subpage banner

Press Releases

2nd Meeting of The International Working Group of Soverign Wealth Funds (IWG) in Singapore

10 Jul 2008

The 2nd meeting of the International Working Group of Soverign Wealth Funds (IWG) was held on 9-10 July at the Hotel Intercontinental Singapore. The meeting was attended by members from the 23-member IWG and a group of senior officials from some investment recipient countries. Singapore is encouraged by the strength and level of international representation at the meeting.

Singapore believes that an open investment environment is critical in a globalised economy and is in the interests of all parties. In this regard, the IWG process in bringing together the stakeholders to develop a voluntary set of generally accepted principles and practices (GAPP) for SWFs is a key step as it will provide a better understanding of the role and practices of SWFs.

Mr Laurence Lien, Director (Governance & Investments), Ministry of Finance Singapore commented that "Singapore is glad to have the opportunity to host this meeting and be in a position to make a positive contribution to the process. We are positive that the IWG's work can strengthen understanding of SWFs. We will continue to contribute proactively to international efforts on developing voluntary best practices for SWFs and countries receiving investments."