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Singapore and Germany Deepen Partnership to Drive Sustainable Economic Growth
Published Time：
2024-09-06 14:41
Source：
27 January 2025, Singapore’s Deputy Prime Minister Heng Swee Keat, speaking in Germany, highlighted the complementary strengths of both nations—Germany’s excellence in engineering and execution, and Singapore’s unique position as a gateway to ASEAN and the broader Asia region. These shared advantages open up new opportunities for deeper collaboration to promote sustainable economic growth and innovation.
ASEAN’s combined economy is projected to grow by 4% to 5% annually over the next decade. Asia’s economic momentum presents exciting prospects, and Singapore can serve as a bridge for German businesses seeking to expand into the region.
Singapore has signed 27 Free Trade Agreements (FTAs) with partners including ASEAN, Japan, Korea, India, China, the European Union, and the United States. As a signatory of the Regional Comprehensive Economic Partnership (RCEP), Singapore also offers a strategic location for German companies to establish innovation hubs.
In addition, Singapore is well-positioned to serve as a capital centre for mergers and acquisitions (M&A), supporting innovation in the digital and sustainable finance sectors. Major German institutions such as Deutsche Bank and Commerzbank already have a significant presence in Singapore.
Globally, businesses face four key challenges: deglobalisation, digitalisation, demographic ageing, and decarbonisation. Germany and Singapore can leverage their respective strengths to address these challenges and foster sustained economic development.
Deputy Prime Minister Heng also emphasised structural reforms as a key driver of global economic growth, highlighting four critical areas:
1.Investment in research and development (R&D);
2.Commercialisation of R&D into new capabilities, products, and services;
3.Establishing regulatory frameworks to support innovation and new business models;
4.Investment in education for future generations and lifelong learning for the workforce.
Another important strategy for growth is entering new markets. Deputy Prime Minister Heng encouraged the EU and Germany to continue championing free trade and to consider exploring an EU–ASEAN Free Trade Agreement.
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