SINGAPORE – Singapore and Thailand have reinforced their trade and investment relationship by signing five memorandums of understanding (MOUs) on March 14. The agreements focus on key sectors such as cross-border e-commerce, financial technology, and intellectual property.
These MOUs were signed on the sidelines of the 7th Singapore-Thailand Enhanced Economic Relationship Ministerial Meeting, which was co-chaired by Singapore’s Second Minister for Trade and Industry, Dr. Tan See Leng, and Thailand’s Minister of Commerce, Pichai Naripthaphan. The meeting highlighted the long-standing economic partnership between the two nations and explored new collaboration opportunities in agritrade, carbon credits, cruise tourism, and the digital economy.
Among the key agreements, digital banking and wealth management platform iFast partnered with Thailand’s TSFC Securities to develop a fintech platform, allowing Thai securities firms access to global investment products. Additionally, Shopee (Thailand) and the Thai Ministry of Commerce’s Department of International Trade Promotion agreed to promote Thai products via a dedicated store on Shopee’s platform.
The Meat Traders Association (Singapore) formalized agreements with Thailand’s Swine Producers and Processors for Exporting Association and the Thai Broiler Processing Exporters Association, enhancing trade in meat products. Furthermore, the Consumers Association of Singapore and Thailand’s Office of Consumer Protection signed an MOU to enhance cooperation in addressing cross-border consumer inquiries and disputes.
During his remarks, Dr. Tan emphasized Singapore’s interest in investing in Thailand across various industries, including manufacturing, finance, insurance, and real estate. He also pointed to emerging areas such as electric vehicles, renewable energy, and the digital economy as key areas of focus. Singapore has been a top investor in Thailand since 2015, and in 2024, it emerged as the leading foreign investor, with a foreign direct investment (FDI) of 357.5 billion baht (S$14.2 billion), representing 43 percent of Thailand’s total FDI applications.
Bilateral trade between Singapore and Thailand reached $44.47 billion in 2024, making Thailand Singapore’s ninth-largest trading partner. With these new agreements in place, both countries aim to further expand economic collaboration and mutual growth.