Driven by a need to maintain its technological edge, Singapore is planning a number of high-profile defense procurement programs, IHS Jane said in a note published last month.
According to IHS Jane, Singapore is the only country in Southeast Asia not to have purchased military equipment from Russia or China.
"Supported by its wealth, Singapore's firm favored supplier is the U.S., which has supplied around half of the SAF's [Singapore Armed Forces] military imports over the past decade," the IHS Jane report said.
"The relationship enables the SAF to meet its requirement for leading-edge technologies, uphold the strong strategic relationship between the two countries, and maintain a high level of interoperability with the U.S. military," it added.
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Indeed, that relationship could be highlighted at this week's Singapore Airshow. According to the organizers, more than 150 U.S. companies will have a presence at the event.
"Singapore's high-spec, high-value procurement strategy is shaped by a need to maintain its economic stature, which is dependent on exports, unimpeded trade and communications routes, and reliable external sources for essential supplies such as water, oil, and foodstuffs," said Paul Burton, director, Asia-Pacific, IHS Aerospace, Defence and Security.
"The protection of sea lanes and offshore territory is consequently a concern, as is internal security, given the continuing perception that it remains a target for transnational terrorist groups due to its many strategic targets and its close ties with the United States," he added.
Perhaps defense contracts awarded by Singapore to U.S. companies are something investors should pay more attention to, some analysts say.
Investing firm The Motley Fool said last month that contractors such as Lockeed Martin and Raytheon are expected to be hired by the Singapore Air Force to supply new radar systems and other electronics gear in addition to training and testing.
"Assuming Congress permits the contract to move forward, this arms deal should be worth about $2.4 billion to the contractors involved," The Motley Fool said.
—By CNBC's Dhara Ranasinghe. Follow her on Twitter at @DharaCNBC