SINGAPORE - Singapore's Minister for Trade and Industry, Mr Lim Hng Kiang met with the United States (US) Commerce Secretary, Ms Penny Pritzker on Wednesday during her visit to Singapore.
During the meeting, they discussed bilateral economic priorities and opportunities in the US economy. They also discussed ideas to increase bilateral investment flows.
Singapore has longstanding economic links with the US. In 2012, the US was Singapore's fifth largest goods trading partner while Singapore was their 17th largest trading partner and their largest trading partner in ASEAN. Total trade stood at S$75.6 billion.
In the area of investments, the US is Singapore's largest foreign direct investor, with an estimated investment stock of S$72.8 billion as at end-2011. Cumulative Foreign Direct Investment from the US in Singapore has exceeded that in Japan and Australia, making Singapore the top destination for US investments within Asia Pacific.
Ms Pritzker is in Singapore from October 8 to 10, following her involvement in the APEC Economic Leaders' Week in Bali. During her stay here, Ms Pritzker will also be meeting with US and Singapore companies.
On Wednesday,she also delivered a speech at the Singapore University of Technology and Design (SUTD) on "The US and Singapore: A Crucial Link Across ASEAN and the Pacific." While at SUTD, she also met with some US and Singapore business leaders.