Singapore Announces Measures to Enhance Competitiveness of Financial Sector

Singapore, 18 February 2005... Prime Minister and Minister for Finance Lee Hsien Loong unveiled several measures in his budget speech to enhance Singapore's competitiveness as an international financial centre.

2   The measures aim to:

• Enhance Singapore's position as a regional headquarter for corporate financial treasury activities.
• Strengthen Singapore's position as Asia's premier wealth management centre.
• Develop greater depth and breadth in Singapore's capital markets.

3   Mr Ong Chong Tee, Assistant Managing Director of the Monetary Authority of Singapore, noted, "These initiatives will strengthen Singapore's position as a leading financial centre in Asia and make it even more conducive for financial institutions to operate here."

4   The measures are effective immediately and are summarised in Annex A (PDF, 13.6KB). Details of these measures will be released by end of March 2005.

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