HSBC partners with EDB to lure foreign companies to Singapore

They will target large and mid-sized global companies from various parts of the world over the next three years.

According to a release, HSBC signed an agreement with the Economic Development Board (EDB) to attract overseas companies to Singapore, helping them to establish their operations and investments in the country. Under this agreement, HSBC will be working with EDB to target large and mid-sized global companies from various parts of the world over the next three years.

Alex Hungate, Group General Manager and CEO HSBC Singapore, said: "Having recently won the accolade of the most open economy for international trade and investment, Singapore is an exciting market for companies looking to capture emerging market trade and wealth opportunities. This agreement demonstrates our continued commitment to attract overseas investments into Singapore.

"The number of our overseas business customers setting up bank accounts with HSBC Singapore has doubled over the past two years, indicating strong international recognition that this market has a significant part to play on the global economic stage. HSBC has the capabilities in Singapore, and around the world, to allow businesses to realise the full potential of this region’s growth,”  he added.

HSBC will organise road shows, exhibitions, seminars and networking sessions in countries across the globe to generate interest and investment in Singapore. The Bank will help interested companies by setting up their operations, offering advice on investment opportunities and offering financial support where appropriate.

Dr Beh Swan Gin, Managing Director of EDB, said: “We are pleased to form this partnership with HSBC. We are encouraged by HSBC’s commitment to reach out to overseas companies and promote business investments into Singapore. Singapore offers a unique vantage point for companies to orchestrate their pan-Asian operations; and for Asian enterprises to use Singapore as a springboard into new markets. In particular, HSBC’s presence in 87 markets around the world will help us widen the network for engaging mid-sized global companies.”