Strengthening Ties: Deputy Prime Minister Gan Kim Yong’s Visit to the US
In a significant diplomatic move, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, is set to visit the United States from July 20 to 26. This trip is primarily aimed at deepening economic cooperation and strengthening the robust bilateral ties between Singapore and the US.
Building on a Strong Foundation
The Ministry of Trade and Industry (MTI) emphasized that this visit aims to build on the already multifaceted partnership between the two nations. The relationship encompasses a wide array of areas, but with a particular focus on fostering substantive and mutually beneficial economic and commercial ties. As highlighted by the MTI, the collaboration in emerging sectors such as technology and energy complements existing strong ties in defense and security, along with deep people-to-people connections.
Economic Partnership Dynamics
In recent years, the United States has been a crucial player in Singapore’s economic landscape. As of 2024, the US stands as Singapore’s second-largest trading partner, while Singapore ranks 16th for the US. This dynamic underscores the importance of mutual investment, with Singapore being the third-largest Asian investor in the US. There are currently over 250 Singaporean companies operating across 45 states, contributing significantly to the American job market—supporting approximately 350,000 jobs.
Investment Flow: A Two-Way Street
In terms of direct investment, Singapore boasts $76.5 billion in direct investment stock in the US as of 2022. Conversely, the US is the top investor in Singapore, with a foreign direct investment stock amounting to a staggering $555.5 billion in 2023. Notably, Singapore has emerged as the top recipient of US investment in the Indo-Pacific region, highlighting the strategic importance of this partnership.
The American Business Presence in Singapore
The presence of US companies in Singapore is also noteworthy. Nearly 6,000 American firms operate in Singapore, which is strategically positioned as a gateway to the ASEAN market. These businesses span various sectors, including finance, insurance, manufacturing, as well as wholesale and retail trade, benefiting from Singapore’s unique geographical and logistical advantages.
Schedule of DPM Gan’s Visit
DPM Gan’s trip will kick off in New York on July 21, followed by several engagements in Washington throughout the week. During his time in the US, he will hold meetings with US Cabinet secretaries and members of Congress, focusing on enhancing both economic cooperation and diplomatic relations.
Engagement with the Business Community
A highlight of Gan’s visit will be his participation in a business roundtable hosted by the US Chamber of Commerce. Here, he will address various international and regional economic developments and actively explore new areas for collaboration between American and Singaporean enterprises. This is an excellent opportunity to reinforce the connection between the two nations at the business level.
Accompanying Officials
Gan will not be navigating these discussions alone; he will be accompanied by officials from the Ministry of Trade and Industry, the Ministry of Foreign Affairs, and the Monetary Authority of Singapore. This structured delegation reflects Singapore’s serious commitment to fostering a productive and strategic dialogue with the US.
In summary, this visit is a crucial step in further aligning Singapore’s economic aspirations with those of the United States, setting the stage for deeper collaboration in a rapidly evolving global landscape. With both countries poised to benefit from this engagement, the visit promises to be an influential moment in international relations.
