Singapore and Thai firms urged to forge closer ties
Singapore and Thai firms urged to forge closer ties
Agence France-Presse, Singapore
Singaporean and Thai firms were encouraged Monday at an
investment fair here to forge closer ties so they can more easily
capitalise on Southeast Asia's increasing economic opportunities.
Singapore's strong economic credentials and Thailand's market
of 65 million people, along with its access to the emerging
economies of Indochina, give companies from both nations
important advantages, government officials and business
executives said.
"Our two countries are poised to play a leading role in this
region's next chapter of development," Uttama Savanayana, a vice
minister in Thai Prime Minister Thaksin Shinawatra's office, told
the one-day "Business Opportunities in Thailand" conference.
"Together, our combined effort will increase the flows of
commercial activities as well as create new growth opportunities
in the region."
Uttama said the time was ripe for firms from the two countries
to work more closely and lead the 10-nation Association of
Southeast Asian Nation (ASEAN) grouping through the challenges
and opportunities of globalisation.
"In the era of globalisation, it has become increasingly
difficult for the economy to prosper alone," he said.
"Today, the challenges before us are even more diverse and
complex. So now is the time to focus on creating synergy to
unlock ASEAN's full potential and to take the region to the next
level of economic development."
Aside from Thailand and Singapore, the other eight members of
ASEAN are Malaysia, the Philippines, Brunei, Laos, Cambodia,
Myanmar, Vietnam and Indonesia.
Jackson Tai, chief executive of Southeast Asia's largest bank
DBS Group, also told delegates that both countries should
leverage on the abundant supply of capital available in the
region to expand their businesses.
"Why shouldn't Thailand and Singapore capitalise on the
incredible excess savings, the excess liquidity, the excess
capital that is building up in Asia?" Tai said.
"Take these excess liquidity and capital to build new
commercial bridges."
Singapore-based DBS Group has a strong presence in Thailand
through its unit, the DBS Thai Danu Bank.