Mr Eric Lombard, Minister of the Economy, Finance & Industry

 

Distinguished Guests, Ladies and Gentlemen,

 

 

Introduction

 

1. A very good evening to all of you. It is indeed a pleasure to join so many esteemed guests here today at the France-Singapore Frontier Technologies Forum, organised in honour of His Excellency President Emmanuel Macron’s State Visit to Singapore.

 

2. I am heartened by the rich exchange of ideas and strong spirit of cooperation throughout today’s programme.

 

3. The breadth and depth of engagement between our governments, our businesses and our institutions reflects the trust as well as the shared ambitions that have long defined our bilateral ties.

 

4. My sincere thanks to the Movement of the Enterprises of France and Singapore Business Federation (SBF) for convening this vibrant platform today.

 

Celebrating 60^th Anniversary of Singapore-France relations

 

5. We are delighted to welcome President Macron to Singapore to commemorate 60 years of diplomatic relations between Singapore and France.

 

6. This is a pivotal milestone that underscores the strength and longstanding nature of our bilateral ties that spans across multiple pillars, ranging from economic, sustainability, and energy to frontier technologies.

 

7. Earlier today, Prime Minister Lawrence Wong and President Macron jointly launched the Comprehensive Strategic Partnership (CSP) – Singapore’s first CSP with a European country.

 

8. The CSP signals a new phase in our relationship as both countries commit to forge new partnerships in new areas, driven by rapid transformations in the digital and green domains.

 

Forging closer economic ties

 

9. Our bilateral ties are underpinned by strong economic cooperation that have grown steadily over the years.

 

10. Since the EU-Singapore Free Trade Agreement (EUSFTA) entered into force in 2019, bilateral goods trade has grown by around 10% to exceed S$21 billion in 2024. Bilateral services trade also expanded by around 20% to surpass S$8 billion in 2023.

 

11. France is now Singapore’s second-largest goods trading partner and third-largest investor among EU Member States.

 

12. There are over 2,600 French companies operating here, including prominent industry leaders such as CMA-CGM, TotalEnergies, Sanofi and Engie. France companies represent the largest corporate presence amongst the EU member states in Singapore.

 

13. We also recently signed the EU-Singapore Digital Trade Agreement (EUSDTA), which reflects our shared commitment to a modern, open and rules-based digital economy.

 

14. It is Singapore’s largest bilateral digital economy agreement, and the EU’s first-ever standalone digital trade agreement with another country. Through the EUSDTA, we hope to accelerate the transition to digital trade and strengthen digital connectivity between the EU and ASEAN.

 

15. We look forward to France’s continued support and swift ratification of the EUSDTA, and we welcome feedback from businesses to support its smooth implementation.

 

Deepening cooperation in energy, science and technology

 

16. Ladies and gentlemen, our cooperation is not confined to trade and digitalisation alone.

 

17. As Minister-in-charge of Energy, and Science and Technology, I am particularly encouraged by the growing collaboration in energy and frontier technologies.

 

18. Today, we witnessed the exchange of a legally-binding Intergovernmental Agreement which will establish a robust framework for deeper cooperation in nuclear safety and security, nuclear research, and the development of nuclear energy applications.

 

19. Both countries also recognise the strategic potential of frontier technologies such as artificial intelligence, quantum technologies and nuclear fusion.

 

20. We look forward to further deepening our research collaborations in these critical areas.

 

Driving progress through business partnerships

 

21. Government-to-government ties are vital but our progress has also been driven by the close collaboration of our business communities, as demonstrated by the many agreements signed today across sectors such as energy, transport, sustainability, and technology.

 

Digital Trade Corridor

 

22. One such initiative is the MOU between CMA-CGM, and various consortium partners, including SGTraDex, CargoX, eTeu, and ICE, to pilot the use of Electronic Transferable Records (ETRs), such as Bills of Lading.

 

23. Built on the TradeTrust framework developed by Singapore’s Infocomm Media Development Authority (IMDA), this initiative reflects our shared ambition to advance trade digitalisation through secure, trusted, and interoperable digital trade systems.

 

24. We invite more businesses to participate in this pioneering initiative, which will bring about cost savings and operational efficiencies through greater supply chain visibility.

 

Cross-border electricity trading and interconnector development

 

25. I am also pleased to note the support of French companies in advancing Southeast Asia’s decarbonisation.

 

26. Earlier, Minister Lombard and I witnessed the issuance of a Conditional Licence to the Singa RE Consortium, which includes TotalEnergies and Royal Golden Eagle (RGE), to import 1GW of low-carbon electricity from Indonesia.

 

27. The project was granted Conditional Approval in September last year and has made good progress since. Earlier this week, President Prabowo and President Macron witnessed the signing of a Co-Investment Agreement in Jakarta by TotalEnergies and RGE to develop and operate a solar power plant with battery energy storage in the Riau Province of Indonesia. The Co-Investment Agreement signed in Indonesia and Conditional Licence issued today both underscore the project’s potential to bring “win-win” outcomes to the region. When the flow of electrons commences, the project will serve as a foundational pillar of the ASEAN Power Grid.

 

28. We also welcomed the MOU exchange between Singapore Energy Interconnections and Singa RE Consortium to collaborate on subsea power cable development.

 

29. These partnerships underscore our conviction that regional energy integration offers strategic, long-term benefits for all parties.

 

Conclusion

 

30. Ladies and gentlemen, in an increasingly complex global landscape, such collaborations are essential to build resilience and unlock new opportunities for growth.

 

31. I encourage our business community to build on this momentum and continue forging transformative partnerships.

 

32. Whether in the digital realm or the green economy, our collaborations will continue to push new frontiers and create lasting value for our enterprises and our people.

 

33. This is the hallmark of Singapore-France relations – ambitious, future-oriented, and united by shared purpose.

 

34. In closing, I extend my deepest appreciation to Minister Lombard, and to all the business leaders and partners for your continued support and your dedication.

 

35. Thank you, and I wish you all a very fruitful evening. Merci beaucoup!