Singapore and US Sign Framework to Strengthen Infrastructure Finance and Market Building Cooperation

1.       Singapore and the United States of America have signed a Framework to Strengthen Infrastructure Finance and Market Building Cooperation.

2.       The agreement was signed in Washington, D.C. by Minister in the Prime Minister’s Office and Second Minister for Finance and Education Indranee Rajah and Deputy US Treasury Secretary Justin Muzinich at the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting and the 2019 Annual Meetings of the International Monetary Fund and the World Bank Group.

3.       The agreement builds on broader initiatives between Singapore and the US, and aims to facilitate technical exchanges and information sharing to support and catalyse investments in infrastructure. Its implementation will expand bilateral economic cooperation, support the development of Southeast Asia’s infrastructure sector, and promote private sector investment in infrastructure.

4.       The agreement will be implemented by Singapore’s Ministry of Finance (MOF), Ministry of Trade and Industry (MTI), the Monetary Authority of Singapore (MAS), and other relevant Singapore agencies.

5.       Singapore and the US share robust and long-standing economic relations. The US is Singapore’s third largest trading partner in goods and top trading partner in services. In turn, Singapore is the US’ largest goods and services trading partner in Southeast Asia. Singapore and the US are also strong investment partners. The US is Singapore’s largest foreign direct investor by country. Singapore is the US’ fourth largest Asian investor, after Japan, China, and the Republic of Korea.

Issued by:
Ministry of Finance
Singapore
17 October 2019