Venture to United States of America with IE Singapore

 

Largest consumer economy

The United States (US) is the world’s largest consumer economy, with its households consuming nearly three times as much as any other country in the world. It is also home to some of the biggest global brands, including Apple, Walmart, Google, Coca-Cola, Nike, General Electric and Walt Disney. More than just a market, the US is a major gateway to the world. In some industries, establishing presence in the US is critical in order for a company to gain credibility, and to become a global brand.

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Innovative ecosystem

The US is regularly ranked the most entrepreneurial economy in the world by the Global Entrepreneurship Index. With its well-developed ecosystem of talent, funding and ideas, the US is a natural wellspring of competitive solutions and exciting innovation. Silicon Valley, Los Angeles, Seattle, New York City and Boston are globally recognised as top startup ecosystems.

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Good business environment

US economic growth rate has been recovering from the 2008 recession, on track to be 2.2% in 2017 and 2.3% in 20181.

Ranked sixth in the world for ease of doing business2, the US is also one of the most attractive destinations for foreign direct investment, topping the A.T. Kearney FDI Confidence Index for the fifth consecutive year in 2017.

The US is an ideal place to do business for various reasons, including a good business environment, liberal policy towards private enterprises, a well-functioning labour market, deep capital markets, established financial institutions and infrastructure, strong rule of law, and robust protection of intellectual property rights.

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Venture to the US

Singapore maintains a robust and long-standing trade and investment relationship with the US. With bilateral trade of S$72.4 billion in 2016, Singapore was the US’s largest trading partner from Southeast Asia, while the US was Singapore’s third largest trading partner worldwide.

Singapore’s cumulative FDI in the US reached S$73.7 billion by the end of 2016, making Singapore the largest Asian investor in the US. More than 140 Singapore companies are currently in the US, with over 500 establishments.

The US is now the world’s largest producer of natural gas. Cheap and abundant gas is expected to make manufacturing in the US more competitive, continuing to spur job creation and economic growth.

Find out what opportunities Singapore companies can look forward to in the US here.

In-market partnerships

Enterprise Singapore partnered Newegg.com (2nd largest online retailer in North America) to connect Singapore businesses with the US consumer technology sector.

This platform makes it easier for local companies to enter the North American market.

Key Benefits:

  • Expedited and increased likelihood of approval for referral company (by Enterprise Singapore) to join Newegg Marketplace as seller*
  • Marketing credits to promote business products on the platform
  • Discounted commission rate of 1%
  • 6-month free warehousing space, contingent on sign-up for Shipped By Newegg

*The marketplace programme is by invitation only.

If you’re interested to be on the platform, email enquiry@enterprisesg.gov.sg

 

 

1: IMF estimates, 2017

2: World Bank, 2017

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Geography: Area of 9,826,675 km2

Population: 326.6 million (est. July 2017)

Ease of Doing Business Ranking: 6th (June 2017)

Economic Freedom Ranking: 17th (2017)

Trading Partner Ranking: 3rd

Bilateral Trade: S$72.4 billion (2017)

Currency used: United States Dollar (USD)

Language: English

Source: CIA World Factbook

View Enterprise Singapore’s Overseas Centres

GDP: US$2.6 trillion (14.17% of national GDP) (2016)

Unemployment: 5.1% (2017)

Significance:

  • Affluent, cosmopolitan consumer base, making it ideal for consumer industries and real estate
  • Logistics capital for Asia-US trade flows
  • Global IP and innovation hub for technology companies
  • Global startup hub, containing Silicon Valley and Silicon Beach
  • High-tech manufacturing centre for aerospace and defence, healthcare technology, medtech, and semiconductor equipment
GDP: US$505.8 billion (2.73% of national GDP) (2016)

Unemployment: 4.2% (2017)

Significance:

  • Life sciences capital of the world with strong research and commercial clusters
GDP:

US$1.5 trillion (8.1% of national GDP) (2016)

Unemployment: 4.8% (2017)

Significance:

  • Affluent, cosmopolitan consumer base, making it ideal for consumer Industries and real estate
  • Financial capital of the world
  • Global fashion capital and home to prominent brands such as Coach and DKNY
  • Media, social media, and innovation hub
GDP: US$54.5 billion (0.29% of national GDP) (2016)

Unemployment: 2.3% (2017)

Significance:

  • After Texas, it is the state that has benefited most from the shale boom, and is one of the fastest-growing states
  • Significant potential for oil and gas investments
  • With primitive existing infrastructure amid high demand, companies in areas such as real estate can expect very high yields
GDP: US$1.6 trillion (8.64% of national GDP) (2016)

Unemployment: 4.2% (2017)

Significance:

  • The state capital, Houston, is the global capital of the oil and gas industry
  • Strong immigration of professional classes has led to economic diversification, with corresponding opportunities for consumer and real estate industries
GDP: US$492.9 billion (2.66% of national GDP) (2016)

Unemployment: 3.8% (2017)

Significance:

  • Key state for coal and rubber
  • Key state for federal government procurement
GDP: US$476.8 billion (2.58% of national GDP) (2016)

Unemployment: 4.6% (2017)

Significance:

  • Global aerospace hub and home to Boeing
  • Home to tech giants Amazon and Microsoft, with a corresponding innovation ecosystem