Ms Elisa Mallis, Chairman of AmCham Singapore
Dr Hsien-Hsien Lei, CEO of AmCham Singapore
Mr Casey Mace, Chargé d’Affaires, U.S. Embassy in Singapore
Distinguished Guests,
1. Thank you for inviting me to launch AmCham’s new office.
2. This milestone is a concrete demonstration of the confidence you and your member companies have in the close economic ties between Singapore and the US, a key pillar of our long-standing, substantive and strategic bilateral relationship.
3. This year, Singapore celebrates SG60. AmCham and the American companies have lined up a series of events to celebrate together with us, and mark this important occasion.
a. We are very happy to host around 6,000 US companies, many of which use Singapore as a base to sell American products and services to this region.
b. At the same time, there are currently over 250 Singapore companies in around 45 states in the US, and despite our size, we are the third largest Asian investor in the US (after Japan and South Korea).
c. Our two-way trade and investment relationship is mutually beneficial.
i. Based on US government data, income generated by US companies from investments in Singapore almost doubled to US$51.4 billion, from 2020 to 2023.
ii. This was the 5th highest globally, and made up more than 40% of the total income generated by US investments in the Asia-Pacific.
iii. This income benefits US companies and contributes to the American economy.
iv. In Singapore, your investments have helped us build up strong industry ecosystems, such as in advanced manufacturing and financial services, and created many good jobs for Singaporeans.
Pursuing Mutually Beneficial Collaboration
4. Amidst rising economic nationalism and protectionism, it is even more important for like-minded countries and businesses to redouble our efforts in mutually beneficial collaboration. We must work closer together to seek win-win outcomes.
a. This is why Singapore will continue to work with like-minded partners to strengthen the international, rules-based trading order, including institutions like the WTO, for continued growth in trade and investment amongst countries.
b. We are also working with like-minded partners to do this through initiatives like the CPTPP, and our network of Digital and Green Economy Agreements.
c. In addition, Singapore and our ASEAN partners are deepening economic integration in this region, as well as with our key economic partners. This includes:
i. Enhancing our existing Free Trade Area agreements to further reduce tariff and non-tariff barriers, and address new areas of trade such as supply chain resilience; and
ii. Establishing new rules and modalities of cooperation in emerging areas such as AI, digitalisation and the low-carbon transition, which are also important.
d. We are also doing more with our immediate neighbours.
i. Singapore signed the Agreement on the Johor-Singapore Special Economic Zone (JS-SEZ) with Malaysia earlier this year.
1. Under the Agreement, we are working with Malaysia to facilitate the cross-border movement of people and goods, improve the ease of doing business, and support talent development.
2. This will open up twinning opportunities for businesses, by tapping on the complementary strengths of our two regions.
ii. We are also in discussions with Indonesia to build on our existing cooperation, particularly in Batam, Bintan and Karimun, or BBK, to explore new areas where we can work together.
e. These efforts will also open up more opportunities for US businesses to benefit from the growth of our region.
Singapore: An Innovative, Efficient and Trusted Hub
5. As you chart the next chapter of your company’s growth here in Asia, Singapore is committed to working with you as an innovative, efficient and trusted hub for the region.
a. Last week in Parliament, I outlined our strategy to invest in innovation and technology as key growth engines for our economy.
b. We will also enhance our pro-business environment by streamlining our regulations to reduce the compliance burden of our companies where possible.
c. Last but not least, we will continue to be a reliable and trusted partner.
i. Our strong rule of law is a central tenet of our economic competitiveness, especially for critical and emerging technologies.
ii. We act firmly and decisively against individuals and companies that flout our laws.
iii. We also do not condone businesses taking advantage of their association with Singapore to circumvent the export controls of other countries, and we will work with our counterparts to address their concerns in accordance with our laws.
Strengthening Supply Chains and Talent Pipeline
6. On a final note, I would like to encourage you to explore how we can continue to work together to strengthen your supply chains and talent pipeline.
7. Geopolitical tensions and conflicts, climate change, and technological advancements and developments have underscored the importance of resilient supply chains.
a. Local companies and SMEs can play a role in helping you build a stronger supply chain for your businesses in the region. In time, they can also support you as you expand your operations globally.
b. I hope you will explore more opportunities to partner such companies in Singapore; and we will be happy to support you through our Partnerships for Capability Transformation (PACT) programme.
8. Similarly, I would like to encourage you to explore how we can jointly develop a good pipeline of local managers with overseas work experience, such as through our Global Business Leaders Programme. This will help you build up a strong bench of regional and even global leaders to take your company to greater heights.
Conclusion
9. Once again, thank you for inviting me to the opening of AmCham’s new office in Singapore.
10. Over the past 52 years, your chamber and the businesses you represent have been key partners to Singapore.
11. Despite global uncertainties, there continues to be much we can do together to open up new opportunities for our businesses, drive the growth of both our economies and of Asia, and improve the lives of Singaporeans, Americans and others in the region.
12. Thank you.