Yan Jinyong: No business practices to use Singapore to evade export controls in other countries

Singapore will not tolerate any business practices that try to use Singapore to evade export controls in other countries, and will cooperate with partners to handle relevant incidents in accordance with our country's laws.

Deputy Prime Minister and Minister of Trade and Industry Yan Jinyong attended the opening of the new office of the AmCham Singapore on Thursday (March 13), saying so in his brief conversation.

Yan Jinyong said that our country will also be committed to being a reliable and trustworthy partner. “We will take firm and decisive actions for anyone or company to violate our laws.”

Three men were charged earlier for suspected false declaration of whereabouts of the server. The server may have Nvidia chips installed. The three were each charged with one count, two of whom were accused of conspiring to make false statements to suppliers Dell and Super Micro.

Yan Jinyong believes that with the rise of economic nationalism and protectionism, like-minded countries and enterprises need to redouble their efforts to carry out mutually beneficial cooperation.

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At present, about 6,000 American companies have settled in Singapore and used our country as a base to sell products and services to other regional markets. Meanwhile, there are more than 250 Singaporean companies in 45 states in the United States.

Singapore is the third largest Asian investor in the United States after Japan and South Korea.

Yan Jinyong pointed out that the bilateral trade and investment relations between my country and the United States are mutually beneficial. Data from the U.S. government shows that between 2020 and 2023, the revenue generated by U.S. companies investing in Singapore doubled to US$51.4 billion (about S$68.5 billion).

The investment of American companies in Singapore has also helped my country establish a good industrial ecosystem, especially advanced manufacturing and financial services, and has created many high-quality employment opportunities for Singaporeans.

Yan Jinyong encouraged American companies to use many agreements created by my country and regional partners, including the Comprehensive Progress Agreement for Trans-Pacific Partnerships (CPTPP), the Digital and Green Economy Agreement, the Johor-Singapore Special Economic Zone Agreement, etc., to start the next stage of growth.