The United States of America (U.S.) and Singapore have signed a Memorandum of Understanding (MOU) to deepen economic cooperation and extend trade financing and investment support to companies in Singapore and the U.S, the MTI said in a media release.
The MOU was signed by Minister for Trade and Industry Chan Chun Sing and his counterpart, U.S. Secretary of Commerce Wilbur ross.
The U.S. and Singapore are like-minded and longstanding partners with a strong record of economic cooperation. The MTI said the MOU aims to enhance trade financing options for US and Singapore companies. This is in view of the significant global tightening of credit following the economic slowdown caused by the COVID-19 pandemic.
The MOU will also facilitate bilateral trade in goods and services to enhance our respective regions’ growth opportunities. Under the MOU, both countries will also explore the use of technology to address new trade financing and investment challenges.
“The U.S. and Singapore have enjoyed more than fifty years of official partnership since we established diplomatic ties in 1966,” said Secretary Ross. “This MOU will help Singapore importers finance the purchase of US exports, and support Singapore investors looking at opportunities in the U.S.”
Trade and Industry Chan Chun Sing said, “Through this MOU, we will facilitate company investments into Singapore and the U.S., and help businesses access more trade financing facilities. We also look forward to catalysing greater trade and investment flows between the U.S., Singapore, and Southeast Asia, and enabling our companies to continue trading and accessing opportunities in these challenging times.”
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The MOU is the latest tangible result of the robust economic and investment partnership between the U.S. and Singapore. The U.S. is Singapore’s largest foreign investor, while Singapore was the fourth largest Asian investor in the U.S. in 2019.
Both countries are committed to working together towards a stronger post-COVID-19 economic recovery.