British Chamber of Commerce Singapore Statement in Reaction to EU Referendum Result

Thursday, 23 June 2016

24th June 2016, Singapore: The EU Referendum result today marks a point of historic change in Britain, with the British people voting to leave the EU in a 52% majority win for the Brexit campaign. With many British businesses having a presence in Singapore, the results have been closely monitored by the business community.

Dr. Bicky Bhangu, President of the British Chamber of Commerce said:

“Business opinion has been split throughout the campaign so the result will be reassuring for some, and difficult for others.

Understandably businesses are looking for clarification on how this will impact them. The process has only just begun and once things have settled companies will have time to consider any potential impact.

I do not anticipate that there will be an impact on Singapore businesses. The UK remains the destination for European inbound investments from Singapore with over three quarters directed to the UK in property, transport and tourism. Many of these are long term investments and are less vulnerable to market volatility. Singapore has strong government relations with the UK and Europe and bilateral relations exist for trade and investment.

The British Chamber represents around 400 companies and for many, Singapore is a regional hub into ASEAN and the South East Asia market.

The process ahead of us needs to be understood and the Chamber will continue to work closely with the High Commissioner and UKTI.”