Opening Remarks by DPM and Minister for Trade and Industry Gan Kim Yong at the Singapore-Sweden Royal Business Forum

His Majesty King Carl Gustaf,

Ministers, State Secretaries, Ambassadors,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. Good morning to all of you.

2. It is my honour to welcome Your Majesty on your first State Visit to Singapore.

Bilateral Economic Relations

3. Singapore and Sweden share warm, substantive and wide-ranging cooperation across various areas, including trade and investment, education, the environment, and research and development. We also share consensus on the importance of a rules-based world order and free trade.

4. As small states, trade and investment are key pillars of our economic growth and development. Bilaterally, our links have been growing very strongly.

a. From 2016 to 2023, exports from Sweden to Singapore grew at an average of 6% annually, reaching a high of US$1.48 billion in 2023.

b. Foreign Direct Investment from Sweden into Singapore has grown at an average of 26% annually from 2017 to 2022, reaching a high of SEK$19b in 2022.

c. Today, over 500 Swedish companies have established themselves in Singapore, ranging from industrial solutions providers such as ABB, financial services such as SEB, and consumer-centric brands such as IKEA and H&M.

d. Many Swedish companies are also using Singapore as a base for the regional market.

i. According to a recent survey by Business Sweden, about 75% of Swedish companies in Singapore also oversee operations in Southeast Asia or the Asia-Pacific region.

5. Amidst a more troubled global economic climate, it is even more important for us to find new ways to expand our bilateral cooperation.

Digital economy

6. First, digital economy. Both Singapore and Sweden have a strong digital ecosystem and are therefore well-positioned to enable our businesses to tap on the growing opportunities in the digital economy.

a. The presence of globally leading tech companies in each of our countries is testament to the strength of our respective ecosystems.

i. Singapore is a hub for global tech giants such as Amazon, Google and Microsoft, as well as regional champions such as Grab and SEA Group.

ii. On the other hand, Sweden is home to many global tech companies such as Spotify, Klarna and King.

b. I hope that our businesses will build on the foundation of our respective digital ecosystems to explore further opportunities in the digital economy.

i. In particular, I welcome Swedish businesses to use Singapore as a base to tap on the opportunities in the digital economy in Southeast Asia, which is projected to grow to up to US$2 trillion by 2030.

Green economy

7. Second, green economy. Both Singapore and Sweden share a strong commitment to build a more sustainable future. We share common objectives of helping our industries decarbonise, to expand the use of renewable energy for a cleaner energy mix, and to catalyse green growth opportunities in our respective economies.

8. Singapore is keen to deepen our collaboration with Sweden to advance our sustainability agendas.

a. For example, I note that Sweden is part of the Nordic-Baltic electricity market. As Singapore works with our neighbours to build an inter-connected power grid within ASEAN, we would be keen to learn more from Sweden’s experience in the energy market.

Innovation

9. Third, in research and innovation. Both Singapore and Sweden are well positioned to drive innovation and R&D.

a. We can explore further collaboration amongst our universities, research institutes and government agencies.

i. To this end, I am glad that the Agency for Science, Technology and Research (A*STAR) is hosting a Swedish business delegation today, to explore collaborations in areas such as precision medicine.

b. We are also keen to help our entrepreneurs in Singapore to tap on the strength of Sweden’s strong start-up ecosystem through knowledge sharing, networking and market access.

i. The Global Innovation Alliance (GIA) Stockholm initiative by EnterpriseSG is a good example of this.

ii. To date, EnterpriseSG has supported over 600 startups in their internationalisation efforts, and there is interest to tap on opportunities in Sweden to accelerate market access to the Nordic region.

Closing

10. In closing, I would like to thank Your Majesty for gracing this event. The MOUs our agencies and companies will be signing today is testament to the diverse areas of interest across energy, land transport, aviation and defence that Singapore and Sweden can work together in.

11. At a time of rising protectionism globally, it is even more valuable and important that our countries find new ways to achieve inclusive and sustainable growth, so that we can demonstrate the benefit that trade and investment can bring to our economies, our businesses and our peoples.

12. Thank you.