SINGAPORE - Singapore will continue to find ways to improve the attractiveness of Singapore’s equity market, but it will not direct sovereign wealth fund GIC to invest in locally listed companies, said Second Minister for Finance Chee Hong Tat on July 2.
He noted that the mandate of GIC is to preserve and enhance the international purchasing power of Singapore’s reserves. This means that GIC must make investment decisions that aim to achieve good long-term returns for Singapore. “Doing so will compromise our objectives for setting up GIC, which is not beneficial for Singapore and Singaporeans. Under our current arrangements, GIC can already invest in appropriate Singapore companies if these companies have a global footprint and generate good returns to GIC’s portfolio,” Mr Chee said.
“Another priority is to help more companies which are listed on the SGX to grow their operations and expand into overseas markets. By becoming globally competitive and having a larger international presence, these companies would become more attractive to global investors,” Mr Chee noted. He noted that Singapore is already the largest foreign exchange centre in the Asia-Pacific, with almost US$1 trillion in foreign exchange traded daily here. Singapore also has over 1,100 asset managers and over $4.9 trillion in assets under management.
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Herkunft: ChannelNewsAsia - 🏆 6. / 66 Weiterlesen »
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