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Straits Times
3 days ago
- Business
- Straits Times
PM Wong congratulates South Korea's newly elected President Lee in phone call
South Korean President Lee Jae-myung expressed gladness on the cooperation achieved by Singapore and South Korea in various fields. PHOTO: REUTERS SINGAPORE - Prime Minister Lawrence Wong spoke to South Korea's President Lee Jae-myung on June 30 to congratulate him on his recent election win, in their first call since Mr Lee took office. During the call, the two leaders agreed to establish a strategic partnership as Singapore and South Korea mark 50 years of diplomatic relations in 2025. In a Facebook post on June 30, Mr Wong said the relationship between the two countries 'has grown steadily over the decades'. 'We are now upgrading our ties to a Strategic Partnership, to deepen cooperation in key areas of mutual interest,' he added. 'I look forward to continuing our conversation when Korea hosts the Apec meeting later this year.' The Apec meeting will be held in the city of Gyeongju. In a news release, the South Korean embassy in Singapore said PM Wong conveyed his warm congratulations on the call and 'expressed his expectations for the development of Korea-Singapore relations, as well as his commitment to cooperation during President Lee's term'. Mr Lee, meanwhile, 'expressed his gladness' on the cooperation achieved by Singapore and South Korea in various fields since the establishment of diplomatic relations in 1975. This includes politics and security, economy, society and culture and regional and international issues. The embassy also said that in addition to the establishment of a strategic partnership, Singapore and South Korea agreed to accelerate strategic cooperation in comprehensive areas, including peace and stability on the Korean peninsula, as well as future-oriented sectors such as artificial intelligence and digital technology. It quoted Mr Lee as saying that he looks forward to PM Wong's attendance at the Apec summit. PM Wong also expressed his confidence that Korea would successfully host the Apec summit, and suggested that both countries maintain active high-level exchanges on various occasions, the embassy added. Join ST's WhatsApp Channel and get the latest news and must-reads.
The Star
24-06-2025
- Business
- The Star
Singapore-China ties more important than ever amid global uncertainty, says PM Wong
Prime Minister Lawrence Wong meeting with Chinese President Xi Jinping in Beijing on June 24. - ST photo/Yew Lun Tian BEIJING: The relationship between Singapore and China is more important than before amid global turbulence and uncertainty, Prime Minister Lawrence Wong told Chinese President Xi Jinping on June 24. 'We can work together to establish closer ties and also to cooperate in regional and multilateral platforms, to continue to strengthen multilateralism and the rules-based global order for the benefit of all countries,' Wong said at the meeting in the Great Hall of the People in Beijing. Wong's visit to China comes as the global order post-World War II which allowed for free trade has come under threat with the US imposition of high tariffs on goods from much of the world, especially from China. 'In the face of the current chaotic international situation, China is willing to strengthen strategic co-operation with Singapore, tighten the bonds of co-operation, and join hands to address challenges, to bring more benefits to the people of the two countries,' Xi told Wong. Both leaders last met in November 2024 in Lima, Peru, on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit. Wong is on a five-day official visit to China, his first as prime minister. He told Xi that he chose China as the first country to make an introductory visit outside of South-East Asia, and this reflects the close and steadfast partnership between Singapore and China. Reiterating a point that he made when he met with Premier Li Qiang the day before on June 23, Wong told Xi that the relationship between Singapore and China is built on a deep level of mutual respect, trust and understanding. Wong said that this relationship started even before both countries established diplomatic ties 35 years ago, starting with Singapore's founding Prime Minister Lee Kuan Yew and China's leader Deng Xiaoping. 'President Xi is in a unique position, I think, to have engaged and met with all the prime ministers of Singapore, Lee Kuan Yew, Goh Chok Tong, Lee Hsien Loong, and now me,' he said. Wong will meet Chairman of the National People's Congress Zhao Leji on June 24 after the meeting with Xi. With this, he would have met the top three leaders in China. Wong will then head to Tianjin to attend the World Economic Forum's (WEF) Annual Meeting of the New Champions, more commonly known as Summer Davos, and take part in a dialogue session with WEF President Borge Brende on June 25. - The Straits Times/ANN
Straits Times
24-06-2025
- Business
- Straits Times
Singapore-China ties more important than ever amid global uncertainty, says PM Wong
