Speech by 2M Tan See Leng at the Singapore-Korea Business Forum

His Excellency Yoon Suk Yeol,

President of the Republic of Korea (ROK)

Mr Andrew Kwan, Vice Chairman of the Singapore Business Federation (SBF)

Mr Chung Eui-sun,

Representative of the Korea Chamber of Commerce & Industry (KCCI)

Distinguished Guests,

Good afternoon.

1. It is my honour to welcome His Excellency Yoon Suk Yeol and his delegation to Singapore.

Your visit comes at a significant moment, as we approach the 50^th anniversary of diplomatic relations between Singapore and the Republic of Korea (ROK) next year, a milestone that highlights the strength and depth of our partnership.

Singapore and Korea share strong economic ties

2. In particular, Singapore and Korea have fostered strong economic ties that continue to thrive.

  a. Since the Korea-Singapore Free Trade Agreement entered into force in 2006, bilateral trade has grown from S$35.2 billion in 2007 to S$62.2 billion in 2023.

  Korea is one of Singapore’s top trading partners and investors today.

  b. Likewise, many Singapore companies see Korea as a land of opportunities.

i. PSA International, for instance, has been operating Incheon Container Terminal, Korea’s first private investment port project, since 2004.

ii. They are joined by a diverse array of other Singaporean companies such as CapitaLand, Keppel Capital, Secretlab, and Shopee, all contributing to and benefitting from Korea’s dynamic economy.

Deepening Cooperation in Energy Transition, Research and Innovation

3. Yet, there is much more we can achieve by building on these successes.

As the world grapples with the challenges of sustainability and technological disruption, Singapore and Korea are well-positioned to deepen collaboration in the areas of energy transition, research and innovation.

4. It is with this in mind that both Governments signed three agreements on Liquefied Natural Gas (LNG), technological collaboration, and supply chain resilience this morning.

These agreements reflect our shared commitment to a future that is both economically vibrant and environmentally sustainable.

5. Later this afternoon, we will also witness the signing of 10 MOUs between Singaporean and Korean companies and agencies, spanning areas from renewable energy to materials supply.

  a. Notably, the Agency for Science, Technology and Research, or A*STAR, Hyundai Motor Group Innovation Center Singapore, and Nanyang Technological University will set up a corporate laboratory to conduct joint research on smart manufacturing technologies.

  b. The Energy Market Authority will work with the Korea Institute of Energy Technology Evaluation and Planning, and Korea Gas Corporation to explore new frontiers in the energy sector.

6. As we have seen today, many Korean companies such as SK Telecom are already global leaders in these fields.

I encourage Singaporean companies to leverage the expertise of your Korean counterparts and forge new connections.

7. Similarly, for our Korean friends, ASEAN offers a dynamic and rapidly growing market, which is projected to become the world’s fourth-largest economy by 2030.

a. The region’s energy transition is particularly compelling.

The International Energy Agency estimates that ASEAN will require investments of $21 billion annually from 2026 to 2030 to improve its energy infrastructure.

b. This presents many opportunities for Korean companies to grow their footprint in the region.

  c. I urge more Korean companies, including SMEs and start-ups, to use Singapore as a springboard to access the ASEAN market.

Conclusion

8. As we prepare to mark the 50^th anniversary of diplomatic relations next year, I am confident that the partnership between Singapore and Korea will continue to evolve and thrive.

The opportunities before us are immense, and together we can seize them.

9. In closing, I would like to thank the Singapore Business Federation and the Korea Chamber of Commerce & Industry for organising this forum and giving us the chance to hear and learn from each other.

10. Thank you.