| Key Statistics 2021 | |
|---|---|
| GDP | S$ 533.4 billion1 |
| GDP per capita (PPP) | S$97.8 million1 |
| GDP Growth | 7.6%1 |
| Investment as % of GDP (2021) | 24.4%2 |
| FDI inflow to Singapore (2021) | 99 billion2 |
| Total FDI stock (2021) | $2.1 billion1 |
| US Exports to Singapore (2021) | US$35.8 billion3 |
| US Imports from Singapore (2021) | US$29.6 billion3 |
| Population | 5.63 million3 |
Led by its Singapore Committee, chaired by Oracle and co-chaired by Philip Morris International, MSD, and Visa, the Council has built a close working relationship with the Government of the Republic of Singapore. Over the years, the Council has supported the development of the U.S.-Singapore bilateral relationship, including serving as a leading proponent for the U.S.-Singapore Free Trade Agreement as well as the Partnership for Growth and Innovation. The Council's engagement with Singapore includes a Business Mission, regular meetings with Singapore's Ambassador to the United States, and numerous meetings throughout the year hosted in Singapore and in the U.S.
Singapore in the United States
The Council serves as a forum for senior Singapore policymakers to address and dialogue with the U.S. business community. The Council also arranges advocacy on U.S. business issues in Singapore with the government. Council programs over the past few years have included those with Singaporean officials visiting the United States, including with former Prime Minister and Minister Mentor Lee Kuan Yew, Prime Minister Lee Hsien Loong, Industry Minister Lim Hng Kiang and former Foreign Minister George Yeo. The most recent was a luncheon in honor of Minister for Trade Chan Chun Sing during his visit to Washington, D.C. in March 2019. US-ABC meets regularly with representatives from the Singapore Government and collaborates on a myriad of issues of interest to U.S. businesses.
A Permanent Presence in Singapore
The Council has chosen Singapore to house its regional headquarters, led by Senior Vice President & Regional Managing Director Ambassador Michael Michalak. The Singapore office is staffed by Sarah Lessing, Fauzia Sheh, Christine Wan, and Jileen Yong and is responsible for oversight of the Council’s offices in Bangkok, Hanoi, Jakarta, Kuala Lumpur and Manila.
Success Stories in Singapore
The US-Singapore Free Trade Agreement, signed by President George W. Bush in 2003 and entering into force on January 1, 2004, was America's first free trade agreement in Asia. Since the agreement's inception, U.S. exports to Singapore have risen over 100 percent, resulting in thousands of new U.S. jobs. Since signing the FTA, U.S. exports of services to Singapore have grown 246 percent.
Country Summary
Since its independence in 1965, Singapore has become one of the world's most prosperous countries. Its free and open environment for business has led to the world bank ranking Singapore #1 as the easiest country in the world to do business overall, as well as the easiest place to trade across borders. Singapore was the 13th largest export market and 17th largest trading partner of the United States in 20121. The U.S. is the number two supplier of Singapore’s total imports just behind Malaysia.
Singapore's strategic location at the entrance to the Strait of Malacca has helped it to become one of the most important shipping centers in Asia. The Port of Singapore, the world's busiest in terms of shipping tonnage, is a key component of Singapore's prosperity and economic health. Singapore is a leader in manufacturing of computer components, petroleum refining, and business services.