Congressman Peters traveled to Singapore with the San Diego Regional Economic Development Corporation and World Trade Center San Diego to discuss how we can strengthen our international relationship and how we can best learn from each other’s successes.
Read more about their efforts to bolster small businesses and trade in this September 27th piece from Times of San Diego, posted below:
Peters, Industry Leaders Embark on Singapore Trade Mission to Boost San Diego’s Ties in Asia
By Jennifer Vigil
September 27, 2024
World Trade Center San Diego will lead a trade mission to Singapore to promote the region’s key industries and establish and strengthen business relationships.
The center, the international arm of the San Diego Regional Economic Development Corporation, will host Rep. Scott Peters, D-San Diego and San Diego City Council member Raul Campillo, along with two dozen business and civic leaders for the trip, starting Monday, and continuing through Oct. 4.
A shift in U.S. industrial strategy aimed at reducing reliance on China, coupled with federal legislation like the 2022 Chips and Science and Infrastructure Investment and Jobs Act, have positioned Singapore as an attractive partner in advanced industries, according to the trade center.
As national governments continue to incentivize the reshoring and nearshoring of activities, gateway regions like Singapore-Malaysia in Asia and San Diego-Tijuana in the Americas are well positioned to take advantage.
“Singapore’s strategic position and expertise in innovation industries make it an ideal partner for our San Diego-Tijuana binational region,” Peters said. “This trip with World Trade Center San Diego will help strengthen our global brand, drive investment and bolster the resilience of our local businesses.”
Home to the world’s busiest trans-shipment port and border crossing, Singapore is a highly developed center for global trade and a hub for U.S. companies conducting business in Asia.
San Diego and Singapore an economy share expertise in knowledge-intensive industries, including artificial intelligence, medical device manufacturing and information communications technology.
The city-state boasts satellite operations for some of San Diego’s innovators including Qualcomm, ResMed and Illumina.
Singapore has poured $12.8 billion in foreign direct investment into the U.S. since 2019 in industries such as manufacturing, communications and energy. The U.S. has matched that amount, investing $12.5 billion during the same time period.
Looking closer, Singapore is tenth among countries investing venture capital in San Diego by deal count, primarily in the medical equipment and technology industries.
“As gateway regions, Singapore-Malaysia in Asia and San Diego-Tijuana in the Americas will anchor the critical supply chains of the future,” said Nikia Clarke, executive director of World Trade Center San Diego and senior vice president at San Diego Regional EDC. “We’re here to deepen international ties and maximize our economic impact.”
Agenda items for the trade mission include:
Celebration of a recent partnership between UC San Diego and National University Singapore, as well the exploration of new opportunities around soft-landing space with commercial real estate developer CapitaLand.
Opportunities to showcase San Diego-Tijuana and major regional development projects for foreign investors, including those by San Diego State University and Alexandria Real Estate Equities, Inc.
Local, small- to mid-sized businesses will pitch to global investment firm Temasek.
Meetings with port, airport, border and infrastructure partners to better connect the regions through nonstop air and liner service, as well as sharing energy transition and urban development innovations.
Meetings with Deputy Prime Minister of Singapore Gan Kim Yong and other dignitaries.
Tours of major employers in both regions, including Illumina and ResMed, as well as the Mandai Wildlife Group, a peer of the San Diego Zoo Wildlife Alliance.
Delegates include representatives from Cubic, Mitsubishi Electric, Qualcomm, the Wildlife Alliance, smaller businesses Visaic and Biolinq, the Port of San Diego, San Diego International Airport, UCSD, SDSU, MiraCosta College, San Diego Tourism Authority, Connect and more .
Representatives from the Tijuana Economic Development Corporation also will be part of the group.
“International trade and partnerships with businesses in Singapore and elsewhere bring advanced technology, high-skill workers and robust tourism and investment to our local region,” Campillo said.” This strengthens our economy and delivers benefits like more affordable products that our citizens will see in their day-to-day lives.”
Support for the mission has been provided by the U.S. Embassy in Singapore, with sponsorship by Qualcomm, Ambix Ventures, the Tourism Authority and the Zoo Wildlife Alliance.
Learn more about the Singapore and San Diego connection online and follow along on social media during the trade mission at #SDinSG.
The trade center has previously led trade missions to South Korea, the Netherlands, Germany, the United Kingdom, Japan, Vancouver and more.