Singapore is now the top destination for US
companies investing in the Asia-Pacific region, overtaking rivals
Japan and Australia, reports said Monday.
"The 10-year cumulative US investment in Singapore stood at 138 billion US dollars at the end of 2012," outgoing US Ambassador David Adelman told The Straits Times.
That figure was up 19 per cent from 116 billion dollars the year before. Bilateral trade is now set to exceed 50 billion dollars for a third straight year.
Singapore was the first Asian country to sign a free-trade agreement with the US, in 2003, and the two countries maintain strong economic and military ties.
Earlier this year, US jet engine maker Pratt & Whitney announced a 110 million dollar expansion plan for its Singapore facilities, which is expected to increase its workforce in the country to more then 2,500 people over the next five years.
The city-state has been ranked by the World Bank as the easiest place to do business seven years in a row.
Most Popular Stories
- Slow Week Ahead of December FOMC Meeting
- Hispanics Seek to Grow School Board Members
- U.S. Companies Eager for Iranian Business
- 'Knockout Game': Myth or Menace?
- Questions Remain in Jenni Rivera's Death
- Banks Fret as Volcker Vote Approaches
- Bitcoin Used to Buy Tesla Car
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Paul Walker Fans Pay Respects
- Entrepreneurs' Next Creation May Be New Laws