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The case for an Exim bank for Singapore
Amid a challenging global trade environment, Singapore should consider establishing a dedicated export promotion agency.
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Many of the infrastructure projects in China’s Belt and Road Initiative have been financed by its Exim bank, together with other state-owned financial institutions.
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Without the US Export-Import (Exim) Bank, Boeing would not be able to sell as many aircraft as it does. South Korea and Japan use their Exim banks to finance customers of their major exports such as machinery and ships, as well as their construction activities overseas. China’s Exim bank has co-financed many of the projects in its multitrillion-dollar Belt and Road Initiative (BRI), including the Jakarta-Bandung high-speed rail project and the China-Laos railway.
In their joint proposal for Budget 2024, consulting firm KPMG and the Singapore Business Federation (SBF) – Singapore’s apex business chamber – recommended that Singapore, too, should set up an Exim bank. It’s an idea worth considering.
