Yahoo Finance P&G to invest over $100 mil to set up new manufacturing facility in Singapore
The announcement was made by the NYSE-listed group as part of its 35th anniversary of operations in Singapore.
American consumer goods giant Procter & Gamble (P&G) will be investing over $100 million to set up a new state-of-the-art manufacturing facility in Singapore.
The announcement was made by the NYSE-listed group as part of its 35th anniversary of operations in Singapore.
The investment represents P&G’s vision to leverage on Singapore’s position as a global epicentre for trade, technology and talent. The investment will also create more high-value-added jobs and make a positive impact on the country’s local communities, says the group.
Speaking at P&G’s celebration event at Capella Singapore, the US ambassador to Singapore, Jonathan Kaplan, called P&G a “shining example” of American businesses forming the cornerstone of Brand USA.
Kaplan added that Singapore, which is home to thousands of US companies, has received more investments from the country compared to Japan, China and South Korea combined.
“In fact, of the record US$15.8 billion of investments, Singapore has received, in 2022, more than 50% of that from the United States,” he says.
“More broadly, the United States is Asia's leading economic partner. US foreign direct investment in APAC has totalled more than US$1.5 trillion. And we're working hard to really move faster and fairer throughout the Indo-Pacific using our Indo-Pacific economic framework, and the process for growth and innovation as a foundation for peace and engagement across the region,” he adds. “Together, we are deepening our cooperation in the digital economy, and clean energy and supply chain resilience.”
On the partnership between Singapore and the US, Kaplan noted that both countries are “consistently creating new opportunities to work together to bring prosperity to our countries, whether that's space, cyber security, climate change, or clean energy”.
Deputy Prime Minister and Minister for Finance Lawrence Wong, who was also present at the event, welcomed the news from P&G.
After congratulating the group and highlighting P&G’s achievements and breakthroughs, Wong also noted the “formidable challenges” that lay ahead for Singapore and the world.
“As we all know, a lot has happened in the last three years from a global pandemic and a war in Europe to deepening big power rivalry in our part of the world, notwithstanding the recent progress that's been seen in [the] US-China relationship. But these are powerful forces that will continue to shape the world around us for quite some time to come,” he says.
“For the last three decades, we have all relied on certain economic conventions for shared growth and prosperity in this world, open markets free trade, maximum efficiency, based on what makes sense in the entire global supply chain,” he adds, noting that these are now being set aside in favour of “overriding national security considerations."
“And that's why we all feel a palpable sense of unease the move away from an integrated global economy is accelerating and no one knows where we are heading towards or what will be the landing points for this new global order,” he says.
“But whatever happens in the external environment, we are determined, at this little red dot called Singapore will continue to shine brightly. We will continue to turn our challenges and vulnerabilities into opportunities as we have done over the decades. And we will push forward with confidence however stormy the weather. And we can achieve this only by working closely with our partners, especially partners from whom we share common values and with whom we have established a long-standing relationship of confidence and trust,” he adds.
On the opening of P&G’s latest facility, Standa Vecera, P&G’s president for Asia Pacific, the Middle East and Africa said that Singapore has been “instrumental” in the group’s success, with its “strategic location, a thriving business ecosystem, and exceptional talent”.
“We are grateful to be part of Singapore’s thriving digital and innovation ecosystem and work closely with partners like Economic Development Board (EDB), A*STAR, Enterprise Singapore, and JTC Corporation,” says Vecera.
“These partnerships have enabled us to be a force for growth and a force for good in Singapore, our home in the Asia Pacific. As we look ahead, we are filled with excitement for the next 35 years and beyond. Together with our partners and the Singapore community, we will unlock new opportunities, drive innovation, and make a positive impact on society as we aim to be well-positioned as a company of the future,” he adds.
See Also:
Click here to stay updated with the Latest Business & Investment News in Singapore
Aspects of US-China rift 'appear insurmountable': Lawrence Wong
Get in-depth insights from our expert contributors, and dive into financial and economic trends
