Commentary: Why Singapore was among the world’s largest recipients of investments in 2019

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The trade war between US and China as well as the political unrest in Hong Kong have given Southeast Asia record FDI, says Simon Roughneen.

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SINGAPORE: After more than a year of tit-for-tat tariffs in the US-China trade war and generalised anxiety about the cost to the world economy, it is remarkable that foreign direct investment into Southeast Asia continued to grow strongly last year, even as global levels flat-lined.

To put Southeast Asia’s FDI in greater perspective, the total for Japan was a mere US$11 billion. Despite its imminent departure from the EU, the United Kingdom took in US$61 billion worth of FDI, which, though a slight drop on 2018, was significantly more than either France and Germany and slightly more than all of South Asia.

Singapore struggles with a slowing wider economy, with 2019 gross domestic product growth estimated at a sluggish 0.7 per cent and electronics exports down. (File photo: AFP/Simin Wang) A significant part of that investment may be used to fund FDI activities throughout the region, given the importance of regional headquarters functions in Singapore.”

Employees work at the production line of aluminium rolls at a factory in Zouping, Shandong province, China, China has seen a gradual shift of production capacity to ASEAN, caused by structural factors and accelerated by its trade war with the US. Nov 23, 2019. (File photo: Reuters)

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