Singapore Seeks Stronger Economic Ties with US

In an attempt to signify Singapore’s strong support of the United States, Singapore’s Prime Minister Lee extended his congratulations to Donald Trump, the United States’ president elect, following his win on November 11th. In his letter of congratulations, PM Lee acknowledges the unique and challenging times that the United States is facing as he wishes Mr. Trump the best .

The United States and Singapore: A Long Standing Partnership
In his letter, Prime Minister Lee goes on to point out the unique and strong relationship between Singapore and the United States. He calls the partnership longstanding as Prime Minister Lee welcomes the continued presence of American business within Singapore.

Additionally, Prime Minister Lee encourages continued cooperation between both countries as both the United States and Singapore go forward in terms of both the economy and defense and security.

Economic Growth and Continued Investment
As he continues, Prime Minister Lee acknowledges the Strategic Framework Agreement and the Enhanced Defense Cooperation Agreement as a way to handle terrorist acts, cyber threats, extremism in Singapore, and the rest of the world.

Diving into matters of the economy, the Prime Minister mentions the United States-Singapore Free Trade Agreement that is responsible for doubling trade between both countries, amassing a total of $63 billion in the past 10 years. Mr. Lee certifies Singapore’s continued investment within the U.S. Mr. Lee points out President elect trump’s experience as businessman and acknowledges how this experience can be beneficial for Singapore’s economy.

Prime Minister Lee finishes his letter by wishing the president elect much success in the coming year. As the rest of the world watches the coming changes in the United States, governments and citizens alike are making speculations regarding the future.

Speculations for the Future
In the coming years, the future for both Singapore and the United States hope to see a continued strengthening of the partnership between both countries. American trade makes up almost 16% of Singapore’s aggregate trade.

While Singapore continues to welcome the investment and presence of United States businesses and companies, Singapore hopes to continue exporting trade into the United States as well. The most popular products that the United States imports from Singapore include computers, disk drives, printers, printed circuit boars assembled, telecommunication equipments, computer parts, and scientific instruments, among other items.

Singapore also enjoys the United States’ investment in its businesses and economy. Currently, over 1,300 American companies have invested or are currently investing in Singapore.

Prime Minister Lee spoke about a history of strong partnership between the United States and Singapore and this has certainly been proven over the years. The United States’ Foreign Direct Investments channeled $3.4 billion dollars to the country. This investment partnership singled out Singapore as American investors’ favorite Asian destination for traveling and vacation.

As 2017 approaches, citizens in both the United States and Singapore can expect to see continued support from both countries. As president elect Trump prepares to take office in January, Prime Minister Lee and the rest of Singapore are excited to continue the partnership of investment and trade that both countries currently enjoy.