Singapore's investments in Asia up

Singapore's investments in Asia up

SINGAPORE (AFP): Singapore's approved investments in Asian countries last year totaled at least US$8.06 billion, a 28- percent increase over 1995, officials said yesterday.

Singapore's partners in the Association of Southeast Asian Nations (ASEAN) absorbed the bulk of the investments. ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Indonesia was the top recipient, accounting for 3.1 billion dollars, followed by Malaysia with 1.32 billion dollars and Thailand with 1.06 billion dollars.

Other destinations of Singaporean investments in 1996 were China with $987 million, Vietnam with $952.5 million, Myanmar with $554.74 million, India with $63.7 million and the Philippines with $18. 6 million.

Economic Development Board (EDB) officials said the rapid growth of ASEAN economies and the approaching creation of an ASEAN Free Trade Area (AFTA) in 2003 had boosted the region's attractiveness for Singapore investors.

They said the increase in overall investments showed that the island's "regionalization" program, aimed at building an external wing to the island's economy and capitalizing on rapid Asian growth, was on track.

Singapore companies demonstrated their confidence in Asia during 1996 and helped maintain the city-state's rank as one of the top investors in the region, according to an EDB statement.

In 1995, Singapore investments in the region totaled 6.29 billion dollars. The 1996 figure was partial because it covered varying parts of the year for each investment location.

Singapore has helped build large industrial parks with supporting infrastructure in China, Indonesia, Vietnam and India as part of the regional thrust.