Growing from Strength to Strength – Singapore-UK Relations

 

Her Excellency Kara Owen,

British High Commissioner to Singapore

 

Mr Damian Adams,

President of the British Chamber of Commerce Singapore

 

Distinguished Guests,

Ladies and gentlemen.

 

Introduction

 

1. A very good evening to all. I am glad to join you in celebrating the outstanding achievements of British and Singapore businesses at the 24th Annual Business Awards. Allow me to extend my warmest congratulations to all finalists present here tonight.

 

2. We are gathered here in a time of rising uncertainties, escalating geopolitical tensions and growing headwinds. I am heartened that businesses based in Singapore have continued to remain resilient, creative, and nimble not only in responding to challenges but also in, seizing new growth opportunities.

 

a. I thank BritCham for organising today’s Awards ceremony, to celebrate what British and Singapore businesses have done to transform your operations, embrace digitalisation, and promote sustainability.

 

3. Singapore values the confidence and trust of British businesses in Singapore and the region. We will continue to strengthen our partnership with you so that you can leverage Singapore as a business hub and launchpad into the regional markets.  

 

4. Allow me to share three points on how we can work together.

 

UK-Singapore economic relations

 

5. First, the strong and deep friendship between the UK and Singapore is our bedrock for cooperation that we should not take for granted.

 

6. Our two nations share a longstanding and historical relationship that extends across many domains, including trade and investment, finance, defence and security, digitalisation and cybersecurity, science and technology, education, culture and sustainable development. Underpinning our excellent bilateral relations is also our strong people-to-people ties.

 

7. In fact, our Prime Ministers recently elevated our bilateral relations to a “Strategic Partnership”. This is a significant milestone that reflects the breadth and depth of our relationship, as well as the commitment from both sides to strengthen our linkages on many fronts.

 

8. On the economic front, Singapore and the UK enjoy strong and growing trade and investment ties, underpinned by the UK-Singapore Free Trade Agreement (UKSFTA).

 

a. Today, Singapore is the UK’s largest trading partner in Southeast Asia, with trade in goods and services   amounting to more than S$35 billion (or 40% of the UK’s total trade with the region).

 

b. The UK is the largest European investor in Singapore, with close to S$130 billion worth of investment stock in Singapore. On the other hand, Singapore is the UK’s third largest Asian investor, with almost S$65 billion worth of Singapore investment stock in the UK.  

 

c. Singapore is also home to more than 6,000 British businesses, including all of you here today, who play an important role in the Singapore economy.  

 

9. I am pleased to share positive updates on how we are further strengthening our economic linkages.

 

a. As part of the UKSFTA’s implementation workplan, we concluded the Authorised Economic Operator (AEO) Mutual Recognition Arrangement (MRA) this year, which became operational in August 2023. This initiative enables certified companies on both sides to benefit from faster customs clearance for their goods.

 

b. The UK’s recent accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will complement the UKSFTA, by helping UK businesses based in Singapore to better access new markets and supply chains in the region.

 

c. We are also working on a new and modern UK-Singapore Bilateral Investment Treaty, which will provide updated protections for our investors and further facilitate two-way investment flows.

 

Greater Opportunities for Technologically-Driven Growth

 

10. Second, we will continue to support businesses in your digital transformation.

 

a. Some of you here are in the business of technology and digital solutions. Allow me to share two examples from our list of finalists.

 

i. BT Singapore offers a range of tech-based tools and digital transformation solutions such as cloud services, cybersecurity solutions, and data analytics, to help businesses modernise their operations and enhance efficiency.

 

ii. Revolut, a fintech firm, developed the world’s first financial superapp to help consumers better and more seamlessly manage their finances, by combining a myriad of services within a single platform, such as foreign exchange and cryptocurrency transactions, and fractional stocks and commodities trading.

 

iii. These examples demonstrate the vast potential and opportunities in the tech and digital space.

 

b. The UK-Singapore Digital Economy Agreement (UKSDEA) which entered into force in June last year, supports companies in harnessing growth opportunities in the fast-growing digital economy.

 

i. The Agreement establishes digital trade rules and facilitates digital economy collaboration, including in emerging areas such as Artificial Intelligence (AI), and digital identities.

 

ii. We welcome businesses to leverage the UKSDEA to develop pilot projects that can subsequently be scaled up in our respective regions.

 

iii. We look forward to working with the UK to ensure that the UKSDEA translates to tangible benefits for our businesses and our people.

 

Greater Opportunities for Sustainable Growth

 

11. Third, we will also support businesses in their efforts to unlock new growth opportunities in the green economy.

 

a. In March this year, we signed the UK-Singapore Green Economy Framework (UKSGEF) MOU, which sets out an overarching framework for green economy cooperation in the areas of: (i) green transport; (ii) low carbon energy and technologies; and (iii) carbon markets and sustainable finance. Recently, we held a joint consultation to seek industry feedback on the possible UKSGEF initiatives, and were encouraged by the active participation by British and Singapore companies.

 

i. Hope that this will spur green growth opportunities for businesses and catalyse new partnerships.

 

b. Encouraged that many businesses have also incorporated sustainability into their business models and operations. Allow me to share two examples from our lists of finalists today.

 

i. Mott MacDonald, an engineering, management and development consultancy, has integrated sustainability in their design of Singapore’s built environment. Notable projects include the Star Vista, Singapore’s first naturally cooled mall, and the environmentally-friendly Mapletree Business City.

 

ii. Singlife, an insurance company, has also embedded sustainability in its organisation and practices. In its first year of operations, Singlife became the second insurer in Southeast Asia to be recognised as a signatory of the United Nations Principles for Sustainable Insurance. Singlife also actively participates in sustainability-focused industry initiatives such as sustainability research and green logistics fleet insurance.

 

c. Hope that this will encourage more businesses to think about how to incorporate sustainability into your business models and operations, and tap on the growth opportunities in the green economy.

 

Closing

 

12. With the strong momentum in the UK-Singapore bilateral economic relationship, there are many opportunities for our businesses to work together. I look forward to the deepening of UK-Singapore business ties, particularly in the new growth areas of the digital and green economies.

 

13. Once again, I would like to congratulate all finalists and award-winners.

 

14. Thank you and have a good evening.