Singapore and United Arab Emirates, says Standard Chartered Bank, should deepen cooperation in a global setting marked by geopolitical tensions and economic fragmentation, as both are high-growth trade and innovation hubs.
At the Investopia Global Singapore conference held at the Grand Hyatt Hotel, Standard Chartered’s Chief Executive for Singapore and ASEAN, Patrick Lee, along with Rola Abu Manneh, CEO for the UAE, Middle East, and Pakistan, laid out the ambitions of the bank to build economic cooperation between the two regions. It attracted about 100 senior executives from different economic sectors. This reflects the importance of the event in the investment ecosystem.
The more interesting opportunities for growth for our firms in Singapore or, respectively, in the United Arab Emirates are found because it is a truly emerging geopolitics landscape here that shows opportunities for growing more significant than in so many other regions,” says Lee. Standard Chartered is projecting 4% for the country’s economy in 2024 and 5% in 2025 compared to 3.6% in 2023. Singapore will gain 2.6% in 2024 and 2.9% in 2025 compared to a mere 1.1% in the earlier year.
Bank executives revealed that there exist key synergies in fintech, digitalization, and sustainability that can be emulated between Singapore and the UAE. “There is a real possibility of them working well together; these are dynamic economies which complement each other well.” Says Ms. Abu Manneh.
As an opinion, Standard Chartered believes that Singapore is a super-connector in trade and investments not only in ASEAN but beyond that region. The UAE is key gateway for cross-border trade between East and West, while the two countries have a historical trade relationship and an even more amplified relationship through the free trade agreement with GCC, wherein substantial investments flow from both directions.
More so, there are opportunities in sectors which are still developing and include logistics, renewable energy, and technology for Singaporean companies. Mr. Lee highlighted investment potential, since the infrastructures and urban developments of both sides are expanding.
As the future unfolds for both countries, Standard Chartered will play a central role in advancing connectivity and economic cooperation to be at the forefront of this strategic partnership.
