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Ministry of Trade and Industry
2. Speeches

Keynote Speech by Min(EST) Tan See Leng at the 9th Singapore Regional Business Forum

19 August 2025

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Keynote Speech by Min(EST) Tan See Leng at the 9th Singapore Regional Business Forum

Your Excellency Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance for the Kingdom of Thailand, 

Mr Teo Siong Seng, Chairman of the Singapore Business Federation,

Distinguished Guests,

Ladies and Gentlemen,

  1.       Very good morning to all of you. Sa-wat-dee-krub.

  2.      It is a great privilege and a great pleasure to join you today for the 9th Singapore Regional Business Forum (SRBF), in the vibrant city of Bangkok.

  3.      I am indeed very heartened to see such strong participation by companies from Singapore, Thailand, and the wider region, united all by one common goal: to strengthen business resilience and to seize new opportunities.

Strong Singapore and Thailand Partnership

  1.      This year’s SRBF also holds a special significance – because we are commemorating the 60th anniversary of diplomatic relations between Singapore and Thailand. The theme for this significant milestone is STRONG@60. It captures the essence of our longstanding bilateral relationship – which is a robust and resilient partnership. Ladies and gentlemen, the numbers speak for themselves:

    1.     Our bilateral trade reached over S$44 billion last year, which is a 6.4% increase from the year before. Thailand was Singapore’s 9th largest trading partner, and the third largest in ASEAN.

    2.     Since 2015, Singapore has consistently ranked amongst Thailand’s top investors, and in 2024, we emerged as the largest foreign investor in Thailand.

  2.      However, beyond the numbers, it is our people and the business ties that form the foundation of this strong partnership. During my meeting with DPM Pichai this morning, he had asked, "What drew Singapore entrepreneurs and businesses to Thailand?" I responded that it was the people, the strong business ties, and the hospitality that really laid the foundation. I want to illustrate two examples and share them with all of you:

    1.     In the sustainable energy space, Keppel, in partnership with BCPG Public Company Limited, pioneered a first-of-its-kind district cooling system for the Samyan Smart City in Bangkok.

    2.     In the healthcare innovation space, Singapore-based CoNEX Healthcare’s AI-powered patient monitoring solution, PreSAGE, has been adopted by several Thai hospitals. Using thermal imaging, machine learning and predictive algorithms, the system reduces falls amongst elderly patients and contributes towards Thailand’s efforts to care for its ageing population.

  3.      At the 7th Singapore-Thailand Enhanced Economic Relationship (STEER) Ministerial Meeting earlier in March this year, we continue to forge partnerships in new areas. I witnessed the signing of five Memoranda of Understanding (MOUs) which span the areas of e-commerce, consumer protection, fintech, and agri-trade, as well as the announcement of a refreshed workplan on intellectual property collaboration.

  4.      As Singapore and Thailand celebrate our success in the last 60 years, I hope that we can reflect not just on our shared path, but think ahead and look at how we can shape the next 60 years of our partnership.

Navigating a Complex Global Landscape Through Regional Collaboration

  1.      This is especially important at a time where the global environment is undergoing profound changes:

    1.     Geopolitical tensions are threatening to fragment trade flows;

    2.     Our supply chains are being reshaped;

    3.     Climate risks and the need for energy securities are accelerating;

    4.     Technological disruptions, especially with the increasing prominence of AI, are transforming how we live, how we work, and how we do businesses.

  2.      In the face of such volatilities and to navigate these uncertainties, I think it is sll the more important for trusted partners to come together and to collaborate both on the bilateral and regional level because that would be a critical way forward.

  3.   Amidst these challenges, ASEAN remains a critical anchor for stability and growth:

    1.     ASEAN’s economy is projected to grow at 4.7% this year1, and it remains on track to become the fourth-largest global economy by 2030.

    2.     ASEAN is home to more than 680 million people, with an expanding middle class that is also tech savvy. This will be a very powerful driver of innovation and consumption.

    3.     We are also seeing a reconfiguration of global supply chains that favour this region – especially in Thailand, Vietnam, Malaysia, and Indonesia.

  4.   Structural changes within ASEAN are also creating new engines of growth.

    1.     On the digital front, ASEAN is emerging as a global hub for digital finance and e-commerce. Digital payments alone are expected to surpass US$1 trillion in gross transaction value by 2025.2 With the emergence of Artificial Intelligence, these digital innovations are set to transform existing business models and create entirely new industries across various sectors.

