SINGAPORE'S INVESTMENT OUTFLOW ENJOYS STRONG GROWTH IN 2011

SINGAPORE, Feb 20 (Bernama) -- International Enterprise (IE) Singapore,

has reported healthy numbers for internationalisation and trade, in spite of

volatile economic conditions, with the republic''s 2011 direct investment

outflows amounting to S$31.7 billion, a 9.7 per cent increase over 2010.

In its latest figures released here today, IE Singapore said as of end 2010,

Singapore companies continued to expand aggressively overseas, with cumulative

Direct Investment Abroad (DIA) hitting S$393.3 billion at end 2010, an 8.9 per

cent increase over 2009.

IE Singapore said the importance of the external economy was increasingly

evident today.

Cumulative DIA soared 27 per cent above the gross domestic product (GDP) in

2010, having accounted for 60 per cent of it in 2000.

Trade also registered positive growth. Singapore''s 2011 eight per cent trade

growth outperformed the World Trade Organisation''s (WTO) world merchandise trade

growth forecast of 5.8 per cent.

In particular, the IE said export of goods grew 7.5 per cent year-on-year

in 2011, while non-oil domestic exports (NODX) grew 2.2 per cent.

Export of services also grew 4.8 per cent in 2011 to reach S$142.9 billion.

IE Singapore said the city-state is also a centre for global trading

operations.

In 2011, offshore trade hit the one trillion mark – it grew 45.6 per cent to

reach a turnover of S$1.29 trillion (US$1.02 trillion).

The energy sector remains the major contributor, accounting for 75 per cent

of the turnover.

However, the agri-commodities and metals sectors are increasing steadily,

accounting for 18 per cent and seven per cent respectively.

Commenting on the strong growth here today, IE Singapore chief executive

officer, Teo Eng Cheong said": "It is critical for Singapore companies to look

at internationalisation as a long-term competitive strategy."

In 2011, IE Singapore assisted companies on 336 overseas projects, with

two-thirds taking place in developing regions such as Indonesia, Vietnam and

United Arab Emirates.

China saw the most interest, accounting for 104 overseas projects, a 50 per

cent increase since 2009.

IE Singapore is the agency driving Singapore''s external economy.

-- BERNAMA

TNS AS