New Temasek office in US ‘reflects confidence in its economy’

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http://www.todayonline.com/business/opening-new-temasek-office-us-reflects-confidence-its-economy?singlepage=true

Temasek Holdings’ new office in the United States — which was officially opened in New York on Thursday evening — reflects its confidence in the vibrancy of the US economy and its companies, Prime Minister Lee Hsien Loong said.

The reason for the confidence is the country’s indomitable spirit of possibility, and Singapore has backed its conviction with investments — the US accounts for a significant proportion of Temasek and GIC’s portfolios, he said.

The US economy is in the midst of a slow recovery, with the latest data showing it had contracted in the first quarter, the most since the depth of the last recession. However, the poor showing was largely attributed to an unusually cold winter and there are indications that growth has since rebounded strongly.

Mr Lee said Temasek’s US office will facilitate its investments in new growth sectors such as energy, healthcare, new media and technology, and link up with its offices in Mexico City and Sao Paolo to seize opportunities in the Americas.

He added that Temasek’s interests are part of Singapore’s broad ties with the US. The Republic is the Asian or regional headquarters for more than 2,000 American companies. Singapore firms have also supported about 40,000 jobs in the US so far, Mr Lee added.