Investment Opportunities In East Asia : US-Based Investment Group "Russell 20-20" Visits Singapore

20 October 2000, Singapore...US-based investment association, Russell 20-20 ("R20-20"), arrived in Singapore yesterday as part of its 2000 Southeast Asia Investment Trip. Representing some of the biggest pension funds and money managers in the world, R20-20 is visiting Southeast Asia for the first time, and will be spending two days in Singapore (19 - 20 October).

Speaking at a dinner hosted by the Monetary Authority of Singapore this evening, Minister for Finance Dr Richard Hu urged R20-20 members to consider the growing investment opportunities in East Asia. Said Dr Hu, "East Asia is emerging from the crisis stronger and more soundly-based. Economic growth, initially nurtured by government spending, is now founded on intra-regional trade and domestic demand. On-going structural reforms have strengthened the region's institutional framework. It is therefore only a question of time before the region fully recovers and resumes the strong growth path of the previous two decades."

Minister also noted that Singapore could act as a springboard for investors tapping into the rest of East Asia. Said Dr Hu, "There are many partnership opportunities with local and foreign corporates based in Singapore. Financial institutions in Singapore also offer a wide range of financial products. Multinational corporations have been tapping into the Singapore capital markets for their funding needs. Singapore-based asset managers also have a deep understanding of East Asian economies and are actively seeking investors interested in building up their regional portfolios."

Commenting on the Southeast Asia trip, Chairman of R20-20 Mr George Russell said, "Singapore is playing an increasingly important role in developing the financial markets of the region. It is already an important source of private investment capital for neighboring countries. Singapore also plays a major role in providing a wide array of services in its unique position as a regional hub, including transportation, communication, financial services and education. Moreover, and perhaps most importantly, it is clear from this R20-20 trip that the countries of the region are committed to improving the environment for private investment inflows. In this connection, Singapore has a vital role to play in supporting the development of financial markets through establishment of appropriate standards within ASEAN for accounting and disclosure, for improved regulations of financial markets, and for good corporate governance, including protection of minority shareholder rights. In these and other areas, Singapore can lead by example."

Founded in 1990 by Mr George Russell, Jr, Chairman of Frank Russell Company, one R20-20's objectives is to explore opportunities for investments on a global basis. Members of R20-20 include senior executives from major pension funds and money managers, who together represent more than US$7 trillion of investible capital. R20-20 delegations have traveled all over the world to places such as Argentina, Brazil, Chile, China, Hungary and India. For this year's Southeast Asia trip, R20-20 members will be meeting with officials from Malaysia, Thailand, Indonesia, Singapore and Vietnam to study the economic, political, and investment climates in the various countries.

Click here for Dr Richard Hu's speech.