Singapore Update: 2017 Singapore Business Mission Report

Singapore Update | June 7, 2017
Authors: Sunita Kapoor and Riley Smith
 
2017 Singapore Business Mission Report
 
 

The Council held its 2017 Singapore Business Mission from May 8-9. During the mission, 15 member companies met with senior government officials – including four minister-level officials – to discuss how U.S. companies could help the Government of Singapore (GOS) achieve benchmarks and deliverables for two signature initiatives: the Smart Nation initiative and implementing the recommendations of the Committee on the Future Economy (CFE).

The press release for the Mission can be found here.  It includes information on the Mission themes and delegation, as well as the Government officials with whom the delegation met.

Notes from the Mission's meetings can be found here.

Please take a few moments to complete the Council’s mission participation survey. The survey can be accessed here: Post Mission Survey. Responses are anonymous.

To emphasize how U.S. companies can help the GOS achieve benchmarks and deliverables for the Smart Nation initiative and implementing the CFE's recommendations, this year's Singapore Business Mission focused on: 

  • Tax and regulatory reform that is pro-growth and promotes innovation, experimentation, and regular stakeholder consultative engagement.
  • Enhancing vibrant ecosystems for priority future economy and Smart Nation sectors (digital economy, fintech, transportation, and healthcare) by: 
    • Improving the utilization of data (especially sharing and storage) across sectors;
    • Expanding access and enabling the use of innovative technologies (e.g. cloud computing, IoT, advanced robotics).
  • Increased engagement with GOS initiatives and educational institutions to support human capital development and meet the skills needs for priority future economy and Smart Nation sectors.
  • Engaging with the GOS to help it prepare for Singapore's 2018 ASEAN Chairmanship.  This would include: 
    • Proposing priority issues for GOS's 2018 agenda;
    • Engaging GOS and USG to help spread best practices in Smart Cities programs and the fintech, e-commerce, healthcare, transportation, energy, and digital economy sectors to other ASEAN countries.

The Council is considering several options for continued engagement following the mission, including:

  • Providing specific recommendations for tax reform;
  • Finding ways to contribute to the United States-Singapore Collaboration Platform;
  • Advocating for the expansion of the regulatory sandbox approach to sectors and innovative technologies outside the financial sector and fintech;
  • Finding ways to support GOS as it prepares to be Chair of ASEAN in 2018, including proposing specific issues for Singapore's agenda as 2018 ASEAN Chair;
  • Deepening our engagement with and finding ways to support GOS as it implements the recommendations of the Committee on the Future Economy and undertakes the next steps in its Smart Nation initiative.  

If other potential follow-up items come to mind or if you have any additional questions or comments about the Mission, please contact Sunita Kapoor at skapoor@usasean.org and Riley Smith at rsmith@usasean.org.