AmCham Singapore launches expanded hub in Shaw Centre
The Republic remains ‘most desirable spot in South-east Asia’ for US companies, says US embassy Charge d’Affaires
[SINGAPORE] The American Chamber of Commerce in Singapore (AmCham) launched its newly expanded AmChamSG Hub at Shaw Centre on Thursday (Mar 13), symbolising the strengthening of ties between the US and Singapore.
CEO Lei Hsien-Hsien said: “This expansion reflects our commitment to fostering and strengthening the enduring relationship between the United States and Singapore.”
Singapore remains “the most desirable spot in South-east Asia for US companies to do business, both with Singapore and with its Asean neighbours”, said Casey Mace, Charge d’Affaires of the United States Embassy in Singapore.
“AmCham will be a key partner in these efforts,” he added.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, who launched the new office, said it was a “concrete demonstration of the confidence” that AmCham and its members have in the two countries’ close economic ties.
With the renovation, the hub’s office space has risen by almost 42 per cent to 8,800 square feet (sq ft) from 6,200 sq ft previously.
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Said Mace: “The newly remodelled office is not just a physical space, it’s a nerve centre for one of the most important organisations helping to foster and further strengthen the enduring and dynamic economic relationship between our two nations.”
AmCham’s work “is vital, not only for the American business community, but also for the broader economic landscape of both our countries”, he added.
In its AmCham SG Plus campaign launched in 2024, the company hopes to advance regional perspectives through a podcast series; a regional economic conference; and the AmCham Awards, which recognise member companies for their contributions to Singapore and the region.
Mutually beneficial ties
At the launch, DPM Gan highlighted the “mutually beneficial” two-way trade and investment relationship.
Based on US government data, the country’s companies generated some US$51.4 billion from investments in Singapore in 2023, almost doubling from 2020.
There are about 6,000 US firms in Singapore and 250 Singapore companies across 45 states in the US, he noted. He added that the Republic is the third-largest Asian investor in the US.
“Amidst rising economic nationalism and protectionism, it is even more important for like-minded countries and businesses to redouble our efforts in mutually beneficial collaboration,” said DPM Gan.
Singapore is working with partners to strengthen the international rules-based trading order, as well as deepening integration in Asean.
Latter efforts include enhancing existing Free Trade Area agreements and establishing new rules and ways to cooperate in areas such as artificial intelligence (AI), digitalisation and the low-carbon transition.
“These efforts will also open up more opportunities for US businesses to benefit from the growth of our region,” he added.
DPM Gan said that Singapore is committed to being an “innovative, efficient and trusted hub” and does not condone businesses taking advantage of their association with Singapore to circumvent other countries’ export controls.
In late January, it was reported that the US was investigating whether Chinese AI company DeepSeek had bypassed US export curbs by buying Nvidia chips through companies in Singapore.
DPM Gan also encouraged US companies to explore partnering Singapore firms to strengthen supply chains, with support from the Partnerships for Capability Transformation programme.
He added that both countries can jointly develop a pipeline of local managers with overseas work experience, such as through the Global Business Leaders Programme. “This will help you build up a strong bench of regional and even global leaders to take your company to greater heights.”
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