Singapore Seeks Stronger Digital Connections with San Francisco Investment

Enterprise Singapore (EnterpriseSG) has set up an office in San Francisco to deepen bilateral ties and support startups entering the digital hub. The new office is the government agency’s third in the US and underscores San Francisco as “a city of interest” for Singapore businesses. The office will support Singapore companies’ entry into the US market and strengthen bilateral trade and investment flows. The US is Singapore’s third-largest goods trading partner, and bilateral goods trade between the two markets has grown annually. Singapore’s direct investments in the US reached SG$44 billion in 2021. Lee Chuan Teck, CEO of EnterpriseSG, noted that many local companies need to venture overseas to grow. The Bay Area offers a rich innovation ecosystem, and several local companies are already operating in the city. Notable companies include Akribis, Venture Corporation, Engine Biosciences, Lucence, and Singtel. Lucence recently became the first Asian-based healthcare company to secure US Medicare coverage and has been expanding rapidly in the US market. EnterpriseSG has also launched a Global Innovation Alliance acceleration program in partnership with Plug and Play, preparing startups to pitch to potential investors in San Francisco. Singapore businesses have expressed interest in exploring various verticals in San Francisco, including clean energy and transportation. The office opening was officiated by several Singapore officials, including Prime Minister Lee Hsien Loong.