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Singapore's Temasek opens office in New York
Publication Date : 27-06-2014
Singapore investment company Temasek Holdings opened its first United States office in New York on Thursday, a signal of its confidence in the long-term prospects of the US economy.
This confidence stems from the US' resilience and dynamism, together wtih the indomitable American spirit of possibility, Prime Minister Lee Hsien Loong said at the launch of the office.
He noted that the world's largest economy is picking up again after the global financial crisis five years ago, with more jobs being created, falling unemployment rates, rebounding business confidence and the resurgence of the US manufacturing industry.
"Above all, Americans never say die, and are always chasing the next opportunity," he told a crowd of about 300 business leaders and Temasek executives at the Waldorf-Astoria hotel, near Temasek's new quarters. Lee was in the US on a week-long working visit.
Singapore has backed its conviction in the US economy with investments, not just by Temasek Holdings and GIC but by many other Singapore companies as well, Mr Lee added.
In all, Singapore companies - in sectors including aviation services, logistics and telecommunications - have supported some 40,000 US jobs, Lee said.
In turn, more than 2,000 American firms have their Asia or regional headquarters in Singapore, helping Singapore become a major petrochemicals, financial and research and development hub.
Temasek's new office thus "strengthens the longstanding and multi-faceted partnership between the US and Singapore", he added.
The New York office will work closely with Temasek's offices in Mexico City and Sao Paolo in Brazil to cover the Americas, said Temasek chairman Lim Boon Heng in a speech at the launch.
The three offices complement Temasek's London office, which was opened in March this year and covers Europe and Africa.
These offices are aimed at providing "a non-Asian lift" to Temasek's portfolio for the longer term, he added.