US Business Reaffirms Strong Commitment to Singapore; Seeks Regional Opportunities

(Singapore) 8 November, 2006: A major delegation of US companies are in Singapore this week to reaffirm its strong commitment to Singapore, dialogue with the government, and to explore new investment opportunities in the country, and on a regional level. The US-ASEAN Business Council's 15-member delegation was led by Kristin Paulson, President - South Asia Pacific, United Technologies International Operations, and Matthew Daley, President of the US-ASEAN Business Council.

"As the ASEAN region becomes more visible and plays an increasingly important role in US business operations, the ability for American companies to invest in Singapore and use it as a regional hub for their operations becomes increasingly important," said Ms. Paulson. "Singapore continues to serve as a vital link for U.S. business interests within the country and into the region."

In addition to United Technologies, the business delegation also included representatives from Conoco Philips, FedEx, General Electric, InterGen, Northrop Grumman, Philip Morris, and Tyco. "A successful partnership requires mutual commitment. The U.S. and Singapore relationship goes back more than three decades, and continues to become closer and stronger," said Matthew Daley, Council President and Mission co-Leader. "Milestones such as the U.S.-Singapore Free Trade Agreement, signed in 2004, enable American and Singaporean companies to continue to do business in each other's markets, to the ultimate benefit of consumers in both nations."

The Council leads business missions to Singapore every year to learn more about the country's trade and investment priorities, how it is going about pursuing its objectives, and explore where Council member companies might join the effort. Over the course of its two-day mission, the delegation met with Senior Minister Goh Chok Tong; U.S. Ambassador Patricia Herbold; George Yeo, Minister of Foreign Affairs; Teo Chee Hean, Minister of Defence; Li Hng Kiang, Minister of Trade and Industry; Raymond Lim, Minister of Transport; and Mah Bow Tan, Minister of National Development.

In response to the turnout from the Singapore government, Matthew Daley said, "The Singapore government's accessibility underscores its seriousness and commitment to foreign investors who are doing business here. The number of Council members who are invested in Singapore and who have regional operations here are testament to this dedication and commitment".

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For 35 years, the US-ASEAN Business Council has been the premier advocacy organization for US corporations operating within the dynamic Association of Southeast Asian Nations (ASEAN). Worldwide, the Council's membership, more than 160 companies, generate over $6 trillion in revenue and employ more than 13 million people globally. Members include the largest US companies conducting business in ASEAN, and range from newcomers to the region to companies that have been working in Southeast Asia for over 100 years. The Council has offices in: Washington, DC; New York, NY; Bangkok, Thailand; Hanoi, Vietnam; Jakarta, Indonesia; Kuala Lumpur, Malaysia; Manila, Philippines; and Singapore.