    2.     On the green transition front, ASEAN’s green economy could unlock an additional US$300 billion in annual revenue through the development of green infrastructure, modernising domestic and regional electricity grids, accelerating the electric vehicle ecosystem, and leveraging the region’s rich natural assets to develop carbon markets.3 This green transition is not only a tangible step towards creating and combatting the effects of climate change, but will also help to create new jobs and it can enhance our collective regional energy security.4

  5.   To unlock its full potential, all of us have to work together, both at the bilateral and regional levels. Thailand and Singapore have been strong advocates of regional economic integration.

    1.     Thailand as the Chair of the ASEAN Digital Economy Framework Agreement (DEFA) plays a key role. Singapore will support Thailand in working towards an ambitious and forward-looking agreement by the end this year, that will enhance interoperability and inclusivity across ASEAN’s digital economies. Singapore also welcomes Thailand’s application to join the Digital Economy Partnership Agreement (DEPA).

    2.     To support ASEAN’s green economy development and the longer-term energy vision, we also look forward to accelerating discussions on the ASEAN Power Grid, so as to achieve a more resilient and sustainable future for ASEAN.  

Seizing Opportunities: A Call to Action for Businesses

  1.   What do they mean for Singaporean and Thai businesses? I want to humbly suggest that they present business opportunities in three areas.

  2.   First, it deepens trade and investment. There remains scope for our companies to forge closer partnerships in mutual areas of interests, such as in advanced manufacturing, fintech, agri-tech, and electric vehicles.

    1.     For instance, in the Fintech space, iFAST signed an MOU with Thailand’s TSFC Securities Public Company Limited earlier this year to explore a fintech platform to facilitate access for Thai securities companies and other financial institutions. This will allow companies to seamlessly trade offshore bonds, with immediate executable pricing and full price transparency.

    2.     Riding on Thailand’s interest in electric vehicles (EV) development, Singapore tech start-up Voltality has partnered with Thai industrial estate conglomerate WHA Group last year to offer a multilateral roaming platform for EVs in Thailand. Currently, Voltality provides access to over 2,000 EV charging points.

  3.   Secondly, accelerating digital collaboration. Singapore and Thailand are digital frontrunners in ASEAN, and our countries would benefit significantly by enhancing digital collaboration.

    1. For example, our Paynow-PromptPay real-time payment linkage launched since 2021 have allowed users to transfer funds securely and seamlessly between accounts in Singapore and Thailand. This is a practical demonstration of how technology can bring about tangible benefits to our people and to our businesses.

    2. As digital trade between both our countries continue to grow, Singapore and Thai businesses will have much to gain by leveraging cross-border e-commerce for better connectivity and better market access.

  4.   Third, pioneering sustainability collaboration. Carbon markets would allow us to unlock new economic opportunities across our entire region whilst mitigating carbon emissions. 

    1. Thailand is a forerunner in this space. Since 2024, Thailand has developed and implemented its own national carbon standard, the Thailand Voluntary Emission Reduction (TVER) programme. It is the first country to complete an Article 6.2 carbon credits transfer under its cooperation with Switzerland.

    2. I am about to announce with great pleasure that this afternoon, I will be signing an Implementation Agreement pursuant to Article 6 of the Paris Agreement with Minister of Natural Resources and Environment, Chalermchai Sri-on. I am really looking forward to this Agreement because this Agreement will be the first between two ASEAN member states, and this is a significant milestone in our bilateral climate cooperation.

    3. This Agreement will unlock additional climate finance and catalyse and uplift investments into credible carbon projects in Thailand, such as in forestry and e-mobility. It will also support Singapore in meeting our climate targets.

    4. I am confident that our collaborations on this front will serve as a pathfinder for the region, by demonstrating how countries can work together to achieve both economic and environmental good outcomes.

    5. We look forward to working closely with Thailand to implement the Agreement. I would like to encourage our business communities to look and explore joint projects that can advance sustainable development, that can contribute to a dynamic carbon market in ASEAN. This will bring significant meaningful impact to all of our communities.

Closing

  1.   Ladies and gentlemen, let me conclude with this thought: in this era of uncertainty, collaboration and partnerships have never been more vital.

  2.   It is through all of us working together, Singapore and Thailand, alongside with the rest of ASEAN, we can prevail by turning challenges into opportunities.  We can build a more integrated and a more resilient and sustainable regional economy enabled by digital and green transformation, and we continue to be able to define and shape our collective future.

Thank you. Krop-khun krub

[1] Source: Asian Development Outlook: Trade Uncertainty Challenges Resilience in Asia and the Pacific by the Asian Development Bank (April 2025)

[2] Source: The Straits Times: Tech trends and trust: Making Southeast Asia’s digital economy work for all (15 December 2024)

[3] Source: SEA Green Economy Report, 2024

[4] Source: Joint report by Bain & Company, GenZero, Google, Standard Chartered, and Temasek: Southeast Asia’s Green Economy: Unlocking Systems for Growth and Impact (2025)

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