Government of Singapore Investment Corp (GIC), one of the world's
largest sovereign wealth funds, said the United States would remain one
of its prime destinations despite the rapid growth of China and other
'America has enduring strengths which will
revitalize the US economy and throw up many opportunities for profitable
investments,' GIC deputy chairman Tony Tan said.
The US was
likely to remain 'the single most important source of global prosperity'
for many years to come, Tan said in a speech delivered Wednesday in New
York and released Thursday in Singapore.
'Despite the shift in
economic power and GIC's desire to take advantage of opportunities in
the emerging world, the US will continue to be a prime destination for
GIC's investments for years to come,' he said, adding that 'more than
one-third of GIC's investments are in the US.'
In its latest
annual report, GIC said the US accounted for 36 per cent of its
investments, the highest of any country, with one key investment being a
stake in Citigroup Inc.
GIC, established to manage Singapore's
foreign reserves, traditionally does not disclose the value of its
assets or details of its investments.
According to the company's
website, GIC manages 'well over' 100 billion US dollars, but analysts
estimated its assets to be worth up to 300 billion US dollars.