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The 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 emerging economies.
‘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.