SINGAPORE: Singapore and the United States are looking at ways to deepen collaboration in areas such as infrastructure, financial technology, smart city solutions and e-commerce.
Minister for Trade and Industry (Industry) S Iswaran and US Commerce Secretary Wilbur Ross met at the sidelines of the Milken Institute Global Conference in Los Angeles, and discussed ways to facilitate business opportunities for companies through the US-Singapore Collaboration Platform memorandum of understanding (MOU), according to a MTI press release on Tuesday (May 2).
The MOU was signed between MTI and the Department of Commerce during Prime Minister Lee Hsien Loong’s official visit to the US in 2016.
“Singapore and the US share strong and mutually beneficial economic relations, and the US-Singapore Free Trade Agreement (USSFTA) is the cornerstone of our relationship,” said Mr Iswaran. “We look forward to deepening our relations with the US and building on our early successes under the US-Singapore Collaboration Platform MOU.”
During the bilateral meeting, Mr Iswaran and Mr Ross had reaffirmed both countries’ longstanding economic ties, according to MTI.
The US official also invited Singapore to participate in the 2017 SelectUSA Investment Summit from Jun 18 to 20. The summit is dedicated to promoting foreign direct investment (FDI) in the United States.
According to MTI, Singapore was the US’ largest trading partner in Southeast Asia in 2016, with bilateral goods and services trade totalling US$68 billion. It was also the country’s 13th largest merchandise export destination globally.
At the Milken Institute Global Conference, Mr Iswaran had addressed a roundtable discussion on ASEAN titled “Poised for Growth: The ASEAN Opportunity” and spoke on the importance of globalisation and how free and open markets benefit companies, workers and citizens on another panel session.
Singapore Minister for Trade and Industry (Industry) S Iswaran speaks at the Milken Institute Global Conference in Los Angeles. (Photo: MTI)
During his trip, Mr Iswaran also met with Singaporean and American businessmen based in the city. He was accompanies by Singapore’s ambassador to the US Ashok Kumar Mirpuri as well as officials from the MTI and IE Singapore.
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