Message from Singapore’s Minister of Trade & Industry

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Lim Hng Kiang
Minister for Trade & Industry

 

Dear Members,

 

I would like to commend the American Chamber of Commerce in Singapore (AmCham) for serving the U.S. business community in Singapore for another prosperous year.

 

The U.S. and Singapore have long enjoyed a strong, fruitful relationship, bolstered by the U.S.-Singapore Free Trade Agreement (USSFTA) which came into effect in 2004. Bilateral trade in goods between the U.S. and Singapore has risen 60 per cent over the past decade to more than US$50 billion (S$63.9 billion) last year, and is expected to stay above this level for the third year running in 2013.

 

Cumulative foreign direct investment from the U.S. into Singapore is at a record high, making Singapore the top destination for U.S. investments within Asia Pacific. Foreign direct investment from the U.S. rose 17% to US$138.6 billion last year, exceeding that into Japan and Australia. Investment relations between our countries are close and healthy, and we look forward to increasing such flows in the future.

 

Singapore is a key partner of U.S. businesses looking to increase their presence in the region. Our strong position as a regional hub and our pro-business environment support your companies’ success in Asia. As you base your regional offices and operations in Singapore, we provide a firm foundation of efficiency, reliability and high standards of excellence.

 

I would like to thank AmCham for deepening the close relationship between Singapore and the U.S., and I look forward to further collaboration with AmCham and U.S. businesses in the coming years.

 

Best Regards,

 

Mr. Lim Hng Kiang
Minister for Trade & Industry
Singapore