Her Excellency Ms Amparo López Senovilla, Deputy Minister for Trade,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. Buenos dias! Welcome to Singapore.

2. It is wonderful to be able to host you here at the Spain-Singapore Business Summit. I know that Spanish Ambassador to Singapore Mercedes Alonso Frayle and her team, and the authorities have been putting in a lot of effort to make this event a success. I welcome Deputy Minister Amparo López Senovilla  to Singapore, and I hope that you will enjoy your visit.

3. This Business Summit is important, because it brings together two dynamic countries.

I wanted to share a little bit about how we have been quite similar throughout history, through the work we have been doing to bring our businesses and people together. I will also suggest a few opportunities for us to work more closely together.

4. First, let me start with how both Spain and Singapore have rich histories and culture – although you dance and sing better than us, and are also better in football. Beyond all of this, we have a very long and enduring legacy of trade which spans centuries. So allow me to weave a tale of two cities – which, while oceans apart, share many commonalities.

a. From the era of the Roman Empire to the golden age of global expansion in the 15^th and 16^th centuries, Spanish ports such as Seville and Cadiz thrived as centres of maritime trade. Notably, Spain shaped the first wave of global trade through the Manila-Acapulco Galleon route. It was the first direct trans-Pacific trade link that enabled Spanish merchants and ships to traverse the East and West in search of ideas, goods, and partnerships. Spain is now a gateway for commerce, culture, and innovation in Europe and beyond.

b. Similarly, Singapore’s history – although we are much younger – as a commerce hub stretches back centuries long before our modern independence just 60 years ago. Strategically located along the Straits of Malacca, Singapore was a thriving port within the maritime silk routes, linking Asia with the Middle East and Europe.

Since our modern founding in 1819, Singapore has built on this heritage and continues to serve as a launchpad to the wider Southeast Asia region, and a trusted partner for businesses seeking to grow in the region.

5. Spain and Singapore share a common legacy where trade has always been our lifeblood. It is in this spirit that we all gather today – to build on our histories, strengthen partnerships, and carve the way for new opportunities between Singapore and Spain.

Bilateral economic relations

6. So that is our history. But what have we been doing in the present to ensure that we honour and build upon our histories? We have been friends for many years. Singapore and Spain continue to enjoy robust and growing bilateral economic relations, anchored by the EU-Singapore Free Trade Agreement (EUSFTA).

a. Since the EUSFTA’s entry into force in 2019, trade in services between Singapore and Spain has more than doubled, reaching almost S$2.5 billion in 2023. Trade in goods grew by more than 25%, amounting to S$3 billion last year.

b. Our two-way investments have also grown significantly from 2019. Singapore’s stock of direct investments in Spain have increased by nearly 50%, to S$4.5 billion in 2023. Conversely, Spain’s stock of direct investment in Singapore have more than doubled, reaching S$1.5 billion in 2023.

7. Our trade and investment linkages are robust. This is because Singapore companies trust and have confidence in doing business with Spain, with companies such as agribusiness giant Olam, and real estate company Ascott Group being active in Spain over many decades. Spain’s strong connectivity to European, Latin American, and North African markets presents good opportunities for Singapore companies looking to expand their reach to Europe and beyond.

8. Likewise, we are glad to see the strong interest from Spanish companies in today’s Summit. There are almost 500 Spanish companies in Singapore, bringing Spain’s strengths in sectors such as renewable energies, advanced manufacturing, and medical technology to Singapore and the region. In fact, Spanish multinational companies such as Repsol and Acciona have set up their regional offices here, using Singapore as a hub to grow their presence to access the broader Southeast Asia market.

a. Acconia, for example, opened their first regional office in Singapore in 2016 and extended their reach to neighbouring markets like the Philippines. They have since been involved in multiple railway construction projects in Manila – another example of companies using Singapore as a launchpad.

