Singapore is benefiting from a “flight to safety” in uncertain times and a “regionalisation” of supply chains, according to the city-state’s Economic Development Board.
Companies that have been battered by the pandemic and are now facing regulatory uncertainty elsewhere as well as surging inflation are attracted to Singapore’s pro-business environment and predictable policies, EDB Chairman Beh Swan Gin told Bloomberg Television’s Haslinda Amin.
“Generally, in times of uncertainty and volatility, there will be a flight to safety,” Beh said in an interview airing Wednesday. “And this time around, we are seeing that as well.”
- On cryptocurrency firms: “If they are not prepared to be on the right side of our regulations, it would be very difficult for them to find Singapore hospitable for their own ambitions.”
- On Singapore’s competition for talent with Dubai: “If we actually strengthen our linkages and collaborate, we will actually be able to create ‘one plus one equals three.’”
- On tensions between the US and China: “We would much rather have a benign global economy where there’s growth in China and the US and both the superpowers, both the big economies, continue to cooperate with each other, because that would then expand the size of the pie which would be to the benefit of everybody.”