapore’s largest source of foreign direct investment, with US companies accounting for more than 20% of all FDI in the nation. US companies also invest more in Singapore than in all other Asian companies combined. Today, the two countries have moved past trade partnerships and are working together to foster security, innovation, and growth. Singapore
Business Review spoke with Stephanie Syptak-ramnath, Chargé d’affaires, a.i., US Embassy in Singapore, to uncover the benefits that US trade and investment brings to Singapore and the future of the partnership between both nations.
What is the current state of economic relations between Singapore and the United States?
The United States is by far the largest single country investor in Singapore, with direct investments in Singapore worth over US$244B. In the manufacturing sector, US FDI in Singapore is almost 50% more than all Asian investment in that industry. Turning to financial and insurance services, US investment is 60% larger than that of the EU, which is the second largest investor in that sector. The number of US companies in Singapore continues to increase at an encouraging rate. In the past three years, the number of American companies registered in Singapore has grown by almost 20% from 3,800 to 4,500. Moreover, our companies don’t only bring investments, they also bring jobs, training, mentorship, and corporate excellence to all that they do. From consulting to finance, US multinationals alone employ nearly 200,000 employees in Singapore. Our robust trade relationship with Singapore also supports over 250,000 jobs in the United States and approximately 36,000 Americans are employed by Singaporean companies.
Any trade and investment events that Singapore companies can get involved in?
The US-ASEAN Smart Cities Partnership (USACP) is a responsive, multi-year commitment that will benefit the ASEAN Smart Cities Network (ASCN), which started in Singapore during its Chairmanship year of ASEAN, by addressing smart city challenges across a range of sectors, especially in the areas of infrastructure, energy, and information and communications technology.
US Embassy Singapore’s Commercial Service Section and American companies will also be active with the following trade shows in Singapore: Connectechasia (18-20 June), ITB Asia 2019 (16-18 October), Singapore Fintech Festival (11-15 November).