Keep American Business Strong in APAC – Register now for the Washington, D.C. Doorknock, June 19-22!

 

APCAC 2017

 

Every year, the AmChams in the Asia Pacific Council of American Chambers of Commerce(APCAC) send senior delegations to meet with members of Congress, the administration, and leading think-tanks to convey our perspectives and gain understanding of the Washington policy landscape.  This year, we have a particularly important message to share:  Keep American business strong in Asia Pacific!

 

The Doorknock will be our first opportunity to connect with the new U.S. Administration.

 

In addition to the Doorknock activities, Singapore Ambassador to the United States Ashok Mirpuri will host the Singapore delegation for a breakfast, on Thursday, June 22.  If you sign up for the Doorknock, please let AmCham Head of Government and Public Affairs, Dustin Watson know if you can attend the breakfast; if you can, please send him a brief bio of yourself at dwatson@amcham.org.sg.

 

More information about the Doorknock and online registration is available by clicking here.

 

Did you know 54% of U.S. Businesses in Cambodia expect their work force to increase.

 

To find out more about the perspectives of American companies on doing business in ASEAN, click here to read the ASEAN Business Outlook Survey published by AmCham Singapore!

 

CAMBODIA ABOS 2017_Social Media

 

Did you know these interesting facts about Brunei?

 

To find out more about the perspectives of American companies on doing business in ASEAN, click this here to read the ASEAN Business Outlook Survey.

 

BRUNEI ABOS 2017_Infographic_Social Media

The Asia Pacific AmChams will gather at the APCAC Spring Summit from April 19 to 22 in Guangzhou, China.  This annual conference offers a superb opportunity to gain insight into the major issues in the region, exchange perspectives with colleagues from more than two dozen other AmChams, and refine our messages on engagement with Asia, tax reform, FATCA, and other priority themes.

 

Details about the Business Summit can be found by clicking HERE.  Please register now!

AmCham is pleased to present “The American Business Presence in Singapore: 2017.” Compiled from government databases and AmCham publications and surveys, the fact sheet is a practical overview of bilateral trade and investment profile of American companies in Singapore.

 


The American Business Presence in Singapore: Facts and Figures – 2017

The U.S. – Singapore Bilateral Free Trade Agreement (FTA) has been in force since January 1, 2004.  In 2016, the U.S. and Singapore commemorated 50 years of diplomatic relations. The Government of Singapore reports that approximately 3,700 American companies operate in Singapore, many of which use the country as a regional hub.

 

American Companies’ Investment Profile

More than Australia, China, and Japan combined, the U.S. is the largest source of foreign direct investment (FDI) in Singapore.[i] In 2015, U.S. investment in Singapore stood at US$229 billion, a number that has increased every year since 2008 and has roughly doubled in the past five years. Half of U.S. FDI in Singapore is concentrated in non-bank holding companies.[ii]

US FDI in Singapore_Jan 25

Over half of surveyed American businesses have been based in Singapore for over 20 years; many are also engaged in high value-added and high-tech production.

 


Top 10 Industries of American Companies Operating in Singapore for 20+ Years[iii]

Aerospace & Defense

Banking/Insurance/Other Financial Services
Consulting
Electronics
Healthcare
Machinery & Equipment
Oil & Petrochemical
Pharmaceuticals/Medical
Software, IT, & Telecommunications
Transportation & Logistics

 

U.S. – Singapore Bilateral Trade in Goods and Services

The U.S. is Singapore’s third largest supplier of imports (after China and Malaysia), accounting for 1.8% of U.S. total exports and 10.4% of Singapore imports.[iv] The U.S. is the fifth largest export market for Singapore, accounting for 5.9% of all Singapore’s exports,[v] while Singapore accounts for 0.8% of U.S. total imports.[vi]

In 2015, U.S. exports of goods and services to Singapore totaled $43 billion, and imports from Singapore were $25 billion. The trade surplus with Singapore came to $17 billion.[vii]

 

Imports-Exports US and Singapore_Jan 25

The shares of goods and services were as follows:[viii]

  • U.S. exports of goods to Singapore – US$28 billion.
  • U.S. exports of services to Singapore – US$14 billion.
  • U.S. imports of goods from Singapore – US$18 billion.
  • U.S. imports of services from Singapore – US$7 billion.

Job Creation

American businesses represent a major source of employment in Singapore. From consulting to finance, American multinational enterprises alone account for almost 200,000 employees in Singapore;[ix] the vast majority of U.S. MNE and SME companies have a predominantly Singaporean workforce.[x]

American companies have a significant impact on job creation in Singapore. Almost half (48%) of member companies in the American Chamber of Commerce in Singapore (AmCham Singapore) employ more than 500 workers and 8% of member companies employ more than 1,000. American companies create high value jobs in knowledge-intensive industries, bringing with them unique expertise, innovation, and new technologies.

 

Workforce Investment

American companies strive to hire locally at all levels and invest in developing local talent. Just over half of AmCham Singapore’s member companies (54%) report that at least one-third of their senior level workforce is Singaporean.[xi] American companies are also committed to equipping their local workforce with key skills and capabilities to further their professional development, remain competitive, and increase their value to the organization.

 

Committed to Singapore

U.S. businesses are committed to Singapore. Just as they anticipate rising levels of investment, nearly half of AmCham Singapore’s member companies reported in the first half of 2016 that they expect to increase their workforce within Singapore by the end of the year. Since 2013, consistently over half of member companies surveyed have cited plans to further expand their operations within Singapore.[xii]

Percentage of U.S. Business in Singapore_Jan 25

Pledged to corporate citizenship excellence, American companies give back to the community through volunteerism and corporate social responsibility programs.♦

 


[i] Department of Statistics Singapore (http://www.singstat.gov.sg/docs/default-source/default-document-library/statistics/visualising_data/foreign-direct-investment2014.pdf).

