During a gala dinner in Washington D.C. this week, Singapore Prime Minister Lee Hsien Loong affirmed to 300 business leaders that the city state is open for business, and will continue to welcome talent and investments. The dinner was hosted by the US Chamber of Commerce and US-ASEAN Business Council Singapore.
Analysis by Singapore company registration specialist Rikvin shows that this affirmation bodes well for US companies that wish to have a presence in Singapore as well as create meaningful opportunities for Singaporeans. Furthermore, as a node in the eastern hemisphere, and an intimate ally of the US, Singapore has a vested interest in the superpower’s developments as well as growth.
In part to build on their long-standing relationship, as well as to propel their long-term economic growth, Singapore is encouraging the US to explore new overseas markets as well as to open up its own markets and buck the austerity trend. By doing so, Singapore esteems that the US can create more meaningful employment opportunities for their citizens and for the long term.
This affirmation bodes well for US companies that wish to have a presence in Singapore as well as create meaningful opportunities for Singaporeans. Furthermore, as a node in the eastern hemisphere, and an intimate ally of the US, Singapore has a vested interest in the superpower’s developments as well as growth.
Further analysis by Rikvin shows that this call to action precedes the impending 17th round of the Trans-Pacific Partnership (TPP) negotiations that will be held on May 15 – 24 in Lima, Peru. In 2011, the United States, together with eight other countries Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam, have made headway by establishing the broad terms of the TPP.
The partnership, which will see Japan’s participation come May 2013, is set to enhance trade and investment among the partner countries. It also aims to promote innovation, economic development, as well as job creation and retention.
The TPP builds on the US-Singapore Free Trade Agreement (USSFTA) that was signed a decade ago, in 2003. According to data by the Embassy of the United States in Singapore, trade between the two countries increased 59% and U.S. exports by 89% within eight years.
In 2011, Singapore was also the United States’ 11th largest export market and 15th largest trading partner, serving as a major distribution center for US companies interested in selling in Asia. In 2012, the US was Singapore’s fourth largest trading partner in 2012 with total trade amounting to S$75.6 billion, according to data from IE Singapore.
Commenting further, Ms. Christine Lim, General Manager of Rikvin said, “Looking at the growth following the signing of the USSFTA, it is no wonder that Singapore is eager to have its US counterparts move the TPP forward. The TPP will give greater impetus to Singapore’s goal of maintaining a vibrant economy whilst creating opportunities for its citizens.”
“As Singapore finds its balance amid restructuring, the message is clear. US entrepreneurs are welcome to form a Singapore company and US skilled talent are welcome to work here, in accordance to the Singapore work visa regulations. As PM Lee said, although Singapore cannot promise to be the cheapest place to do business, it can offer efficiency, predictability and high standards of excellence. In turn, the presence of US firms could create meaningful exchange opportunities for Singaporean professionals. We hope that the US and Singapore will work together to help each other through this challenging period,” affirmed Ms. Lim.