The US will remain the Government of Singapore Investment Corp.’s biggest area for investments for years, even as emerging markets grow faster, Deputy Chairman Tony Tan said.

“There is a major transfer of wealth from the developed countries to the developing countries in Asia,” Tan said today in an interview at the World Economic Forum meeting in Davos, Switzerland. “But it does not mean that for us in GIC, as an international investor, that we do not see opportunities, certainly in the US but even in Europe, because prices have gone so low.”

 

Emerging economies including Brazil, Russia, India and China will fuel growth this year, according to the International Monetary Fund, which estimates emerging markets may expand 6.5% in 2011, more than twice the 2.5% rate for developed nations.

 

“The US still represents the single largest area of investment for GIC, even today, and I don’t see that changing for many years to come,” he said. “The US has got the most diversified, deepest and most resilient economy in the world and the entrepreneurial nature of the US economy -- the ability to attract talent from all around the world -- that’s your fundamental strength.”

 

GIC, which oversees about US$100 billion ($127.9 billion) of reserves, bought stakes in securities firms including Citigroup Inc. and UBS AG during the credit crisis of 2008.