The number of Singaporean investment projects in the United Kingdom has increased by 50 percent in 2009 – from eight to 12 projects – in spite of the global economic downturn.
Some of the projects were from well-known Singapore companies, such as ST Engineering, UOB and OCBC.
This was revealed by the UK government as it announced the latest foreign direct investment (FDI) figures into the nation.
Total global FDI into the country stood at US$1 trillion for the 2009-2010 financial year.
Singapore’s total FDI into the UK came in at S$25 billion for the same year, with the Republic maintaining its position as the 27th largest foreign direct investor in the UK.
In spite of current concerns like the eurozone debt crisis, Paul Madden, UK’s High Commissioner to Singapore, said that Singapore companies should not be put off from investing in the UK.
“Obviously we are growing through a period where growth rates are going to be lagging, but nevertheless, the EU remains the largest economy in the world and Britain is the natural gateway into that market for Singaporeans,” he said.
“We get about 3/4 of all the Singaporean investment into the EU coming to the UK, and some sectors are continuing to perform very well at the moment, giving lots of opportunities for Singaporean companies, and particularly the more dynamic, innovative Singaporean companies who have got something special to offer; so in sectors like Life Sciences, ICT and the Creative Industries, these are the ones where the UK leads Europe.”