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.