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Keynote Speech at European Chamber of Commerce Singapore Annual General Meeting 2025

Minister for Manpower Dr Tan See Leng, Hotel Jen Tanglin

Foreign manpower Skills, training and development

Mr Jens Rübbert, President of the European Chamber of Commerce

Her excellency Ambassador Iwona Piórko

Distinguished Guests, Ladies and Gentlemen,

 

  1. A very good evening. I am very delighted to be here today at the 2025 Annual General Meeting of the European Chamber of Commerce in Singapore (EuroCham). Thank you for having me.

     

  2. This year marks Singapore's 60th anniversary, and with it, six decades of enduring European business presence and investments in Singapore. Singapore and the EU share a strong trade relationship, anchored by the EU-Singapore Free Trade Agreement (EUSFTA). The EU is Singapore's second-largest trading partner for services and fourth largest for goods, while Singapore is the EU's largest trading partner in ASEAN.

     

  3. Eurocham’s AGM has always been a valuable platform for dialogue and partnership between Singapore and the European business community, especially at a time when the global landscape is undergoing profound transformation.

     

    Introduction

     

  4. As all of you know, Singapore has no natural resources and we have a very a small domestic market. Our growth and prosperity have been built on the foundation of free trade, investment openness, and seamless global connectivity. Trade is three times of our Gross Domestic Product. This has enabled Singapore to punch well above our weight.

     

  5. Today, we continue to attract foreign investments by positioning ourselves as a global hub. Many global companies have established a presence in Singapore. There are more than 14,000 European companies today in Singapore, many of which use Singapore as their regional headquarters, logistics and distribution centres for the region. Our ability to attract foreign investment and businesses to grow the economic pie has benefitted Singaporeans immensely.
    1. Foreign-owned firms make up around 20% of firms in Singapore, but they provide jobs for nearly one-third of employed residents.
    2. They also account for an outsized share of higher-paying jobs, employing six in 10 residents who earn a gross monthly income of above S$12,500.
    3. And importantly, they create business for our local SMEs who hire the majority of our resident workers.

  6. To maintain our connectivity as a global business node and to keep our competitive edge, we must continue to be a global hub for talent – by both developing our own pipeline of local talent and attracting talent from around the world.
    1. The Government invests strongly in building local talent. We have a whole suite of initiatives, such as Workforce Singapore’s (WSG) Career Conversion Programmes, that employers like yourselves can tap on to widen access to talent, develop your own talent pool, and optimise your human capital.
    2. In November last year, WSG launched the Overseas Market Immersion Programme (OMIP) to equip local talent with global market exposure and strengthen their readiness for international opportunities. I am grateful that EuroCham actively supported WSG in building the awareness of OMIP amongst your companies.
    3. We have also worked hard to attract talent from all around the world to help businesses based here grow and create good jobs for Singaporeans. For instance, we launched the Overseas Networks & Expertise Pass, or ONE Pass, to facilitate the recruitment of top global talent who possess valuable networks, as well as deep skills and expertise to be anchored here in Singapore. About 3,000 ONE Passes were issued in 2024.

    Challenging Global Environment

     

  7. Our approach has brought great mutual benefit to Singapore and the companies that operate here. But as events over the past couple of weeks have highlighted, we must continuously evolve and adapt in an ever more challenging and uncertain global environment.

     

  8. We are operating in a more fragmented and volatile world. The sweeping tariffs announced by the United States (US) on 2nd April have upended global trade and injected greater uncertainties in the global economic landscape. While the US has paused higher tariffs for most countries, it has retained a baseline tariff of 10% and imposed higher reciprocal tariffs on China. China has responded by applying tariffs to goods imported from the US. There is at present no end in sight for these tit-for-tat measures and retaliations, and much uncertainty remains over the US administration’s next moves.

     

  9. Singapore has been spared from the worst, being subject to the lowest baseline tariff of 10%, but this is cold comfort. These events mark a profound turning point away from the global multilateral rules-based trading system which has underpinned global peace and prosperity over the past seven or eight decades. We could be witnessing the transition to a global order that is more arbitrary, protectionist and dangerous.

     

  10. Globally and for Singapore, economic growth will likely slow down. Businesses and workers are understandably concerned, and rightly so. The Government, together with our Tripartite Partners, has set up the Singapore Economic Resilience Taskforce (SERT) which aims to help businesses and workers address immediate uncertainties, strengthen resilience, and better adapt to the new economic environment. We will closely monitor the situation and stand ready to review and enhance support measures as needed.

     

  11. I welcome all of our friends here today from EuroCham to share your views. We would like to hear your concerns, and expectations, on how you think we can work collectively to deal with the challenges faced by your companies, and how wecan assist your companies to adjust to the changing economic landscape.

     

    Collaborating on Growth Opportunities

     

  12. To weather these global headwinds and emerge more resilient, Singapore must maintain our position as a key node in global flows, and as a trusted business hub. We will continue to build up our capabilities and strengthen our network of partnerships with like-minded countries to double down on economic integration and open, free trade.

     

  13. One idea that Singapore is pursuing is greater collaboration between the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU. Together, the CPTPP and EU represent about 30% of the world’s GDP. A deeper partnership between CPTPP and the EU can facilitate trade and investment flows, in addition to upholding the key principles of the rules-based trading system.

  14. Besides the CPTPP, there are many other opportunities to deepen our bilateral collaboration, for example, in the digital and green sectors. Both Singapore and the EU possess strong digital ecosystems, which we should leverage further to strengthen our digital cooperation. Last year, we concluded negotiations on the EU-Singapore Digital Trade Agreement. This will provide greater certainty and clarity for our businesses and citizens to engage in cross-border trade, allowing them to more easily access and benefit from new growth opportunities in the digital economy. Notably, this is the first bilateral digital economy agreement between the EU and an ASEAN country and will pave the way for greater region-to-region digital connectivity.

     

  15. In the area of the green economy, Singapore and the EU share a deep commitment to achieving our 2050 net-zero carbon neutrality goals and building a more sustainable and climate-resilient future. If we manage this transition right, there will be new green growth opportunities for our economies. Achieving our common objectives to catalyse green growth opportunities in our respective economies will require close international cooperation. This could include areas such as green finance, standards, technology and innovation. We look forward to collaborating with the EU on areas of mutual interest in the emerging green economy.

     

    Conclusion

     

  16. In conclusion, as Singapore navigates an increasingly complex global environment, we remain deeply committed to the principles of a rules-based international order. Singapore hopes to remain a reliable partner for businesses, providing certainty, and stability in an increasingly fragmented and volatile world.

     

  17. Our longstanding partnership with the European Union remains vital. The EU-Singapore relationship demonstrates what is possible when like-minded partners work together in support of a rules-based, inter-connected world. Through open trade, digital connectivity and collaboration in the green economy, we can continue to drive inclusive and sustainable growth.

     

  18. I would also like to extend my appreciation for the enduring support of EuroCham. EuroCham has proactively engaged the Singapore government and local businesses in various key areas including the digital economy, sustainability initiatives, and manpower policies. EuroCham has also leveraged your extensive networks to amplify Government policies and initiatives.

     

  19. I hope to continue collaborating with EuroCham and the many European businesses in Singapore to foster innovation and sustainable growth and seize new opportunities, especially in the digital and green economy.

 

Thank you.


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