Enterprise Singapore (EnterpriseSG) on Tuesday (Nov 14) launched its San Francisco Overseas Centre to facilitate Singapore companies’ entry into the United States and boost trade and investment between the two countries.
The centre is EnterpriseSG’s third in the US, after New York and Los Angeles.
Prime Minister Lee Hsien Loong, who officiated the opening, said that despite a more complex global environment, he is hopeful that the US will maintain and even strengthen its relationship with Asia and the rest of the world.
“For our American friends seeking opportunities in Singapore, or in the vibrant and growing Asia-Pacific region, our message to you is this: Singapore is wide open for business,” Mr Lee said.
“Enterprise Singapore, and our other agencies like the Economic Development Board, will be more than happy to work with you.”
EnterpriseSG and its overseas offices help Singapore companies establish a foothold in the US, and the launch of the San Francisco centre marks a “step up” in Singapore’s engagement on the US West Coast, said Mr Lee.
San Francisco has been an important region for promising Singaporean start-ups to meet strategic partners, and gain backing that can elevate them to the global stage, he said.
The Prime Minister also noted that the US – Singapore Free Trade Agreement (FTA) will reach its 20th anniversary next year.
Singapore is the third largest Asian investor in the US, and the US is Singapore’s largest foreign investor.
Trade in goods and services between the two countries has grown in the last few years, in part due to the FTA, said EnterpriseSG. Bilateral services trade, in particular, has grown by around 18 per cent a year from S$64 billion (US$47.5 billion) in 2017 to S$125.2 billion in 2021.
Singapore’s direct investments in the US have also been growing steadily, reaching S$44 billion as at end-2021, said EnterpriseSG.
The two countries have expanded the relationship in new domains, such as climate change, cybersecurity, space, and critical and emerging technologies, Mr Lee Hsien Loong said. The US is also deepening its regional engagement with the Indo-Pacific Economic Framework, which Singapore is a member of.
