Singapore - 'US companies can export products for elderly to S'pore'

Washington DC - There is a silver lining in the looming silver tsunami, where American companies in Singapore can seize the opportunity to innovate products for the elderly and export them to the region, said Second Minister for Trade and Industry S Iswaran.

Addressing a question from the largely American audience at the Singapore Conference on Wednesday (yesterday morning, Singapore time), Mr Iswaran noted there are "important opportunities" present in an ageing population. The elderly might, for example, have more disposable income, he said.

A conference participant had asked how US companies can participate in Singapore's management towards its ageing population. In response, Mr Iswaran said that "there is hardly any barrier" and Singapore's Ministry of Health is, in fact, looking at ways to support the elderly through healthcare resources and support in the community.

Apart from services, the Government is also looking at enabling products to help the elderly manage their lifestyles. This paves the way for innovations which Singapore can catch on to, he said.

The importance of Singapore's trade relations with the US was also reaffirmed. During the Conference, Assistant US Trade Representative for South-east Asia Barbara Weisel noted that two-thirds of the Foreign Direct Investments from the US into ASEAN goes to Singapore. Compared to China, the Foreign Direct Investments into Singapore is one-and-a-half times more, she added.

There was also interest from the audience on the Trans-Pacific Partnership (TPP), which Singapore is a part of. The TPP is a proposed trade agreement to liberalise the economies of the Asia-Pacific region and current negotiations are underway for the US to join the group.

A question was posed about state-owned enterprises and how that would be factored in the TPP. The key is to have a level-playing field with a high level of corporate governance and transparency, replied Mr Iswaran.

"The Trans-Pacific-Partnership offers a compelling opportunity to create a high quality Free Trade Agreement (FTA) among member countries," said Mr Iswaran. "It will also serve as a template for other FTAs and as the nucleus of an FTA of the Asia-Pacific." NG JING YNG in Washington DC

Ng Jing Yng

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