Speech by President Halimah Yacob at the American Chamber of Commerce Singapore's Cares Awards 2023

His Excellency, Jonathan Kaplan, Ambassador of the United States to Singapore

Simon Kahn, Chairman of the American Chamber of Commerce Singapore Board of Governors

Ladies and Gentlemen

Let me begin by congratulating AmCham as you celebrate the momentous occasion of your 50^th anniversary. Since your establishment in 1973, AmCham has played an important role in promoting business links and building connections between the businesses and people of Singapore and the United States.

The United States and Singapore share a robust and enduring partnership. The US is a major trade and investment partner for Singapore. We share longstanding and robust economic relations, anchored by the high-performing US-Singapore Free Trade Agreement (USSFTA), the US’ first FTA with an Asian country when it came into force in 2004.

Bilateral trade has more than doubled since the USSFTA entered into force, from S$97.7 billion in 2004 to over S$230.9 billion in 2021. Today, the US is Singapore’s largest foreign direct investor, with more cumulative investment than in India, China and South Korea combined. In turn, Singapore investment stock in the US was over US$53 billion in 2021.

The US and Singapore are also like-minded partners in many areas, including our shared commitment to an open and rules-based multilateral trading system. Singapore works closely with the US bilaterally and at regional and multilateral platforms like ASEAN, APEC, and WTO. We are also deepening our cooperation in new initiatives such as the Indo-Pacific Economic Framework for Prosperity, which addresses forward-looking areas such as in the digital and green economies and in supply chain resilience.

Our close partnership has never been more evident than in the past few years as we weathered the COVID-19 pandemic together. Last year, AmCham partnered North East Community Development Council to distribute groceries to 200 less privileged households in Tampines, as part of its Corporate Community Day. Partnerships such as this fostered stronger bonds between American companies and our community.

Many of you and your families have lived in Singapore for many years. You have been staunch advocates for stronger US economic engagement of the region and worked tirelessly to deepen connections, while explaining the region’s priorities and perspectives to your fellow Americans back home.

The intensifying US-China competition and rivalry is a matter of concern to countries in the region as both are key players in the global economy. Steps taken by the US and China to decouple and reduce mutual interdependence will have profound implications on the global supply chain. Countries in the region share longstanding ties and deep cooperation with both the US and China, which is in our mutual interest to continue without having to take sides. For decades, free trade supported by multilateralism, have spurred globalisation, and brought growth to countries. Global companies rely on such rules for clarity and certainty in their business decisions and operations. We need a stable environment to thrive and prosper. We hope that both major powers will continue to dialogue and build strategic trust at all levels.

Today, I am pleased to present the AmCham CARES awards. The AmCham CARES programme plays an important role in fostering Corporate Social Responsibility (CSR) among AmCham members, encouraging corporations to give back to the communities among which they work and live. Such opportunities to give back to the communities and in the process growing personally through such journeys are important considerations when one joins a company, other than career progression. This is especially true for the younger generation who wants to give back to society.

My heartiest congratulations to this year’s recipients, who are recognised for their positive contributions to the community and the relations between our peoples and businesses. I would like to highlight two examples:

HP Inc has made it their mission to create better outcomes for the vulnerable through skills-based and hands-on volunteering. Last year, it organised clean-up activities in Pulau Ubin, clocking over 360 volunteering hours to create a healthier environment and ecosystem for the local island community. HP also mentored students from low-income families through cyber wellness and cyber literacy workshops, reaching over 200 students since 2021.

In 2022, Micron Technology led more than 9,400 of their employees in CSR activities. More than 7,000 employees participated in the Fairprice Walk for Rice + @South east in 2022, clocking more than 212 thousand kilometres to benefit 7,000 low-income families. They also collaborated with Food Bank and spent over 1,000 volunteering hours packing and delivering 800 food bundles to beneficiaries. The Government provides support to the vulnerable families but it requires many helping hands to create a strong, caring and inclusive society. I am glad to see so many excellent examples today of companies doing their part to contribute to the communities.

Global companies play an important role under the ESG blueprint to ensure fair labour standards, good governance and sustainability thus contributing to fair and equitable growth. The companies that have won the AmCham Cares Awards are examples of how companies can engage and be involved in enriching the lives of the communities that they operate in.

I look forward to more of such inspiring stories from AmCham members in the years to come. Once again, I congratulate AmCham on your significant milestone, and wish you every success as you grow with Singapore for the next 50 years.

Thank you.