The United States (US) is the world’s largest consumer economy. Its household spending is the highest in the world, accounting for nearly a third of global household consumption. On average, US households consume nearly three times as much as any other country in the world. This makes the US market one of the most lucrative globally to reach out to.
More than just a market, the US is a major gateway to the world. Your company stands to sell to millions of additional consumers outside the US, through the free trade agreements it has with 20 other countries.
The US is also home to some of the biggest global brands, including Apple, Coca-Cola, Google, General Electric, Nike, Walmart, and Walt Disney. In some industries, your company can gain credibility that is critical to becoming a global brand, by establishing presence in the US first.
The US is regularly ranked the most entrepreneurial economy in the world by the Global Entrepreneurship Index.
With US workers who are diverse, skilled and innovative, your company will have access to one of the most productive workforces in the world. You will also find a wide range of funding sources – from banks and investment firms to venture capitalists and angel investors – as the US has one of the most developed financial markets.
As a recognised leader in research and development, the US registers more international patents than any other country. A robust intellectual property protection framework safeguards innovators, while leading universities and incubators across the US nurture future innovators and ideas.
Your company can benefit from this well-developed and flourishing ecosystem of talent, funding and ideas in the US. If you are a startup, join the many startups that have set up home in the world’s top startup ecosystems of Boston, New York City, Los Angeles, Seattle, and Silicon Valley.
The US economy is recovering steadily from the 2008 recession. It grew 2.3% in 2017, an acceleration from the 1.5% posted in 20161. Economic growth in 2018 continues to be robust.
Consistently ranked among the best internationally for its overall competitiveness and ease of doing business, the US is also one of the most attractive destinations for foreign direct investment. It topped the A.T. Kearney FDI Confidence Index for the sixth consecutive year in 20182.
You will find the US an ideal place to do business for various reasons. These include an open US business culture that encourages free enterprise and competition, a liberal policy towards private enterprises, and a regulatory environment that is particularly conducive to starting and operating a business in the US.
Capitalise on US’ stable democracy with a transparent and predictable legal system and strong rule of law. All companies, regardless of national origin, compete on an even playing field in the US.
1: Bureau of Economic Analysis, US Department of Commerce
2: “The 2018 A.T. Kearney Foreign Direct Investment Confidence Index”, A.T. Kearney
Singapore maintains a robust and long-standing trade and investment relationship with the US. We are the US’s largest trading partner from Southeast Asia, with bilateral trade of S$79.9 billion in 2017. At the same time, the US is our third largest trading partner worldwide.
Singapore’s cumulative FDI in the US reached S$73.7 billion by the end of 2016, making us the largest Asian investor in the US. More than 140 Singapore companies are currently in the US, with over 500 establishments. Your company could be next.
There are abundant business opportunities for Singapore companies in the US. The US is now the world’s largest producer of natural gas. Manufacturing in the US is likely to get more competitive with cheap and abundant gas. This will continue to spur job creation and economic growth.
Check out some of the industry opportunities that Singapore companies can look forward to in the US.
If your company is in the consumer technology sector, take advantage of Enterprise Singapore’s partnership with Newegg, the second largest online retailer in North America, to connect with the US consumer technology sector.
Enter and thrive in the North American market more easily, with these key benefits:
Email us if you are keen to be on the platform.
If you are interested in the US market, don’t miss the Consumer Electronics Show 2019, the world’s leading trade show for consumer technologies.
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