Singapore and Thailand to strengthen security, digital and economic ties

Singapore and Thailand have agreed to expand their collaboration in key areas such as food security, renewable energy, digital connectivity and the green economy during a meeting between two leaders in Bangkok.

The discussions emphasized advancing cooperation in carbon credit trading, a critical element of both countries’ net-zero ambitions. Thailand’s growing production of hydrogen and biofuels presents opportunities for Singaporean companies to invest and trade carbon credits, building on Singapore’s similar agreements with other nations.

Food security was also a central topic, with Thailand committing to enhance exports of premium rice and organic eggs to Singapore. This will support Singapore’s strategic goal of diversifying its food sources, as it imports most of its food.

The two nations, pioneers in digital finance, reaffirmed their commitment to enhancing digital integration. Since launching the world’s first cross-border real-time payment system in 2021, both countries have established a depository receipts linkage between their stock exchanges, facilitating easier cross-border investments.

Broader ASEAN integration was another important point, particularly in energy. Singapore imports renewable energy through the Laos-Thailand-Malaysia-Singapore Power Integration Project, and future phases aim to expand this framework into a regional power grid.

With both nations celebrating 60 years of diplomatic relations next year, the leaders highlighted the importance of ongoing cooperation in human resource development, education and cultural exchanges. These efforts aim to strengthen economic ties and foster a conducive environment for innovation and sustainable growth in the region.