UKABC Chair Dialogue with Singapore Economic Development Board (EDB) — Global Economic Trends, Challenges, and Opportunities

Lord Vaizey, Ian Gibbons, and Ben Raby attended a lunch discussion hosted by Cheong Boon Png, Chair of the Singapore Economic Development Board (EDB), in London this week. We were delighted that UKABC partners, including Arup, AstraZeneca, KPMG, Mott MacDonald, Prudential plc and Standard Chartered were able to join us for the opportunity to engage in discussions and explore broader regional ASEAN collaboration amidst current economic trends and challenges. BAE Systems, Element Materials Technology, and Plexal were also present.

The conversation covered a range of topics, including macroeconomic trends and challenges, geopolitical tensions, supply chains and sustainability issues with a particular focus on ASEAN. The meeting was held before President Trump’s announcement of a 90-day halt on his recent tariff announcement that had impacted globally and was hitting some ASEAN countries hardest of all, specifically Cambodia (49%); Laos (48%); and Vietnam (46%).

Lord Vaizey spoke positively about the Singapore Prime Minister’s statement following the imposition of President Trump’s tariffs. He underlined its serious and measured tone at a timely and important time. Lord Vaizey also highlighted the significance of this year’s UK-Singapore 60th anniversary, which underscores the strengthening bilateral relationship between the two countries. EDB Chair, Cheung Boon Png supported this by noting the presence of 6,000 UK companies in Singapore that made the UK, a joint-largest investor in Singapore. Furthermore, both countries’ ties are subject to a deeper and stronger collaboration, underpinned by accession of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the advancement of Digital Trade Agreement (DTA).

Manufacturing remains important particularly as it aligns with the country’s Net Zero aspirations. Energy transitions is a key factor in Singapore’s industrial strategy with carbon storage and carbon trading as critical aspects. New opportunities are arising for digital and artificial intelligence (AI) given their potential as Singapore’s economic enabling drivers.

The UK Prime Minister Keir Starmer spoke to the Prime Minister of Singapore, Lawrence Wong on the same day, 7th April, to discuss recent tariffs announcement by the US and the impact on the global economy. Find out more by clicking the button below.