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Singapore and Thailand committed to exploring areas of economic collaboration with great potential

Written by: Aayudh Sen

Singapore Prime Minister Lee Hsien Loong highlighted the potential for expanded economic cooperation between Singapore and Thailand during an official lunch in honour of Prime Minister Srettha Thavisin's visit to Singapore. He emphasized the substantial and mutually beneficial relationship between the two countries.

"Economically, our relations are substantial. In 2022, Singapore stood as Thailand's 8th largest trading partner, and Thailand ranked as Singapore's 9th largest trading partner. Bilateral trade surged by almost a quarter year-on-year, reaching $42.1 billion. Remarkably, this growth continued over the past two years, despite the challenges posed by the COVID-19 pandemic. Singapore also emerged as the second-highest source of foreign direct investment into Thailand for the first half of 2023," Lee stated.

Lee stressed the abundance of "promising" areas for economic collaboration between the two nations. For instance, he highlighted the success of the cross-border fast payment system launched in April 2021, a world-first initiative involving Singapore's PayNow and Thailand's PromptPay. Lee also expressed Singapore's readiness to welcome Thailand's interest in joining the Digital Economy Partnership Agreement (DEPA), which would facilitate Thai businesses' involvement in the digital economy, creating growth opportunities that would benefit both countries.

Additionally, Lee pointed to the Green Economy as another promising area for cooperation, expressing gratitude for Thailand's participation in the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project. He looked forward to building on this momentum to strengthen energy collaboration with Thailand, unlocking ASEAN's potential for cross-border renewable energy trade. Furthermore, he highlighted the potential for collaboration in carbon trading, which would offer green growth opportunities and contribute to the global climate agenda.

Lee concluded by expressing his anticipation of working closely with Prime Minister Srettha and his government to further enhance their bilateral ties.

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