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SINGAPORE : The British government welcomes all foreign direct investments into the United Kingdom - including those from sovereign wealth funds (SWFs).
That is according to the British High Commissioner to Singapore, Paul Madden, who was speaking at a news briefing on Friday.
The number of foreign investments in Britain rose for the fifth consecutive year in 2007, with a growing number coming from the Asia-Pacific.
One in six Londoners today travels on buses operated by ComfortDelgro. The Singapore transport operator is one of the growing number of Asian companies investing in the UK.
Britain said it welcomes foreign ownership and investment, including those from sovereign wealth funds.
Mr Madden said, "Historically, we are used to the concept and we understand the concerns of some countries who are less familiar with the rise of some of the newer ones.
"But we don't see any need as a recipient country to change our own regulations, which we think are perfectly satisfactory. We very much welcome these sovereign wealth funds to London."
The overall number of foreign investments in the UK grew by 10 per cent last year, but foreign investments from the Asia Pacific rose by an even faster rate of 25 per cent.
Going forward, the British government said it is targeting more foreign investments from the region. It said there are opportunities in the UK for Singapore SMEs, particularly in the areas of IT and life sciences and engineering R&D.
Mr Madden said, "You're beginning to see companies who are so specialised in their niches that almost from day one they have to globalise. They don't have time to build their home market and expand. From day one, they need to be going onto the international scene."
The UK remains the top destination for Singapore's foreign investments in the European Union. The latest available figures showed that in 2006, Singapore's foreign investments in Britain almost doubled on-year to S$15.6 billion. - CNA/ms
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