The following was written by His Excellency Ashok Mirpuri, Ambassador of Singapore to the United States. This feature can be found in our recently launched Corporate Systemic Responsibility Report which was the first outcome of our new Responsible Business Diplomacy initiative. T To download the report and read other testimonies, click here.
Global commerce, trade, and investment are the main features of the Singapore economic narrative, linked to an open, connected, and effective global economy. Singapore’s external economic priorities have been able to bring together capital based on the rule of law, protect intellectual property, and attract global talent and entrepreneurship.
In Singapore, global multinationals, including many U.S. companies, have created jobs, provided knowledge and technical transfer to upgrade the workforce, and increased productivity while building new opportunities. The United States is the largest foreign investor in Singapore.
With an eye to the future, Singapore is attracting new foreign direct investment (FDI) in key growth industries such as advanced manufacturing. Singapore aims to be a global leader in high-value manufacturing, building on deep engineering and innovation capabilities. There is an ecosystem of top engineering, procurement, and construction firms, together with research institutes, that can help companies develop cutting-edge solutions with global impact.
These mean good jobs for workers in Singapore. There is a vibrant start-up culture and thriving ecosystem of skilled talent and research, attracting global tech and digital companies from the United States to base operations in Singapore.
Even while managing the Covid pandemic, Singapore is focused on the long game and welcomes foreign investors who plan to be anchored for the long haul and build up niche capabilities. Foreign companies can partner with the Singapore Government in initiatives such as academic-industry partnerships to develop talent for the future. Companies can also partner with local stakeholders to make a social impact and establish thought leadership.
Today, Singapore is a global economic and financial hub, and one of the easiest places in the world to start and operate a business. Singapore is also a top innovative city in the world. With strong partnerships and support from FDI, Singapore is well-poised to recover economically and develop an agenda focused on jobs and the environment.