President of the Austrian Federal Economic Chamber Harald Mahrer,

 

Austrian Foreign Ministry General Secretary for European and Economic Policy Elisabeth Kornfeind,

 

Austrian Ambassador to Singapore Peter Guschelbauer,

 

Distinguished guests,

 

Ladies and gentlemen,

 

 

1. Good morning. I am pleased to join you for the inaugural Austria Connect Southeast Asia 2023.

 

2. Today, we face a period of increasing uncertainty and transition. Climate change, geopolitical conflicts, supply chain disruptions and growing protectionism have led to instabilities and disruptions in the global trading system. The world is also undergoing major structural shifts, and governments and businesses must stay nimble and adapt swiftly to such developments.

 

3. Amidst these challenges, today’s conference is a timely reminder to look outwards and seek new growth opportunities. I am delighted that businesses from Austria and Singapore and our friends from the region are here to explore the broader potential in Southeast Asia. We can chart a pathway forward together as we exchange insights and ideas.

 

4. Let me suggest three ways for Singapore and Austria to strengthen and build our existing partnerships while seeking new sources of growth and dynamism.

 

5. First, let us continue to advance our countries’ global and regional trade connectivity. Economic interdependence is critical to centres of trade and commerce, such as Austria and Singapore. Singapore is committed to strengthening existing partnerships and forging new ones. We have established a network of free trade agreements (FTAs) with countries worldwide. In 2022, we signed an FTA with the Pacific Alliance, comprising Chile, Colombia, Mexico and Peru. This built on the existing agreements between Singapore and the Pacific Alliance countries and enhanced our physical connectivity with a new chapter on international maritime transport services.

 

6. Another example is the EU-Singapore Free Trade Agreement, which forms a vital economic bridge between Austria and Singapore. Since the EUSFTA’s entry into force in 2019, our bilateral trade in goods has grown by over 30%, at close to $1.8 billion in 2022. This demonstrates the value of FTAs in generating tangible benefits and new commercial opportunities for businesses on both sides. We should continue to use such agreements to strengthen these growing linkages and deepen economic cooperation with new and existing partners in different regions.

 

7. Second, I encourage businesses to diversify into new markets using these government-to-government (G2G) agreements. Both our countries are vital hubs in our respective regions. We welcome Austrian companies to look towards Southeast Asia - a bright spark in the global economy with a steady growth of over 5% each year. With a sizeable young population and a rising middle class, Southeast Asia looks set for a strong growth trajectory in the coming years. Austrian companies can use Singapore’s strategic location to springboard into the region by leveraging our extensive network of partners and FTAs.

 

8. With our strong economic connectivity and stable legal framework, Singapore offers a conducive environment for Austrian businesses to seize opportunities in the region.  I encourage the Austrian business community to partner with Singapore businesses to venture into Southeast Asia and explore new possibilities through co-innovation programmes and business exchanges. Together, Singapore and Austrian companies can expand our capabilities and expand our regional network.

 

9. Thirdly, we can seize new growth opportunities in the green and digital domains. Singapore is investing heavily in growing our green economy. Last year, we signed our first Green Economy Agreement (GEA) with Australia to catalyse growth and jobs in green growth sectors. We also seek to reduce barriers to trade and investment in green goods and services and make it easier for businesses to pursue emissions reduction.

 

10. Singapore is keen to work with like-minded partners to grow our green economy, be it to build new capabilities to achieve our climate and environmental goals or to pioneer the development of new rules and standards. We can explore many possibilities, from carbon services and low-carbon solutions to green finance. I am glad that a key focus of today’s conference is sustainability. I hope today’s discussions will spark fresh ideas for Singapore-Austrian companies to shape a sustainable future together.

 

11. Apart from sustainability, data and digital connectivity are the lifeblood of the digital economy. On this front, there has been strong momentum in our efforts to strengthen digital connectivity between Europe and Singapore. Earlier this year, we signed the EU-Singapore Digital Partnership and jointly established a set of Digital Trade Principles as a first deliverable. I am pleased to share that both sides have since built on these two initiatives to launch negotiations on a legally binding EU-Singapore Digital Trade Agreement.

 

12. I look forward to the growth of digital trade and strengthened digital connectivity between our regions in time to come.

 

13. In conclusion, I would like to extend my heartiest congratulations to the Austrian Federal Economic Chamber and the Austrian Embassy on successfully launching the inaugural edition of Austria Connect Southeast Asia 2023. I wish all participants fruitful discussions and look forward to expanding our close cooperation with Austria to seize the new potential for sustainable economic growth.

 

14. Thank you.