SINGAPORE /PRNewswire/ -- The American Chamber of Commerce in Singapore (AmCham) celebrates Singapore's 50th anniversary today by launching a commemorative report, Reflections: Perspectives from the American Business Community. Reflections describes AmCham members' contributions to the development of Singapore and presents their insights on the business outlook for the coming decade. Based on interviews with senior executives and a special SG50 membership survey, the report highlights the American business community's commitment to Singapore and optimism about their future here.
"The thousands of American companies operating in Singapore employ tens of thousands of Singaporeans," stated AmCham Executive Director Judith Fergin. "Significant numbers of Singaporeans occupy senior positions in member companies' operations in Singapore and abroad. Reflections documents that AmCham members expect their Singapore workforce to grow in line with their rising investment."
The United States is Singapore's largest source of foreign direct investment with over US$154 billion invested. The first wave of American companies arrived in Singapore more than 100 years ago; the favorable business climate has supported growth in the number of American companies and amount of investment to today's significant levels. Survey respondents cite the ease of conducting business, stable political environment, and sound infrastructure as the top three advantages of investing in Singapore.
Over 60 percent of survey respondents expect their company's investment here to grow over the next ten years. Over 70 percent of respondent companies have made Singapore their regional headquarters and still more useSingapore as a regional hub for at least some of the their business line. Many of those that have not already located headquarters here anticipate that their company will move their regional offices to Singapore by 2025.
While respondents and interviewees are overwhelmingly positive about Singapore's future, they pointed to cost and labor availability as potential brakes on growth.
"Ultimately, it is value that matters to companies. A highly productive employee is a great investment in competitiveness," said Fergin. "Everyone -- companies, employees, and the government -- needs to work together to ensure that we can continue to create that value."
She added, "Many American investments in Singapore are intellectual property-intensive, high technology-generating, and customer service-centric. We want to work with Singapore's government and educational institutions to help ensure that the workforce's knowledge and skills match anticipated demand."
To learn more about the report and download a copy, please visit www.amcham.org.sg/sg50.
Background
The American Chamber of Commerce in Singapore is the leading international business association in Singapore, with over 5,000 members representing more than 750 companies. American companies' direct investment inSingapore exceeds an estimated US$154 billion.
For further information, contact:
Thomas H. McNutt
Head of Government & Public Affairs
Phone: +65 6597 5732
Email: [email protected]