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SINGAPORE: Singapore and Thailand reaffirmed their dedication to fostering bilateral cooperation throughout the official go to of Thai Prime Minister Srettha Thavisin to Singapore on Thursday (Oct 12). The discussions primarily revolved round bolstering their partnership within the domains of the digital economic system and renewable power.
Digital economic system takes centre stage
One important space of focus was the digital economic system. Each Prime Ministers acknowledged the strides made on this sector, offered by the progressive cross-border quick cost system that hyperlinks Singapore’s PayNow with Thailand’s PromptPay.
Launched in April 2021, this technique permits customers on either side to seamlessly switch cash utilizing their cell numbers, marking a pioneering achievement in digital funds.
Thailand’s expressed curiosity in becoming a member of the Digital Economic system Partnership Settlement, initiated by Singapore, Chile, and New Zealand in 2020, is a promising step ahead. The settlement is to facilitate commerce by addressing points associated to the digital economic system, together with knowledge flows, knowledge safety, and synthetic intelligence.
Inexperienced economic system and power collaboration
Each nations additionally highlighted the potential of the inexperienced economic system. Singapore and Thailand are a part of the Laos-Thailand-Malaysia-Singapore Energy Integration Venture, which noticed Singapore start the import of renewable power from Laos by way of Thailand and Malaysia in June 2022.
This enterprise not solely units the stage for sustainable cross-border power commerce inside ASEAN but additionally positions each nations as energetic contributors to the worldwide local weather agenda.
Singapore’s Prime Minister Lee Hsien Loong expressed his optimism, stating, “I look ahead to constructing on this momentum to strengthen power collaboration with Thailand, which is able to unlock ASEAN’s potential for cross-border renewable power commerce. Our two nations must also cooperate additional in carbon buying and selling, to profit from inexperienced development alternatives whereas contributing to the worldwide local weather agenda.”
Thailand’s Prime Minister Srettha emphasised that the connection between the 2 nations ought to be forward-thinking, embracing the complete potential of latest financial alternatives, corresponding to these offered by the digital and inexperienced economies.
Financial relations
Singapore and Thailand get pleasure from strong financial relations, with each nations rating amongst one another’s high 10 largest buying and selling companions in 2022. Bilateral commerce in the identical 12 months surged by almost 1 / 4 year-on-year to succeed in S$42.1 billion.
As well as, Singapore emerged because the second-highest supply of overseas direct funding in Thailand throughout the first half of 2023.
These sturdy financial ties function a strong basis for future cooperation in numerous promising areas, together with the digital and inexperienced economies. Prime Minister Lee emphasised that there are quite a few alternatives for additional financial collaboration between the 2 nations.
Throughout an official luncheon hosted by Prime Minister Lee on the Istana, each leaders celebrated the historic friendship between their nations, symbolized by a bronze elephant statue gifted by Thailand’s King Chulalongkorn, which stands exterior Singapore’s Outdated Parliament Home. Prime Minister Lee highlighted the multifaceted relations between the 2 nations, spanning the economic system, defence, and people-to-people connections.
President Tharman Shanmugaratnam additionally expressed his need to develop ties in new areas, significantly in commerce in renewable power and high-integrity carbon credit, in addition to within the digital economic system. As he mentioned in his Fb publish: “Singapore and Thailand every have our strengths, and we complement one another nicely.”
Each leaders acknowledged the necessity for shut cooperation inside ASEAN, significantly on initiatives corresponding to the facility integration undertaking. This initiative serves as an important step in direction of realizing an ASEAN energy grid, fostering better power interconnectivity amongst ASEAN member states.
Prime Minister Srettha Thavisin’s go to to Singapore is a mirrored image of the enduring ties between the 2 nations, characterised by deep-rooted historic connections and a dedication to advancing their relationship within the digital and inexperienced economic system sectors.
Mr Srettha’s go to to Singapore marked the conclusion of his five-day regional tour, which additionally included visits to Hong Kong, Brunei, and Malaysia.
The publish Singapore and Thailand fortify ties in digital & inexperienced economic system appeared first on The Unbiased Singapore Information – Newest Breaking Information
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