US firms eye continued funding, fostering of ties in Budget 2025

Key focus areas in AmChamSG's wish list include AI, healthcare, talent development

- Angela Tan

American businesses here hope Singapore's Budget 2025 will continue to include funding and foster partnerships, notably in artificial intelligence (AI), healthcare, climate and sustainability, as well as talent development, for sustainable growth.

Dr Hsien-Hsien Lei, chief executive officer of the American Chamber of Commerce in Singapore (AmChamSG), said policies that promote trade, innovation, and cross-border investments enable the Republic to leverage the expertise and resources of US businesses here to drive sustainable economic growth.

"Furthermore, through continued investment in upskilling and reskilling programmes, knowledge and skills transfer, and international work experience, Singapore can build a future-ready workforce," Dr Lei said.

"Together, Singapore and the United States must continue to address global challenges by innovating in critical areas such as AI, cyber security, clean energy, climate resilience, and other critical and emerging technologies."

The US-Singapore partnership has been a cornerstone of economic growth and innovation in the region, and American firms have made significant contributions to Singapore's development as a global business hub, Dr Lei added.

Singapore's technology spend reached US$16.3 billion (S$22 billion) in 2023, with the US as the top foreign investor. American companies' existing and committed capital investments in AI over the next few years, in partnership with Singapore players in the local ecosystem, are expected to exceed US$37 billion, the US embassy here said.