BEIJING – The relationship between Singapore and China is more important than before amid global turbulence and uncertainty, Prime Minister Lawrence Wong told Chinese President Xi Jinping on June 24. 'We can work together to establish closer ties and also to cooperate in regional and multilateral platforms, to continue to strengthen multilateralism and the rules-based global order for the benefit of all countries,' Mr Wong said at the meeting in the Great Hall of the People in Beijing. Mr Wong's visit to China comes as the global order post-World War II which allowed for free trade has come under threat with the US imposition of high tariffs on goods from much of the world, especially from China. 'In the face of the current chaotic international situation, China is willing to strengthen strategic co-operation with Singapore, tighten the bonds of co-operation, and join hands to address challenges, to bring more benefits to the people of the two countries,' Mr Xi told Mr Wong. Both leaders last met in November 2024 in Lima, Peru, on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit. Mr Wong is on a five-day official visit to China, his first as prime minister. He told Mr Xi that he decided to visit China as the first country outside of South-east Asia, and this reflects the close and steadfast partnership between Singapore and China . Reiterating a point that he made when he met with Premier Li Qiang the day before on June 23, Mr Wong told Mr Xi that the relationship between Singapore and China is built on a deep level of mutual respect, trust and understanding. Mr Wong said that this relationship started even before both countries establish ed diplomatic ties 35 years ago, starting with Singapore's founding Prime Minister Lee Kuan Yew and China's leader Deng Xiaoping. 'President Xi is in a unique position, I think, to have engaged and met with all the prime ministers of Singapore, Lee Kuan Yew, Goh Chok Tong, Lee Hsien Loong, and now me,' he said. Mr Wong will meet Chairman of the National People's Congress Zhao Leji on June 24 after the meeting with Mr Xi. With this, he would have met the top three leaders in China. Mr Wong will then head to Tianjin to attend the World Economic Forum's (WEF) Annual Meeting of the New Champions, more commonly known as Summer Davos, and take part in a dialogue session with WEF President Borge Brende on June 25. Yew Lun Tian is a senior foreign correspondent who covers China for The Straits Times. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
13-06-2025
- Business
- Business Times
Vietnam's Sun Group injects 1 trillion dong into new leisure-focused airline
[HO CHI MINH CITY] Vietnamese real estate and hospitality giant Sun Group has launched its leisure-focused airline, Sun PhuQuoc Airways (SPA), with an equity contribution of 1 trillion dong (S$49.2 million). The amount is part of a total investment of 2.5 trillion dong for the 50-year project. The developer said SPA plans to start ticket sales by October. With an air transport licence issued by Vietnam's Ministry of Construction, the airline – named after the country's largest island and tourist hot spot in the south – is set to operate both commercial and charter flights. It will connect Phu Quoc with major cities within and beyond Vietnam, including markets currently lacking direct air links such as Russia, the Middle East, Central Asia, and Australia. SPA is developing a hub-and-spoke network model centred on Phu Quoc, with a focus on 'leisure aviation' – that is, air travel primarily for recreation, tourism and holiday purposes. While the island will serve as the airline's central hub, its main operations will be in Van Don International Airport in the northern province of Quang Ninh – home to Ha Long Bay, also one of Vietnam's most iconic tourist destinations. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The new airline is part of Sun Group's integrated ecosystem in Phu Quoc, which encompasses integrated resorts, high-end residential projects and entertainment complexes. In 2022, the hospitality giant opened luxury airline Sun Air, which offers high-end private services via its fleet of ultra-luxury business jets, helicopters and seaplanes. SPA said it is in talks with Boeing to purchase aircraft, and will use narrow-body planes from Airbus for its early operations. A Vietnam News Agency report last month showed that SPA aims to have a fleet of 31 aircraft by 2030. Sun Group chairman Dang Minh Truong said the new airline 'represents a strategic pillar in our vision to build a world-class ecosystem of tourism, resorts, entertainment and aviation.' Phu Quoc's international airport is slated for a major upgrade ahead of the 2027 Asia-Pacific Economic Cooperation (Apec) forum, which will be held on the island. It is slated to handle up to 18 million passengers annually, 4.5 times its current capacity. Sun Group's new airline is expected to ease transportation pressures during the event and boost tourism on the island, accommodating thousands of delegates, top leaders and business executives from the 21 Apec member economies. SPA will operate alongside other home-grown airlines, including flag carrier Vietnam Airlines, budget airline VietJet Air, Bamboo Airways and Vietravel Airlines. The country welcomed 9.2 million international arrivals in the first five months of 2025, representing a 21.3 per cent year-on-year increase, according to the National Statistics Office.
