AmCham survey finds American businesses confident in Singapore, despite coronavirus

Some 98 per cent of members of the American Chamber of Commerce Singapore have expressed faith in the city state as a business hub

Trade and Industry Minister Chan Chun Sing said businesses must restructure, train workers and diversify supply chains and offerings to emerge stronger

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Some 98 per cent of those surveyed by AmCham Singapore said they had long-term faith in the city state as a business hub. Photo: Bloomberg

Published: 4:35pm, 26 Feb 2020Updated: 10:15pm, 26 Feb 2020

Singapore might be bracing for the coronavirus crisis to tip its trade-dependent economy into recession this year, but members of the American Chamber of Commerce (AmCham) in Singapore have expressed near-unanimous confidence in doing business in the country.

Some 98 per cent of the 225 members surveyed by AmCham Singapore from February 12 to 18 said they had long-term faith in the city state as a business hub.

Almost the same percentage (97 per cent) said the government had been effective in giving health and safety updates on the Covid-19 outbreak, which has infected over 81,000 and killed more than 2,700 people worldwide.

But four in 10 respondents said they were refocusing their business strategies or operations in light of the outbreak. Of these, 28 per cent said they were looking to set up alternative supply chains to reduce their reliance on mainland China.

People walk on the Jubilee Bridge in Singapore, wearing protective face masks amid fears about the spread of the Covid-19 novel coronavirus. Photo: AFP

About 80 per cent of respondents also said Singapore had sufficiently addressed the potential economic impact of the virus, which has disrupted supply chains and upended global tourism.