The Singapore Business Federation (SBF) expresses concern on Brexit and said this reflected the deep feelings of the British population on immigration issues.
The decision to leave the European Union (EU) adds more risk to Europe’s stability and to global markets at a time when the world economy needs more stability. The possibility of a weaker EU, given its importance as a trading and investment partner to Singapore, will have significant impact on our economy.
The long-term impact of Brexit on Singapore and the world is hard to ascertain as this path has never been trodden before. What is certain is that as new configurations are negotiated and put together, the ripple effects of these will take time to work out and will add prolonged uncertainties.
For the business community, Singapore companies that have investments in the UK may be impacted. Singapore companies that are tapping on UK as the gateway to the EU may also have to consider alternative plans.
We hope that the UK after Brexit will remain plugged into the world and not turn isolationist, and that the UK administration will act swiftly on its economic strategies to allay the concerns of foreign investors.