One Belt, One Road, One Singapore – Analysis

06 Jun 16

6 Jun 2016

One Belt, One Road, One Singapore – Analysis

By Eurasia Review

In 2015, Singapore exported US$61.3 million worth of goods and services to Central Asia, while importing US$6.1 million, representing 0.015 percent of Singapore’s total exports and 0.002 percent of total imports; and 0.07 percent of Central Asia’s total exports and 0.009 percent of total imports. While Singapore is a global trading and investment powerhouse, business experience and exposure in Central Asia has never been strong. In 2014, only 32 enterprises in Uzbekistan operated with Singaporean capital, and Singapore contributed only US$50 million of direct investment to Kazakhstan over the last ten years in contrast to US$604 billion of total foreign direct investment in 2014 alone. Central Asia is not directly connected to Singapore, and land routes to ports in the region are scant. However, as the One Road-One Belt Initiative links Central Asia to China’s eastern seaboard, Gwadar port and even the impending sanction-free Iran; inter-regional trade is awash with new connections and opportunities.

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