[ii] Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm).

[iii] Excludes industries identified in the “other” category (17%). AmCham Singapore’s 2016 Manpower Survey.

[iv]Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm?Area=625).

[v]World Bank (http://wits.worldbank.org/CountryProfile/en/Country/SGP/Year/2013/Summarytext).

[vi]Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm?Area=625).

[vii]Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm?Area=625).

[viii] Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm).

[ix] Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.gov/international/factsheet/factsheet.cfm).

[x] 2017 ASEAN Business Outlook Survey (http://www.amcham.org.sg/public-affairs/publications/asean-business-outlook-survey-2017/).

[xi] AmCham Singapore’s 2016 Manpower Survey.

[xii] 2017 ASEAN Business Outlook Survey (http://www.amcham.org.sg/public-affairs/publications/asean-business-outlook-survey-2017/).

2016 ASEAN Business Outlook Survey (http://www.amcham.org.sg/public-affairs/publications/asean-business-outlook-survey-2016/).

2015 ASEAN Business Outlook Survey (http://www.amcham.org.sg/public-affairs/publications/aseanoutlooksurvey2015/).

2014 ASEAN Business Outlook Survey (http://www.amcham.org.sg/public-affairs/publications/asean-business-outlook-survey-2014/).

 

To download the PDF version, click here.

Amb Sponsors

AmCham thanks departing U.S. Ambassador Kirk Wagar and Mrs. Crystal Wagar for their unstinting support for the business community and AmCham.  We could not have asked for more dedicated, energetic, and committed envoys.  They have promoted ever stronger ties between Singapore and the United States and creatively and tirelessly encouraged entrepreneurship, start-ups, and daring-ness.  With our regional focus here in Singapore, Ambassador Wagar promoted sound policies and strong relationships around ASEAN.  Every single one of his trips back to the United States included seminars, roundtables, and meetings in cities across the United States on why Singapore and ASEAN matter for U.S. business.

 

AmCham members had the opportunity to thank the Wagars in person at AmCham’s farewell “A Miami Evening in Singapore” reception on January 12.  Minister for Industry and Trade S Iswaran and AmCham Board Chairman Dwight Hutchins highlighted the contributions that the Wagars have made during their three-plus years here.  The evening was capped with the donation of $30,000 in honor of the Wagars to Special Olympics Singapore.  With thanks to them both, AmCham wishes Ambassador and Mrs. Wagar a smooth journey home.

 

Please click here for media coverage of the farewell reception.

Please click here for the text of Minister Iswaran’s farewell remarks.

Please click here for Singapore Tatler’s feature on the Ambassador’s Farewell.

Steve Okun_APEC Bsiness Travel Card_Nov 23

CBP/DHS will extend the validity of APEC Business Travel Cards from 3 to 5 years as part of its final rule which will be published tomorrow.

 

Click here for the link to the rule.
Click here for the bipartisan letter from four Senators supporting the rule.

 

The extension does not apply to existing cards.

 

In accordance with the U.S. Congress’ ABTC authorizing law, the US can not issue any new U.S. ABTCs or renew any U.S. ABTCs after September 30, 2018. Getting the authorizing legislation amended for renewal is the next focus.

 

Stay tuned for more information.

 

Obama letter - APEC Travel Card

 

AmCham Singapore strongly endorses U.S. Senator Mazie Hirono’s letter to President Obama, co-signed by Senators Cory Gardner, Amy Klobuchar and Gary C. Peters, requesting that the United States extend the validity of the APEC Business Travel Card (ABTC) from three to five years on the occasion of the upcoming Asia Pacific Economic Cooperation (APEC) Leaders’ Meeting to be held in Lima, Peru from November 19-20, 2016.

 

The ABTC has greatly improved procedures so that hundreds of members of AmCham Singapore can travel efficiently throughout the region to conduct trade and investment activities that are important to creating jobs in the United States.

 

“Clearing immigration at airports across the region involves a lot of time and even greater uncertainty about how long it will take on any given trip.  The APEC Business Travel Card has removed this uncertainty, allowing business travelers to plan their time more efficiently and, ultimately, be more productive,” said Steven R. Okun, AmCham Governor. “The card is a game changer that allows U.S. citizens to compete more evenly with their foreign counterparts. A five-year validity will increase the card’s impact.”

 

Read the letter here.

 

The Washington, DC Doorknock to promote approval of the Trans-Pacific Partnership agreement (TPP) in December has been canceled.  The Asia Pacific Council of American Chambers (APCAC) is working to recalibrate our strategy.

 

Our next opportunity for APCAC member chambers to gather is at the annual APCAC Spring Summit. Please mark your calendars for April 19 to 22, 2017 in Guangzhou, China.  This will be our next chance for chambers to work together to refine our messages on engagement with Asia, tax reform, FATCA, and other priority themes.  We will post the program and registration information as it becomes available.

Nov 4 Letter to Congress - TPP

25 American Chambers of Commerce in the Asia-Pacific have sent a letter to the leadership of the US Congress.  The letter is an unprecedented display of unity and urgency from APCAC members whose collective membership represents more than 15,000 companies, 50,000 overseas American workers, and annual trade/investment volumes over $600 billion.

 

Please read the letter here.