Lucence also worked with a US cancer centre to test a combined DNA and RNA liquid biopsy test in June. Next January, Lucence will launch an enhanced multi-cancer early detection blood test in Asia before opening in the US, screening for early cancer signals of 50 cancer types, up from the current 10 cancers, said EnterpriseSG.

Other Singapore firms in the San Francisco Bay Area are Akribis, Venture Corporation, Engine Biosciences, NIUM, Affable.ai, Datature and Singtel.

Larger corporates such as ST Engineering and Singtel have also set up corporate venture capital arms in the US to invest in start-ups with solutions they can deploy. For example, ST Engineering Venture acquired US transportation tech company Transcore in 2022.

EnterpriseSG’s Global Innovation Alliance (GIA) acceleration programme has also been running in San Francisco since 2019, facilitating company projects and partnership tie-ups with VCs and investors.

It is now working with global innovation platform Plug and Play on a new programme to accelerate startups’ global business development in San Francisco. The first cohort started last month, with 11 Singapore start-ups participating.

GROWTH IN TRADE

The Prime Minister also noted that the US – Singapore Free Trade Agreement (FTA) will reach its 20th anniversary next year.

Singapore is the third largest Asian investor in the US, and the US is Singapore’s largest foreign investor.

Trade in goods and services between the two countries has grown in the last few years, in part due to the FTA, said EnterpriseSG. Bilateral services trade, in particular, has grown by around 18 per cent a year from S$64 billion (US$47.5 billion) in 2017 to S$125.2 billion in 2021.

Singapore’s direct investments in the US have also been growing steadily, reaching S$44 billion as at end-2021, said EnterpriseSG.

The two countries have expanded the relationship in new domains, such as climate change, cybersecurity, space, and critical and emerging technologies, Mr Lee Hsien Loong said. The US is also deepening its regional engagement with the Indo-Pacific Economic Framework, which Singapore is a member of.

PM MEETS SINGAPOREANS

Following the launch, Mr Lee, Foreign Affairs Minister Vivian Balakrishnan and Singapore’s ambassador to the US Lui Tuck Yew met Singaporeans living in the Bay Area at a reception.

Speaking to the more than 500 Singaporeans gathered there, Mr Lee said that the US is one of Singapore’s “very old friends”, with many Singaporeans working and living in the US while many Americans are in Singapore.