Singapore and Thailand strengthen economic ties with business partnerships

Discussions covered various areas of collaboration, such as agri-trade, investments, the digital economy, intellectual property, carbon credits, and cruise tourism.

Singapore's Second Minister for Trade and Industry (MTI), Dr Tan See Leng, second Minister for Trade and Industry and Pichai Naripthaphan Thailand’s Minister of Commerce co-chaired the 7^th Singapore-Thailand Enhanced Economic Relationship (STEER) Ministerial Meeting (MM) on 14 March 2025 in Singapore. This milestone meeting reinforced the strong trade and investment cooperation between the two nations.

Strengthening bilateral economic cooperation

In a post-event press release, MTI shared that during the meeting, both Ministers reaffirmed the long-standing trade and investment partnership between Singapore and Thailand. As of 2022, Thailand is Singapore’s third-largest direct investment destination in ASEAN, valued at S$41.8bn. Singaporean businesses continue to expand into Thailand’s key sectors, including electric vehicles, fintech, and medtech.

Discussions at the meeting also covered various areas of collaboration, such as agri-trade, investments, the digital economy, intellectual property, carbon credits, and cruise tourism. These areas are expected to drive economic growth and strengthen ties between the two nations.

Key agreements and collaborations

On the sidelines of the meeting, the ministers witnessed the exchange of the 2025–2027 Workplan on intellectual property collaboration between the Intellectual Property Office of Singapore and Thailand’s Department of Intellectual Property. This initiative aims to improve intellectual property protection and foster innovation between the two countries.

Additionally, five Memoranda of Understanding (MOUs) were signed to enhance business cooperation:

• Consumer protection: Agreement between the Consumers Association of Singapore (CASE) and Thailand’s Office of Consumer Protection.
• Cross-border e-commerce: Collaboration between Shopee (Thailand) and the Thai Ministry of Commerce’s Department of International Trade Promotion (DITP).
• Fintech development: Partnership between iFAST Corporation Limited and TSFC Securities Public Company Limited to develop a fintech platform.
• Trade facilitation: Agreements between the Meat Traders Association (Singapore) and Thailand’s Swine Producers and Processors for Exporting Association, as well as the Thai Broiler Processing Exporters Association.

These collaborations reinforce the strong business ties between Singapore and Thailand, reflecting the private sector’s commitment to fostering long-term partnerships and mutual economic growth. The initiatives are expected to facilitate greater trade, investment, and innovation in both markets.

Trade and investment

Trade between Singapore and Thailand remains powerful. In 2024:

• Bilateral trade reached S$44.5bn, making Thailand Singapore’s 9th largest trading partner and 3rd largest in ASEAN.
• Singapore’s exports to Thailand increased by 14.2% to S$29.3bn, while imports from Thailand totalled S$15.2bn.
• Singapore emerged as Thailand’s largest source of foreign direct investment (FDI), contributing S$14.25bn (THB357.5bn), accounting for 43% of Thailand’s total FDI applications.

Speaking at the event, Second Minister Tan See Leng highlighted the significance of this partnership: “This year, we have strengthened the business linkages between our countries, tapping on our complementary strengths for win-win outcomes for both our economies.”

Lead image / Second Minister for Trade and Industry Tan See Leng's Facebook