'Singapore is wide open for business': EnterpriseSG launches overseas centre in San Francisco
The San Francisco Overseas Centre will facilitate Singapore companies’ entry into the US and boost investment between the two countries.
(From left) Lieutenant Governor of California Eleni Kounalakis, Singapore Prime Minister Lee Hsien Loong, Enterprise Singapore CEO Lee Chuan Teck and Senior Vice President of Asia, US Chamber of Commerce Charles Freeman, launch the EnterpriseSG Overseas Centre in San Francisco on Nov 14, 2023. (Photo: Enterprise Singapore)
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SAN FRANCISCO: Enterprise Singapore (EnterpriseSG) on Tuesday (Nov 14) launched its San Francisco Overseas Centre to facilitate Singapore companies’ entry into the United States and boost trade and investment between the two countries.
The centre is EnterpriseSG's third in the US, after New York and Los Angeles.
Prime Minister Lee Hsien Loong, who officiated the opening, said that despite a more complex global environment, he is hopeful that the US will maintain and even strengthen its relationship with Asia and the rest of the world.
"For our American friends seeking opportunities in Singapore, or in the vibrant and growing Asia-Pacific region, our message to you is this: Singapore is wide open for business," Mr Lee said.
"Enterprise Singapore, and our other agencies like the Economic Development Board, will be more than happy to work with you."
EnterpriseSG and its overseas offices help Singapore companies establish a foothold in the US, and the launch of the San Francisco centre marks a "step up" in Singapore's engagement on the US West Coast, said Mr Lee.
San Francisco has been an important region for promising Singaporean start-ups to meet strategic partners, and gain backing that can elevate them to the global stage, he said.
"Many Singaporean companies are partnering their American counterparts across sectors like biomedical, food manufacturing, transportation, and much more," he added.
"Here in the Bay Area, we have been nurturing such relationships for many years."
The opening was attended by Mr Lee Chuan Teck, CEO of EnterpriseSG and Ms Eleni Kounalakis, Lieutenant Governor of California. Also present were about 50 business leaders from Singapore and the US, senior US government officials, representatives from academic and research institutions as well as people from the start-up community.
Said Mr Lee Chuan Teck: “The US and Singapore have always enjoyed close economic ties. Our new office in San Francisco will strengthen these ties further and help Singapore businesses tap the rich innovation ecosystem in the Bay Area.”
He told CNA that many Singapore firms are already in the Bay Area, and many more are expressing interest in exploring opportunities there. There are opportunities for Singapore companies in the biomed space, while the California state government has introduced many initiatives to support the transition to clean energy, advanced manufacturing and digital technologies, he said.
"There's a huge window of opportunities for us, and that's why we are receiving a lot of interest from many Singapore firms looking to come here," he said.
EnterpriseSG is also "on the lookout" to open more offices in the US, he added.
Enterprise Singapore (EnterpriseSG) on Tuesday (Nov 14) launched its San Francisco Overseas Centre to facilitate Singapore companies’ entry into the United States and boost trade and investment between the two countries. Lauren Ong with more.
SINGAPORE COMPANIES IN SAN FRANCISCO
EnterpriseSG highlighted Singapore companies that have benefited from "synergies" between Singapore and San Francisco's "innovation ecosystems", including precision oncology company Lucence.
Lucence opened its diagnostics laboratory in Palo Alto in 2020, backed by EnterpriseSG’s support in talent funding and networking, said the agency.
It has become the first Asian-headquartered healthcare company to have secured US Medicare coverage, which means Lucence’s liquid biopsy tests can be reimbursed under the US"s national health insurance scheme.
Lucence also worked with a US cancer centre to test a combined DNA and RNA liquid biopsy test in June. Next January, Lucence will launch an enhanced multi-cancer early detection blood test in Asia before opening in the US, screening for early cancer signals of 50 cancer types, up from the current 10 cancers, said EnterpriseSG.
Other Singapore firms in the San Francisco Bay Area are Akribis, Venture Corporation, Engine Biosciences, NIUM, Affable.ai, Datature and Singtel.
Larger corporates such as ST Engineering and Singtel have also set up corporate venture capital arms in the US to invest in start-ups with solutions they can deploy.
Investments also include more established firms, like North American transportation leader TransCore, which ST Engineering acquired in 2022.
EnterpriseSG’s Global Innovation Alliance (GIA) acceleration programme has also been running in San Francisco since 2019, facilitating company projects and partnership tie-ups with VCs and investors.
It is now working with global innovation platform Plug and Play on a new programme to accelerate startups’ global business development in San Francisco. The first cohort started last month, with 11 Singapore start-ups participating.
GROWTH IN TRADE
The Prime Minister also noted that the US – Singapore Free Trade Agreement (FTA) will reach its 20th anniversary next year.
Singapore is the third largest Asian investor in the US, and the US is Singapore's largest foreign investor.
Trade in goods and services between the two countries has grown in the last few years, in part due to the FTA, said EnterpriseSG. Bilateral services trade, in particular, has grown by around 18 per cent a year from S$64 billion (US$47.5 billion) in 2017 to S$125.2 billion in 2021.
Singapore’s direct investments in the US have also been growing steadily, reaching S$44 billion as at end-2021, said EnterpriseSG.
The two countries have expanded the relationship in new domains, such as climate change, cybersecurity, space, and critical and emerging technologies, Mr Lee Hsien Loong said. The US is also deepening its regional engagement with the Indo-Pacific Economic Framework, which Singapore is a member of.
PM MEETS SINGAPOREANS
Following the launch, Mr Lee, Foreign Affairs Minister Vivian Balakrishnan and Singapore's ambassador to the US Lui Tuck Yew met Singaporeans living in the Bay Area at a reception.
Speaking to the more than 500 Singaporeans gathered there, Mr Lee said that the US is one of Singapore's "very old friends", with many Singaporeans working and living in the US while many Americans are in Singapore.
"We are not quite the same as our American friends and they are not quite the same as us because we are a tiny country in the middle of a very complicated part of the world. They are a huge continent, the greatest power on Earth now," he said.
"But it doesn't stop us from work working together from getting to do many things together and to benefit each other through our relationship and our friendship. And you are an important part of that."
One Singaporean, Ms Sharon Neo, who just moved to San Francisco two months ago to expand her digital marketing agency, said that she wanted to connect with some Singaporeans at the gathering. She also noted that this might be her last chance to meet Mr Lee, who has said he will be stepping down as Prime Minister by November next year.
"I want to meet him before he steps down ... and also to meet fellow Singaporeans," said Ms Neo, 36.
When asked if she misses Singapore, Ms Neo laughed and said not yet, but other Singaporeans CNA spoke to said that besides their friends and family, they also miss Singapore's transport system and safety.
Madam Tan Siew Choo, 69, a homemaker who has been in San Francisco for 20 years, said that such receptions are a good opportunity to meet other Singaporeans living in the area.
"No matter how long I stay here, Singapore will always be my home," said Mdm Tan.
Mr Lee is in San Francisco on a six-day working trip to attend the 2023 APEC summit. He will also meet California Governor Gavin Newsom and business leaders from prominent US companies.
On Tuesday, Mr Lee visited Google and was given a briefing on various AI and other advanced technology projects that the tech giant and its parent company Alphabet are working on.
He also met Apple CEO Tim Cook at Apple Park in Cupertino, where they exchanged views and reiterated the good partnership that Apple has with Singapore, said Mr Lee's press secretary.
