EnterpriseSG Launches San Francisco Overseas Centre to Boost US-Singapore Trade and Investment
Singapore’s business promotion agency, Enterprise Singapore (EnterpriseSG), has opened a new Overseas Centre in San Francisco, aiming to facilitate Singaporean companies’ entry into the United States and enhance trade and investment between the two countries. This is the third overseas office for EnterpriseSG in the US, following the ones in New York and Los Angeles.
During the opening ceremony, Prime Minister Lee Hsien Loong emphasized the importance of the relationship between the US and Asia, expressing his optimism that the US will continue to strengthen its ties with the region. He urged American businesses to consider Singapore as a gateway to the growing Asia-Pacific market, assuring them that Singapore is open for business.
The San Francisco Overseas Centre will play a crucial role in supporting Singaporean start-ups in establishing strategic partnerships and gaining international attention. The region has proven to be an essential hub for Singaporean companies in various sectors such as biomedical, food manufacturing, and transportation. The launch of the centre demonstrates Singapore’s commitment to further engage with the US West Coast.
The opening event was attended by business leaders from both Singapore and the US, as well as senior US government officials and representatives from academic and research institutions. EnterpriseSG’s CEO, Lee Chuan Teck, highlighted the economic ties between the two countries and the opportunities for Singaporean firms in the San Francisco Bay Area.
Singapore is already a significant investor in the US, and the US is Singapore’s largest foreign investor. Bilateral trade between the two countries has seen substantial growth, especially in the services sector. The US-Singapore Free Trade Agreement, which will celebrate its 20th anniversary next year, has played a pivotal role in boosting trade in goods and services.
EnterpriseSG has been actively supporting Singaporean businesses in the US, with numerous Singaporean firms already operating in the Bay Area. The launch of the San Francisco Overseas Centre will further strengthen the economic ties between the two countries and facilitate Singaporean companies’ expansion into the US market.
The opening of the Overseas Centre in San Francisco is part of EnterpriseSG’s broader plan to establish more offices in the US. As Singapore continues to foster innovation and support digital transformation, there are ample opportunities for Singaporean firms to collaborate with their American counterparts in areas such as biomedicine and clean energy.
In addition to the opening of the San Francisco centre, EnterpriseSG’s Global Innovation Alliance (GIA) acceleration programme has been running successfully in San Francisco since 2019, helping companies form partnerships with venture capitalists and investors. The agency is also collaborating with Plug and Play, a global innovation platform, on a new programme to accelerate the global business development of Singaporean start-ups in San Francisco.
Prime Minister Lee’s visit to San Francisco includes meetings with California Governor Gavin Newsom and business leaders from prominent US companies. The trip showcases Singapore’s commitment to fostering strong ties with the US and promoting mutually beneficial partnerships in various sectors.
As Singapore and the US continue to deepen their engagement in new domains such as climate change, cybersecurity, and emerging technologies, the launch of the new Overseas Centre in San Francisco marks an important milestone in strengthening the economic collaboration between the two countries. With Singapore serving as a vibrant business hub in the Asia-Pacific region, and San Francisco being a prominent innovation and technology hub, the partnership holds immense potential for future growth and innovation.
