DPM Gan heads to US to deepen trade and tech ties
SINGAPORE - Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will visit the United States from July 20 to 26 to deepen economic cooperation and strengthen bilateral ties between Singapore and the US.
'The visit will build on and keep up the robust and multifaceted partnership between Singapore and the US, including our substantive and mutually beneficial economic and commercial relationship,' the Ministry of Trade and Industry (MTI) said in a statement on July 18.
The ministry added: 'Our growing collaboration in emerging areas such as technology and energy complements our strong defence, security and people-to-people ties.'
The US was Singapore's second-largest trading partner in 2024, while Singapore ranked as the 16th-largest trading partner for the US.
Singapore is also the third-largest Asian investor in the US, with more than 250 Singaporean companies operating across 45 states. Singapore investments support around 350,000 jobs in the US and the US has had a consistent and longstanding trade surplus with Singapore, MTI said.
Singapore has $76.5 billion in direct investment stock in the US as at 2022. Conversely, the US remains the top investor in Singapore, with foreign direct investment stock reaching $555.5 billion in 2023. Singapore is the top recipient of US investment in the Indo-Pacific.
There are nearly 6,000 US companies in Singapore, which is positioned as a gateway to Asean for these businesses. These are mainly in the financial, insurance, manufacturing, wholesale and retail trade sectors.
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DPM Gan will begin his trip in New York on July 21 before heading to Washington for the remainder of the week.
During the visit, he is scheduled to meet US Cabinet secretaries, members of Congress, and leaders from the business and financial communities.
He will also speak at a business roundtable hosted by the US Chamber of Commerce, where he will address international and regional economic developments, and explore new areas for collaboration between American and Singaporean companies.
Officials from MTI, the Ministry of Foreign Affairs and the Monetary Authority of Singapore will accompany Mr Gan on the trip.
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