The sub-prime crisis in the United States has not affected investment flows within ASEAN countries.
Trade and Industry Minister Lim Hng Kiang who was responding to a question from MP for West Coast GRC Ho Geok Choo, in Parliament on Monday, said feedback from companies show interest within the region remains strong. As at 2006, the total foreign direct investment (FDI) from other ASEAN countries to Singapore stood at over S$10 billion with the top investors being Malaysia, Thailand and Indonesia.
Mr Lim added that ASEAN also remains as the top investment region for Singapore companies.
The city-state's key investment countries are Malaysia, Indonesia, Thailand, the Philippines and Vietnam.
Singapore companies’ investment in Malaysia and Indonesia, its top two investment destinations within ASEAN, amounted to S$16 and S$15 billion respectively.
Mr Lim said: "The stock of direct investment for Singapore companies into ASEAN stood at S$50 billion as at end 2006, accounting for nearly one quarter of Singapore's total direct investment stock abroad.
“We will continue to encourage companies to invest in ASEAN and draw on the unique strength of each ASEAN nation. Increased intra-ASEAN investments flows are important as they will result in tighter regional integration. That will enhance the overall competitiveness of ASEAN." -CNA/vm
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