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Ministry of Energy, Trade and Industry
2. Speeches

Speech by Minister-in-charge of Trade Relations Grace Fu at the British Chamber of Commerce Singapore's 27th Annual Business Awards Gala Ceremony

15 October 2026

  1. Good evening. Thank you for having me at your 27th Annual Business Awards.

  2. BritCham has been part of Singapore's business community for more than seven decades. Since its founding in 1954, it has connected British and Singaporean businesses with consistency and care.

  3. For 27 years, these Awards have recognised excellence across our business community. Tonight, we celebrate companies and individuals who have set high standards in their industries. I congratulate all our finalists and welcome everyone gathered here this evening. The excellence we celebrate reflects the strong foundations that underpin our wider economic relationship.

UK–SINGAPORE ECONOMIC PARTNERSHIP

  1. Singapore and the United Kingdom share a strong and enduring partnership, built on decades of close economic cooperation. The UK is among Singapore's most significant economic partners, in Europe and globally.

  2. Our trade and investment flows continue to grow and deepen across goods, services and investment.

    1. The UK is now Singapore’s largest trading partner in Europe in goods, with bilateral trade reaching S$25 billion in 2025, an increase of 30 percent over the previous year.

    2. This strength carries into services as well, where the UK remains Singapore’s largest European partner, with bilateral trade in services up by almost 18 percent in 2024.

    3. Investment flows also run strongly in both directions. In 2024, the UK was Singapore’s largest European investor, with more than S$174 billion in stock, while Singapore made the UK its leading investment destination in Europe, with close to S$110 billion in stock.

  3. The steady growth in our trade and investment relationship is not something to take for granted. It reflects sustained effort and commitment on both sides to keep our markets open and accessible, especially in a global environment where tariffs, export controls and investment restrictions are becoming more common. Our relationship reflects a shared belief that openness, trust and cooperation remain the better path.

  4. These shared principles are reflected in the frameworks we have put in place. The UK–Singapore Free Trade Agreement (UKSFTA) has set a strong foundation for our trade connectivity, and its continued implementation will bring further benefits to our businesses. With the UK's membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), businesses gain additional market access and deeper integration into regional and global supply chains.

  5. Beyond market access, we are working to make it easier for businesses to operate across both markets. Singapore and the UK have begun formal negotiations on a Mutual Recognition Agreement on Good Manufacturing Practices for the pharmaceutical industry under the UKSFTA. When concluded, it will allow mutual recognition of regulatory inspections of pharmaceutical manufacturing facilities. This means fewer duplicative inspections, lower costs for industry, and faster access to quality medicines for patients.

  6. Our cooperation also now extends into new growth areas.

    1. Through the UK–Singapore Digital Economy Agreement, we are working together to support digital trade and cooperation in emerging areas such as artificial intelligence and digital identities, giving businesses a platform to develop solutions that can be scaled across our respective regions.

    2. At the same time, the UK–Singapore Green Economy Framework is opening up opportunities for partnership in green transport, low‑carbon technologies, and sustainable finance, including in maritime and aviation decarbonisation.

BRITISH BUSINESSES IN SINGAPORE AND THE REGION

  1. While agreements matter, companies must turn them into real opportunities and outcomes. There are more than 7,000 UK companies in Singapore, with significant investments in pharmaceuticals, chemicals, transport engineering, media and technology. They create good jobs here, build capabilities, and add to Singapore as a base for the wider region.

  2. We see these attributes among tonight’s finalists.

    1. Some have used Singapore as a base for regional growth. Laundryheap, for example, started in the UK and chose Singapore as its first market in Southeast Asia, working with local cleaning partners before expanding into Malaysia.

    2. Others are bringing innovative solutions to key areas of our economy. SulNox’s fuel technology improves combustion in existing engines, cutting fuel use and emissions without the need for retrofitting, and is supporting the decarbonisation of maritime operations from Singapore.

  3. BritCham has played an important role in making that possible, by helping firms navigate new markets and use Singapore as a base for the region. One example is the Life Sciences and HealthTech Trade Accelerator, a pilot launched in March by BritCham and NatWest. We look forward to more of such initiatives that support UK enterprises in Singapore and Southeast Asia.

  4. As Singapore assumes the ASEAN Chairmanship in 2027, we will focus on deepening intra‑ASEAN integration, while strengthening ASEAN’s external partnerships. More seamless trade and investment flows to-and-fro and across Southeast Asia, and greater opportunities in emerging growth areas are outcomes we expect. Two areas are worth mentioning:

    1. ASEAN aims to implement the ASEAN Digital Economy Framework Agreement, due to be signed this year. One example is Project Nexus that facilitates cross‑border digital payments. These efforts will strengthen digital connectivity across ASEAN and enable businesses to trade and transact more efficiently across borders.

    2. On the green economy, ASEAN is taking steps to realise the ASEAN Power Grid and is also studying the feasibility of a regional green economy agreement to support sustainable trade and growth.

  5. As we make progress in these areas, we welcome the participation of UK businesses in ASEAN.  We will explore the possibilities under the new ASEAN‑UK Joint Ministerial Declaration on Future Economic Cooperation 2026 and the updated Economic Work Plan.

CONCLUSION

  1. Let me close by emphasising the significance of tonight’s Awards. The Awards matter because they highlight the achievements of the businesses operating in the pro-business environment in Singapore and the UK. They showcase the economic potential of the region and the enablers that are clear— the commitment to grow businesses, create jobs and contribute to the economy, even when conditions are uncertain.

  2. My congratulations to all the finalists, and to BritCham for 27 years of this tradition. I wish everyone an enjoyable evening.