Singapore and Thailand Boost Economic Ties Through Strategic Business Partnerships

19 Mar, 2025

Singapore and Thailand are strengthening economic ties through strategic business partnerships, reinforcing trade and investment collaboration across multiple sectors. On 14 March 2025, Singapore’s Second Minister for Trade and Industry, Dr. Tan See Leng, and Thailand’s Minister of Commerce, Pichai Naripthaphan, co-chaired the 7th Singapore-Thailand Enhanced Economic Relationship (STEER) Ministerial Meeting in Singapore. The meeting underscored the long-standing trade relationship between the two nations and explored new areas for collaboration.

As of 2022, Thailand remains Singapore’s third-largest direct investment destination in ASEAN, with investments valued at S$41.8 billion. Key industries such as electric vehicles, fintech, and medtech continue to attract Singaporean businesses. The meeting also addressed cooperation in agri-trade, digital economy, intellectual property, carbon credits, and cruise tourism, aiming to drive further economic growth.

A key highlight was 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. Additionally, five Memoranda of Understanding (MOUs) were signed to enhance business cooperation in consumer protection, cross-border e-commerce, fintech development, and trade facilitation. These agreements reflect the commitment of both nations to fostering innovation and strengthening bilateral trade.

In 2024, bilateral trade between Singapore and Thailand reached S$44.5 billion, with Singapore’s exports increasing by 14.2% to S$29.3 billion. Singapore also emerged as Thailand’s largest source of foreign direct investment (FDI), contributing S$14.25 billion, which accounted for 43% of Thailand’s total FDI applications.

With deepening business linkages and complementary strengths, Singapore and Thailand continue to build a robust economic partnership, paving the way for sustained growth, investment, and innovation in the region.

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