The Sun
11-06-2025
- Business
- The Sun
Apec finance ministers to unveil new roadmap to replace Cebu Action Plan in October
KUALA LUMPUR: Asia-Pacific Economic Cooperation (Apec) finance ministers will launch a new roadmap to replace the Cebu Action Plan this October. Deputy Finance Minister Lim Hui Ying said the new roadmap will define the priorities of the Apec Finance Ministers' Process (FMP) over the next five years. 'It will identify the FMP's medium-term initiatives and deliverables towards the achievement of Apec's Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community,' she said in her keynote speech at Abac-Asean BAC APFF 2025 Southeast Asia Conference: Financing Asean's Development Priorities today. She emphasised the need for Asean members to actively participate in Apec discussions and decisions, especially as the forum prepares its new roadmap. 'It is critical for Asean members to work together within Apec to ensure that our common priorities in Southeast Asia are well-embedded in this new Asia-Pacific roadmap and that initiatives in Asean and Apec are consistent with each other and mutually supportive,' she said. Lim said new business models and technology carry risks that are still not yet fully understood today. 'Enabling their safe and effective deployment would also require legal, policy and regulatory reforms, changes in industry practices and collaborative efforts to educate consumers, industry practitioners and regulators.' Responding to these challenges and opportunities, she said, will require stronger regional financial cooperation. 'At the same time, it will also require closer collaboration between the public and private sectors.' In this context, Lim said, the Apec and Asean processes have a critical role to play in providing platforms for action among members and for enhanced government and regulatory engagement with the private sector. She said new business models and rapid advances in technology can help in redesigning finance to better serve micro- small and medium enterprises and marginalised consumers. 'These include digital technologies like blockchain, AI and quantum computing. They include new products such as crypto and tokenised assets and digital currencies.' Meanwhile, Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Asean has long talked about deeper economic integration but progress has been slow or repeatedly delayed. 'Echoing Singapore Prime Minister Lawrence Wong's remark that the bloc faces its moment of truth, it must step up or risk losing relevance. Unfortunately, we have heard similar words before. I hope this time we really move ahead with integrating our economies,' he said. Nazir noted that execution has been lacking not only from governments, but also from the private sector. 'The private sector has also fallen short. Are we doing the deals we should be doing – in partnerships, mergers and acquisitions, supply chains and trade? I don't think so.' He highlighted that intra-Asean trade and investments remain low as a percentage of total trade and investments. 'The surge in regional Asean companies of the late 2000s has slowed. Are we fulfilling our potential in attracting investors to Asean?' Nazir said the bloc is not trying to model itself after the European Union, noting that Asean functions best through small, concrete steps, not grand, unachievable sound bites. 'The good news is that we now have a much clearer understanding of what Asean can and should realistically achieve.'
