Hanoi (VNA) – Singapore's Defence Minister Chan Chun Sing has called on ASEAN member states to deepen cooperation in data sharing, energy and finance to unlock new sources of economic growth while warning that "data protectionism" could hinder regional integration and innovation.
Speaking at the 18th ASEAN and Asia Forum organised by the Singapore Institute of International Affairs (SIIA) on August 3, the minister said data is "the new lubricant for the future economy", stressing that virtually every sector with strong growth potential depends on the seamless flow of data, The Straits Times reported.
Unlike oil, which as a perishable commodity means it is a zero-sum resource, Chan said, data can be shared. The increase in the sharing of data between countries can result in more insights, products and services being generated, he said.
Chan noted that ASEAN possesses a rich pool of data thanks to its diverse population, but questioned whether member states could overcome the temptation for data protectionism, which could limit innovation and reduce the region's competitiveness.
He said each country must first ensure domestic stability before working collectively to build a stable, transparent and rules-based regional environment. Recalling forecasts that ASEAN could become the world's fourth-largest economy by 2030, he said the bloc has significant potential to achieve outcomes greater than the sum of its individual economies by working more closely together.
On energy cooperation, he said several ASEAN countries have the potential to become global renewable energy leaders because of their abundant wind, geothermal and solar resources. He described the goal of establishing a fully integrated ASEAN Power Grid by 2045 as an initiative that could deliver tangible economic benefits by lowering energy costs across the region.
However, the minister said member states will need to overcome domestic policy challenges and build on existing initiatives such as the Laos–Thailand–Malaysia–Singapore Power Integration Project.
In the financial sector, Chan advocated deeper integration to enable capital to move across ASEAN with lower transaction costs and fewer barriers. He said this could be achieved through a more closely connected financial system rather than a common currency.
Also speaking at the forum, Singapore's Transport Minister Jeffrey Siow said the country will promote initiatives to strengthen regional connectivity when it assumes the ASEAN chairmanship in 2027. These include gradually liberalising air services across the region and expanding cooperation among ports to deepen integration, enlarge the regional market and build connections, thereby enhancing ASEAN's global competitiveness./.
