‘Partnerships’ key in Singapore’s industrialisation drive: DPM Wong

Wong hopes international firms see Singapore as a “home away from home.”

Deputy Prime Minister Lawrence Wong has underscored the importance of partnerships in Singapore’s economic growth.

In his speech at the American Chamber of Commerce Singapore 50th Anniversary Celebration, Wong said the Lion City needed “partners to jumpstart” its industrialisation drive.

Amongst Singapore’s earliest partners was the United States, said Wong. 

“Fast forward to today, we have built a robust economy and we have become a trusted hub for international trade and commerce. Throughout this period, over these decades, our partnership with the US has grown from strength to strength,” Wong said.

“Today, Singapore is the US’ largest trading partner in Southeast Asia. America continues to be our largest foreign investor here. And we host more than 5,700 American companies, with many of you playing a leading role in your respective industries,” he added.

With greater turbulence and uncertainties in the external environment ahead, Wong said small open economies like Singapore will only be able to keep going through “strong partnerships.”

“That is why we value the partnership that we have with the US. We therefore look forward to further collaboration with America, not just bilaterally but also in the region,” he added.