Singapore as a regional hub

9. Now, please allow me to do a pitch for Singapore. First, Singapore can bridge Spanish companies to Southeast Asia. Southeast Asia is expected to be the world’s fourth largest economy by 2030, with a growing consumer market of over 670 million. Rising consumer demand and the region’s role as a key node in the global supply chain makes Southeast Asia a good place for Spanish businesses to grow and diversify your operations. The success of Spanish businesses such as Repsol and Acciona are a good example, and we welcome more Spanish businesses to our shores.

a. In a period of trade disruptions, we have an extensive network of 28 Free Trade Agreements covering over 90% of the world’s GDP. Singapore provides strong economic connectivity to markets in the region and beyond. Our physical connectivity also enables businesses to reach fifteen countries within four hours of flight travel from Singapore. For Singapore and Spain, we have five weekly flights between Singapore and Barcelona, and we hope that we can do more. If we have even more opportunities for direct flight connections between Singapore and Spain, we could discuss this further.

b. Earlier this year, we announced the Johor-Singapore Special Economic Zone (JS-SEZ) as a joint development with Malaysia.

How is this relevant to Spanish companies? Spanish companies can look forward to a one-stop investment facilitation centre in Johor and enjoy streamlined procedures for the movement of people and goods between both countries. In addition to the JS-SEZ, Singapore companies also operate a portfolio of industrial parks in the region. Spanish companies can use these facilities, or partner Singapore companies for their manufacturing capabilities and services.

Opportunities for partnerships

10. I have looked at our histories as trading ports, as well as our present opportunities. Now, please allow me to suggest a few opportunities for further partnerships:

a. First, renewable energy.

Spain has strong expertise in renewable energy, as one of Europe’s top producers in wind and solar energy, as well as alternative fuels like hydrogen and biofuels. We are now building an ASEAN Power Grid with our neighbours. Given the growing demand for renewable energy in the Southeast Asia region, it presents opportunities for Spanish companies to share your experience. Spain is also strong in the offshore wind sector, and home to several leading companies such as Siemens Gamesa and Iberdrola. Singapore companies like Seatrium and Mooreast have complementary capabilities in the offshore wind value chain, and we welcome partnerships for wind farm projects in Europe and in third markets like Japan and Australia.

b. Second, healthcare.

Both Singapore and Spain have world-class healthcare systems and growing life sciences sectors. One suggestion is for our companies to work together to co-develop and pilot AI solutions. For example, Singapore company Oncoshot is collaborating with the Galicia healthcare association and the University of A Coruña to explore the implementation of Oncoshot’s cancer data sharing platform for clinical research. With the strengths of Spain’s medtech ecosystem and Singapore’s investment in precision medicine, we can strengthen co-innovation efforts in digital health, AI in diagnostics, and personalised therapies.

c. Third, advanced manufacturing.

Last year, Enterprise Singapore and the Basque Trade & Investment agency signed a Memorandum of Understanding (MOU) to support internationalisation and co-innovation in various sectors. These efforts have translated to concrete partnerships and new opportunities. My colleagues from the Singapore Business Federation are also very committed to working with Enterprise Singapore to strengthen these opportunities between our countries, and between our companies. For example, Singapore predictive maintenance company Accupredict partnered with leading Spanish steel company, Celsa Group, to apply their predictive maintenance technology at one of Celsa’s rolling mills.

Using remote monitoring of vibrations to make accurate predictions, Accupredict has contributed to Celsa Group’s operational efficiency and productivity through enhanced equipment reliability. As many of us know, predictive maintenance is a very important and forward-looking technology – not just in the area of advanced manufacturing, but also in the maintenance of structures and different manufacturing processes.

Closing

11. My friends, to conclude, I would like to thank the Economic and Commercial Office of Spain in Singapore, the Spanish Institute for Foreign Trade (ICEX), and the Singapore Business Federation for organising today’s Summit. This is a timely and valuable platform to us to make friends, discover new business opportunities, and forge partnerships. I encourage everyone to make the most of it.

12. I wish you an insightful and fruitful discussion today. Muchas gracias. Thank you very much.