Singapore and Thailand sign 5 MOUs, mark 60 years of diplomatic ties

60 YEARS OF RELATIONS

Singapore and Thailand celebrate 60 years of diplomatic relations this year, said MTI. Both ministers co-chaired the STEER ministerial meeting on Friday in Singapore.

They reaffirmed long-standing bilateral economic cooperation and welcomed partnerships between Singapore and Thai businesses.

MTI said the meeting also saw good progress on discussions about agri-trade, investments, digital economy, intellectual property, carbon credits and cruise tourism collaboration.

“Singapore companies have also found good partners in Thailand to expand into new areas such as electric vehicles, fintech and MedTech,” the ministry added.

Dr Tan, who is also Manpower Minister, said: “Singapore and Thailand are close bilateral economic partners … This year, we have strengthened the business linkages between our countries, tapping on our complementary strengths for win-win outcomes for both our economies.

“As we mark 60 years of diplomatic relations, I look forward to deepening our partnership for another 60 years and beyond, to capture new opportunities for our businesses and people.”

Thailand was Singapore’s ninth-largest trading partner in 2024, and Singapore’s third-largest in Southeast Asia, with bilateral trade between them reaching S$44.5 billion. 

In 2024, Singapore’s exports to Thailand registered an increase of 14.2 per cent to S$29.3 billion, while Singapore’s imports from Thailand amounted to S$15.2 billion.

Singapore was also Thailand’s largest source of foreign direct investment in 2024, with 357.5 billion baht (USS$14.25 billion), amounting to 43 per cent of Thailand’s total FDI applications.