Transcript of Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong‘s speech at the Launch of Enterprise Singapore's Austin Overseas Centre

1. Good evening. It is a great pleasure to join you here in Austin — and to be among such an outstanding gathering of Texas state leaders, business executives, and our partners.

2. This is my first visit to Austin, and I have been struck not only by the scale and dynamism of your economy, but also by the clarity of your ambition. You know exactly what you want to do and what you want to achieve. In my discussions with the Governor and Mayor earlier today, we spoke not just about growth, but about how to position Texas for the future — in energy, in advanced manufacturing, in technology and innovation.

3. These are priorities that resonate deeply with us in Singapore — and more importantly, they translate into strong industries, sustained growth and good jobs for our people.

A more contested and fragmented world

4. We meet at a time of profound change in the global economy.

5. Across the world, we are seeing heightened geopolitical contestation and growing geoeconomic fragmentation.

   1. As economic security takes on greater importance, countries are rethinking how to organise their economies, with a shift towards onshoring, reshoring, and more self-sufficient supply chains.

6. But for economies like ours — open, connected, and trade-dependent — self-sufficiency is neither practical nor optimal.

   1. It would narrow our access to markets, constrain opportunities for growth, and ultimately hamper our ability to respond to shocks.

7. Instead, we need to remain open, and build deeper partnerships with trusted and like-minded economies. By working together, we can build capabilities that no single economy can develop alone, and allow our economies to remain competitive.

A longstanding and trusted partnership

8. The United States is one of Singapore’s closest and most enduring partners.

9. This year is especially meaningful. As the US celebrates its 250^th year of independence, we celebrate 60 years of diplomatic relations between our two countries.

10. Over the last six decades, our partnership has grown in both depth and breadth.

    1. Economically, the US is one of Singapore’s most important partners.

    2. Our investments in the US support over 350,000 jobs.

    3. There are over 250 Singapore companies operating across the US, and many of them are here in Texas.

11. The US has also enjoyed a consistent trade surplus with Singapore for more than two decades, reaching over US$33 billion last year.

12. These are not just numbers. They reflect a partnership that is mutually beneficial, deeply integrated, and anchored in trust.

13. Beyond economics, our ties extend to defence, technology, and innovation.

14. We also work closely together on emerging areas — from critical technologies to supply chain resilience — through platforms such as the Pax Silica initiative.

15. I will be visiting Washington, D.C. over the next few days to continue these discussions, and engage with leaders across the US Administration.

Texas: A key partner for the future

16. Within the US, Texas stands out as one of the key partners for Singapore – not only because of its size, but also because of its role in sectors that are central to the future of the global economy.

17. Texas is a leader in energy – from oil and gas to LNG, it plays a key role in powering the world.

    1. Houston, in particular, is one of the world’s energy capitals.

18. Singapore, in turn, is a leading global hub for energy trading, refining, and financing.

19. Together, we create opportunities for collaboration across production, trading, logistics, and the transition to more sustainable energy systems.

20. Texas is also emerging as a major centre for advanced manufacturing.

    1. Across semiconductors, electronics, and industrial systems, we are seeing significant investments and capabilities being built here.

    2. Cities like Austin are becoming hubs for next-generation manufacturing and engineering.

21. Singapore too is strengthening our advanced manufacturing base — not just as a place for production, but as a centre for innovation, process development, and high-value activities.

22. We can work together — combining Texas’ scale with Singapore’s strengths in integrating capabilities and bringing ideas to markets.

23. And in technology and innovation, Texas has built vibrant ecosystems across Austin, Dallas, and Houston.

    1. From digital technologies and AI, to energy tech and life sciences, these ecosystems are driving new frontiers of growth.

24. Singapore has just announced our refreshed National AI Strategy, to build an innovation-driven, AI-empowered economy.

25. There is strong potential to link our innovation ecosystems — and to translate innovation into real-world applications and commercial outcomes.

26. Texas is not just a large market. It is a strategic partner — where our strengths align, and where we can build something greater together.

From presence to partnership

27. These complementarities are already reflected in the growing presence of Singapore companies in Texas.

    1. One example is ST Engineering, a global technology, defence and engineering group that has a strong presence here, with over 5,000 employees in the US.

       1. In Texas, its aerospace facility at San Antonio plays an important role in aircraft maintenance and engineering services.

       2. By anchoring advanced capabilities in Texas, ST Engineering contributes to the state’s position as a leading aerospace hub, while creating high value jobs for the local community.

    2. Another example is PSA BDP, a global logistics and supply chain solutions provider that operates across multiple major US logistics and industrial hubs, managing end-to-end supply chains for various industries including chemicals, healthcare, consumer products and retail.

       1. For example, in Houston, PSA BDP operates a 65,000 square foot logistics facility located near George Bush Intercontinental Airport and the Port of Houston.

       2. The facility supports complex cargo flows — including chemicals and hazardous materials — for energy and industrial customers.

28. When Singapore companies invest in Texas, they are investing in Texas jobs, Texas industries, and Texas’ future.

A platform for the next phase of growth

29. The launch of Enterprise Singapore’s Austin Overseas Centre marks an important milestone.

    1. It is our first non-coastal presence in the United States.

    2. And it reflects our confidence in Texas — and in Austin — as a gateway to new opportunities.

30. The Centre will serve as a bridge.

    1. It will help more Singapore companies access opportunities in Texas and beyond, across the US.

    2. It will support Texas companies looking to expand into Asia, using Singapore as a gateway.

    3. And it will facilitate partnerships in areas where our strengths align — in energy, manufacturing, and technology.

31. In doing so, we will attract new investments, forge new partnerships, and create new opportunities — both here in Texas and in Singapore.

Looking ahead

32. As we look to the future, the partnership between Singapore and the United States — and between Singapore and Texas — will become even more important.

33. In a more uncertain world, trusted partnerships are a source of strength.

    1. They give businesses the confidence to invest.

    2. They enable economies to adapt and grow.

    3. And they provide the foundation for long-term prosperity.

34. As we mark 60 years of diplomatic relations, we can take pride in what we have achieved so far.

35. But more importantly, we should look ahead to the future to what we can build next together.

    1. A partnership that is more dynamic, more innovative, and more resilient;

    2. And one that continues to create opportunities, support good jobs, and deliver lasting growth and prosperity for our businesses and our people.

36. Thank you.